MET Collective Investments fined R100m for flouting laws
The finance sector regulator rejects Nhlanhla Nene’s dismissal as a reason for a 66% loss in unit trust funds
02 October 2019 - 11:15
The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R100m on MET Collective Investments (METCI), following an investigation into a 66% loss in one of its unit trust funds in December 2015.
The regulator rejected arguments from METCI that the losses between December 8 and 11 in the Third Circle MET Target Return Fund were due to “an unforeseeable ‘black swan’ event” — the dismissal of then finance minister Nhlanhla Nene by former president Jacob Zuma...
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