National
Millions in mine workers' pension lost─── 10:41 Sun, 30 Apr 2017
Johannesburg - In a case reminiscent of the heartbreaking Fidentia scandal, a pension fund administrator has reportedly lost R255 million worth of mine workers’ money.
City Press reports there are now fears that the amount lost by the Bophelo Beneficiary Fund (BBF) could be as much as R560 million – a devastating blow to the families of deceased mine workers who rely on the money to survive.
In the 2007 Fidentia scandal, the company’s boss, J Arthur Brown, squandered about R1.3 billion in investments, leaving more than 47 000 beneficiaries – mainly mine workers and their families – destitute.
In this case, pension money belonging to workers at Anglo Platinum was invested in the BBF, which is administered by Bophelo Benefit Services, a subsidiary of Mvunonala Holdings, founded by Bongani Mhlanga, a former employee of Mantadia Asset Trust Company, which was bought out by Fidentia.
Mantadia was the administrator of R1.3 billion worth of pension funds stolen in the scandal.
Mvunonala Holdings also owns Mvunonala Asset Managers, a company the Public Investment Corporation (PIC) tasked with investing R3.5 billion in government employees’ pensions.
