LETTER: Novare’s involvement in court case entirely peripheral

Novare Actuaries & Consultants has noted the ruling of justice J Adams of the Gauteng high court dated June 29, that dismissed and set aside the decision of the board of trustees of the Chemical Industries National Provident Fund (CINPF) to appoint several service providers, including Novare, as investment consultants in July 2020. We understand that CINPF intends to appeal the judgment.

After the judgment and the publishing of an opinion piece in Business Day, we consider it prudent to correct a misperception that has been created by this article (“The VBS-type heist the courts averted”, July 13). Without going into the merits or demerits of the judgment, it is important to point out that while Novare is of course affected by this decision, its involvement in the court case itself is entirely peripheral. 

We wish to emphasise that the court decision had nothing to do with the conduct of Novare. Furthermore, and importantly, no accusations of corruption or any other wrongdoing have been made against Novare or anyone in its employ, nor has the court made any adverse findings against Novare.

Indeed, the judge had this to say about Novare's appointment in his ruling: “The procedure followed for the appointment of Novare was far simpler ... It cannot be suggested, for instance, that these appointments were tainted by fraud and bribery —  there were no irregularities nor were the processes undertaken with unseemly haste or professional bumbling.”

We can assure Business Day readers and broader stakeholders that Novare has always adhered to the highest ethical and professional standards, and will continue to do so. 

Ola Leepile
CEO, Novare Actuaries & Consultants 

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