We believe another court might arrive at a different conclusion
17 July 2022 - 19:22
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Surprise Seema’s article on the high court decision regarding the Chemical Industries National Provident Fund (CINPF) case refers (“The VBS-type heist the courts averted”, July 13).
Opinion pieces are in their nature subjective and biased, and we therefore consider it prudent to challenge certain assertions before they are misconstrued by your readers.
Akani Retirement Fund Administrators (Akani) notes the judgment of justice J Adams of the Gauteng High Court dated June 29, which dismissed and set aside the decision of the board of trustees of the CINPF to appoint Akani as the fund administrator in July 2020.
As background, the CINPF board of trustees terminated the services of NBC Holdings in October 2019 and instituted a procurement process that resulted in the appointment of Akani. In response, NBC lodged a legal challenge dismissed and set aside by justice J Vally in a scathing judgment in July 2020, paving the way for the appointment of Akani.
NBC took the matter to the Supreme Court of Appeal in Bloemfontein, which referred the matter back to the high court for reconsideration. That judgment is moot as the CINPF board terminated its administration mandate with Akani in November 2021.
That said, the judgment made certain incorrect findings in law and fact, which if left unchallenged may be misconstrued as gospel truth by our stakeholders and the broader retirement industry.
Akani will appeal the judgment as we believe another court may arrive at a different conclusion.
Jack Malebana Deputy MD, Akani Retirement Fund Administrators
JOIN THE DISCUSSION: Send us an email with your comments to letters@businesslive.co.za. Letters of more than 300 words will be edited for length. Anonymous correspondence will not be published. Writers should include a daytime telephone number.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
LETTER: Akani will appeal high court judgment
We believe another court might arrive at a different conclusion
Surprise Seema’s article on the high court decision regarding the Chemical Industries National Provident Fund (CINPF) case refers (“The VBS-type heist the courts averted”, July 13).
Opinion pieces are in their nature subjective and biased, and we therefore consider it prudent to challenge certain assertions before they are misconstrued by your readers.
Akani Retirement Fund Administrators (Akani) notes the judgment of justice J Adams of the Gauteng High Court dated June 29, which dismissed and set aside the decision of the board of trustees of the CINPF to appoint Akani as the fund administrator in July 2020.
As background, the CINPF board of trustees terminated the services of NBC Holdings in October 2019 and instituted a procurement process that resulted in the appointment of Akani. In response, NBC lodged a legal challenge dismissed and set aside by justice J Vally in a scathing judgment in July 2020, paving the way for the appointment of Akani.
NBC took the matter to the Supreme Court of Appeal in Bloemfontein, which referred the matter back to the high court for reconsideration. That judgment is moot as the CINPF board terminated its administration mandate with Akani in November 2021.
That said, the judgment made certain incorrect findings in law and fact, which if left unchallenged may be misconstrued as gospel truth by our stakeholders and the broader retirement industry.
Akani will appeal the judgment as we believe another court may arrive at a different conclusion.
Jack Malebana
Deputy MD, Akani Retirement Fund Administrators
JOIN THE DISCUSSION: Send us an email with your comments to letters@businesslive.co.za. Letters of more than 300 words will be edited for length. Anonymous correspondence will not be published. Writers should include a daytime telephone number.
SURPRISE SEEMA: The VBS-type heist the courts averted
LETTER: Novare’s involvement in court case entirely peripheral
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