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 THE NEWSROOM
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
5 biggest corporate scandals of 2017 (The Year of Corporate Scandals)

5 biggest corporate scandals of 2017 (The Year of Corporate Scandals)

The Money Show’s Bruce Whitfield interviews Financial Mail Editor Rob Rose.

I was not introduced to Ajay Gupta - Grootes

I was not introduced to Ajay Gupta - Grootes

Stephen Grootes says he believes former Eskom CEO Brian Dames when said he was not formally introduced to the Gupta family.

Minister Zwane confirms trips to Dubai and Switzerland

Minister Zwane confirms trips to Dubai and Switzerland

EWN parliamentary correspondent Gaye Davis says Mineral Resources Minister Mosebenzi Zwane received detailed and tough questions.

Vavi: I can't sleep at night for making Zuma the president

Vavi: I can't sleep at night for making Zuma the president

Zwelinzima Vavi says South Africa is paying dearly for choices they've made in being angry with Mbeki and not thinking logically.

Zweli Mkhize 'taken by surprise' with latest cabinet reshuffle

Zweli Mkhize 'taken by surprise' with latest cabinet reshuffle

The ANC treasurer-general confirmed Mantashe’s comments that the President did not consult the ANC leadership on the reshuffle.

Zuma is paying it forward and stacking the deck in his favor - Brown

Zuma is paying it forward and stacking the deck in his favor - Brown

Political analyst Karima Brown says the latest Cabinet Reshuffle is a move to strengthen his hand at the December conference.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

5 advantages of leasing instead of owning a car (lower monthly payments!)

5 advantages of leasing instead of owning a car (lower monthly payments!)

Want (or need) a new car? Dale Scorer (a wealth manager at AlphaWealth) reckons you should consider leasing.

Best way to get richer (especially if you’re between ages 20 and 45)

Best way to get richer (especially if you’re between ages 20 and 45)

Still young(ish)? Consider the single best thing you can do to increase your wealth by much more than the inflation rate.

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...