Pension funds: a looter continual
Hawks were asked to investigate plunder of Bosele National Provident Fund years ago, but are still unable to answer questions about it
The Financial Services Board (FSB) has placed the Bosele National Provident Fund — whose members include preschool teachers, doctors’ assistants and even members of the United Christian Democratic Party — under curatorship.Early in February, the high court in Mahikeng approved the regulator’s application to appoint Tony Tshivhase and Malcolm Campbell as joint curators to run the fund."An on-site visit to the fund was conducted in August 2017, and the matters emanating from this on-site visit formed the basis for the application to place the fund under curatorship," says Corlia Buitendag, head of pension surveillance & enforcement at the FSB.The on-site visit found serious lapses in governance at the fund, the FSB says."The visit revealed several matters that were prejudicial to members’ interests in the fund, and the [pension funds] registrar considered that the board of trustees was not adequately or appropriately addressing them, and that curators needed to be appointed to protect...
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