Pension fund administrator cook books after losing R255 million

City Press reporter Sipho Masondo speaks to CapeTalk's Kieno Kammies about an investigation where it appears that Bophelo Beneficiary Fund (BBF) lost R255 million worth of mine workers' money.

BBF is a subsidiary of Mvunonala Holdings, founded by Bongani Mhlanga.

The money lost is pension money belonging to workers at Anglo Platinum which was invested in BBF.

The Bophelo Beneficiary Fund holds assets on behalf of the Amplats Group Provident Fund in which more than 7,000 people are beneficiaries.

Masondo says BBF seems to have cooked its financial statements for 2016, which they claimed to be owning buildings.

They cooked their books. They are saying they own two buildings which clearly don't belong to them. In accounting standard you do not say you have investment property if you do not own it.

Sipho Masondo, Investigative journalist for City Press

They responded to us through their lawyers which kept on denying and not giving us any logical explanation, saying they are in a process of acquiring the buildings.

Sipho Masondo, Investigative journalist for City Press

But if you are in a process on buying a building you cannot call it your own.

Sipho Masondo, Investigative journalist for City Press

To hear more of this report by Sipho Masondo, listen below:


This article first appeared on CapeTalk : Pension fund administrator cook books after losing R255 million


Recommended

by NEWSROOM AI
Read More
Eskom board vows to stop Molefe's R30 million pension payout

Eskom board vows to stop Molefe's R30 million pension payout

Eskom Board's Khulani Qoma, says it welcomes Minister Brown's decision to review Molefe's pension amount.

How to invest your retirement funds (in post-downgrade South Africa)

How to invest your retirement funds (in post-downgrade South Africa)

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

What happens to economies when downgraded (It doesn't look good for SA)

What happens to economies when downgraded (It doesn't look good for SA)

Standard Bank Chief Economist, Goolam Ballim, says it won't be easy for South Africa to survive the consequences of a downgrade.

Yacoob and Kriegler slam Shaun Abrahams

Yacoob and Kriegler slam Shaun Abrahams

The withdrawal of fraud charges against Pravin Gordhan has many South Africans calling for Shaun Abrahams to resign as NPA director.

Public Service Commission: Pensioners waiting up to 10 years for pay-outs

Public Service Commission: Pensioners waiting up to 10 years for pay-outs

The PSC is looking into efficient processes for pay-outs after a study found that pensioners wait up to 10 years for their funds.

Why you need a pension fund (or retirement annuity) even if you own a house

Why you need a pension fund (or retirement annuity) even if you own a house

Many people falsely believe they do not have to save for retirement because they own the home they live in.

Popular articles
From Cape to Cairo: 80-year-old Julia travels to Egypt using 20-year-old car

From Cape to Cairo: 80-year-old Julia travels to Egypt using 20-year-old car

‘It took approximately 4 – 5 months because I had to make some stops on the way for repairs.' - Julia Albu, the African Conquest

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

Unravelling Gupta links revealed in Parliamentary Eskom inquiry

Unravelling Gupta links revealed in Parliamentary Eskom inquiry

Journalists Sikhonathi Mantshantsha and Kyle Cowan discuss just how the Guptas and their associates helped capture Eskom.

How to make money through ‘buy-to-let’ (using very little of your own money)

How to make money through ‘buy-to-let’ (using very little of your own money)

Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".

MTN Walk The Talk with 702: Get your entries in and be part of a united Joburg!

MTN Walk The Talk with 702: Get your entries in and be part of a united Joburg!

Join Joburgers from all walks of life come together peacefully, united in their diversity for a fun family day out.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?