Today's Labour News

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fsbBDLive reports that the Financial Services Board (FSB) may have misled the finance minister about the scope of a KPMG probe into the cancellation of dormant funds, the subject of a hotly contested case, new court filings show.  

In her latest papers, Rosemary Hunter, the FSB’s head of pension funds, alleges that "much of what is said" in a letter FSB board chairman Abel Sithole wrote to former finance minister Nhlanhla Nene was "false" or designed to mislead the minister and protect officials from investigations.  The case relates to a cancellations project, during which more than 4,600 funds had their registrations cancelled because they either did not have any assets, liabilities or members; or were operating without boards of trustees.  Hunter says KPMG sampled 510 of the 4,651 cancelled funds and found in many cases the FSB "did not have sufficient information to satisfy a reasonable person that the fund had no assets, liabilities or members such that it had ‘ceased to exist’ and its registration could be cancelled".

  • Read this report by Moyagabo Maake in full at BDLive
  • See too, Missing pension fund case in court, at The Star

Get other news reports at the SA Labour News home page