South Africa 2.9.2018 12:12 pm

Financial Services Conduct Authority to probe Regiments over Transnet pension fund – DA

FILE PICTURE: Retired Transnet employees walked from the Pretoria Art Museum to the Union Buildings during a protest over their pension payments on 24 April 2014. The pensioners had launched a class action court case against Transnet. Picture: Christine Vermooten

FILE PICTURE: Retired Transnet employees walked from the Pretoria Art Museum to the Union Buildings during a protest over their pension payments on 24 April 2014. The pensioners had launched a class action court case against Transnet. Picture: Christine Vermooten

The livelihoods of ageing employees has been under threat for years, with allegations of Gupta links.

The Financial Services Conduct Authority (previously the Financial Services Board) has completed a preliminary investigation and is now conducting a full inspection of Regiments Capital and the Transnet Second Defined Benefit Fund, the Democratic Alliance said on Sunday.

“In October last year, the DA wrote to the Financial Services Board requesting that they investigate allegations that Regiments and its directors made unlawful payments of more than R500 million from the Transnet Second Defined Benefit Fund to Gupta-linked entities Trillian and Albatime between December 2015 and April 2016,” DA spokeswoman Natasha Mazzone said.

Regiments allegedly failed to disclose the reasons for making these payments, which pointed to a possible breach of the Financial Advisory and Intermediary Services Act, she said.

More than 50,000 hard-working employees, some of them already retired, depended on Transnet to put their hard-earned money in reliable hands, she said.

The DA would await the findings of the investigations and trusted that strong action would be taken against those found to have failed in their fiduciary duty to perform proper oversight.

– African News Agency (ANA)

 

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