Posts tagged with 'Pension funds'

 

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

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

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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
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The ANC is coming for your pensions to fund bankrupt SEO’s

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Well-known economist Mike Schussler has warned that the ANC wants to use your pension money to fund bankrupt state-owned enterprises like Eskom and SAA.

Speaking on The Big Liberty Show, Schussler said the planned prescribed assets policy will give politicians control of pension funds and where this money is invested.

The policy of prescribed assets was introduced in the ANC’s 2019 election manifesto where it states it will:

“Investigate the introduction of prescribed assets on financial institutions’ funds to mobilise funds within a regulatory framework for socially productive investments…”

In simple terms, it means that financial institutions will be forced to invest a certain percentage of their assets in certain sectors or companies prescribed by the government.

Warning from fund managers
Sygnia CEO Magda Wierzycka said prescribed assets are a blunt instrument and that the ANC has only engaged minimally with the
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