Posts tagged with 'Pension funds'

 

Regiments Capital used to plunder the Transnet pension fund – R349m ‘stolen’ from pensioners in four days

Posted on Leave a comment

After allegations emerged in court of yet another scam that Regiments Capital used to plunder a Transnet pension fund, Regiments directors quickly agreed to pay half a billion rand to settle all the fund’s claims against it. But Eric Wood, a former director, has gone to court to quash the deal, claiming his former colleagues are using the company’s money to save themselves, leaving him to face the music.

Regiments Capital has agreed to an astounding R500 million settlement with the Transnet Second Defined Benefit Fund (TSDBF).

Regiments is a financial services company that scored hundreds of millions of rands in business from Transnet with a leg-up from the Guptas and their associates.

The settlement follows the revelation of a previously unknown stratagem Regiments allegedly used to suck R349 million from the pension fund in a mere four days during late 2015 and early 2016.

TSDBF launched a R230 million claim against Regiments in the
Continue reading…

Enjoyed this post? Share it!

 
 

Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government

Posted on Leave a comment

It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament.

Ramaphosa’s exact words were: “Our resources are now depleted.”

In simple terms, this means the government has run out of money.

In a normal country, such a statement by the head of state would have, at best, made national headlines. That it went unnoticed reveals a great deal about our journalists’ obsession with the fluff that constitutes the vacuity of our daily politics.

If you want to understand what it means for a state to run out of money, look at South African Express. It has grounded its planes. Last week, it told MPs it is struggling to pay salaries.

SA Express is not unique. Employees at Denel are not sure for how long their salaries will be paid. Eskom pays salaries from debt. It needs about R70bn for operations and debts. But its revenue i
Continue reading…

Enjoyed this post? Share it!

 
 

Ramaphosa lets the cat out of the bag: The bad news: ‘Our money’s up’

Posted on Leave a comment

Ramaphosa acknowledged in parliament on Thursday that South Africa’s financial resources were depleted while the country’s development needs were enormous. He did not say straightforwardly whether he supported “prescribed assets”, he said later, the pension fund industry and other stakeholders needed to talk about using pension fund assets to support the country financially. The country’s money is running out and South Africans’ pension fund assets are becoming an increasingly likely target for the government to pull the wagon through, it became clear on Thursday.

According to Ramaphosa, pension fund assets in other countries are used to invest in the development of the country and pension funds achieve good returns from infrastructure projects in particular. He says the trade union Cosatu supports its view that workers in SA’s pension money are used this way. According to Ramaphosa, this is considered positive by the
Continue reading…

Enjoyed this post? Share it!

 
 

PENSION FUND NEW PIGGY BANK FOR ANC-REGIME TO EMPTY

Posted on Leave a comment

There are speculations in government circles that the Trillion Rands currently in pension fund managers’ hands should be used to get South Africa out of its financial predicament, and not just to use the Eskoms, SAA, SABC etc. But believe me there are many other obscure motives behind the discussed move.

When the IMF joins, there is more room for the government and its gangs to put their hands on funds intended for service delivery and infrastructure creation.

Everyone who has contributed faithfully to such funds is in for a hell of a shock. Don’t think they will stop them, the parasites won’t stop them from laying their hands on those large sums of money,

Only one pension fund will be created for all workers with equal benefits as our communist government wants everyone to be equal. Only comrades will benefit. Then they are in control of all pension funds and the money can be manipulated just like they want until there is noth
Continue reading…

Enjoyed this post? Share it!