Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

fsbCity Press reports that the Financial Services Board (FSB) has placed Bophelo Benefit Services and the Bophelo Beneficiary Fund under curatorship after it was reported that R255m in mine worker pension money was missing from the fund.  

In April it was reported that the fund, administered by Bophelo Benefit Services, cooked its 2015 and 2016 financials and falsely claimed to own two “investment properties”.  It did this to account for R255m missing from its coffers.  Last week, the FSB appointed Juanito Damons as curator of both the fund and Bophelo Benefit Services.  This action was informed by the fund’s two most recent financial statements, complaints by Anglo American Platinum and the report by City Press.  Damons will take custody of the cash, cash investments, investment policies, stocks, shares and securities of both Bophelo Benefit Services and the fund.

  • Read this report by Sipho Masondo in full at City Press

Get other news reports at the SA Labour News home page