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Sat, Jun 15, 2019
Municipal pensions fund to Hawks – corruption of R16 billion

Municipal pensions fund to Hawks – corruption of R16 billion

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Johannesburg – Shocking widespread corruption, fraud, theft and mismanagement of hundreds of millions of rand at the Municipal Councillors’ Pension Fund (MCPF) has been referred to the Hawks by its curators. It has also emerged that the Financial Sector Conduct Authority (FSCA) blocked the SA Local Authority (Sala) from investing some of its R16billion assets in four companies, after it discovered that proper risk assessments were not conducted. Sala has about 20 000 members, who are municipal workers.

The dodgy deals have been referred to the Hawks in terms of the Prevention and Combating of Corrupt Activities Act. So dire is the situation at the fund that the SA Local Government Association (Salga) has now asked the national government that the MCPF be merged with the Public Office Bearers Pension Fund, which caters for cabinet ministers, their deputies, premiers, MECs, MPs and provincial legislators.

 

The Star