Pension fund administrator cook books after losing R255 million

City Press reporter Sipho Masondo speaks to CapeTalk's Kieno Kammies about an investigation where it appears that Bophelo Beneficiary Fund (BBF) lost R255 million worth of mine workers' money.

BBF is a subsidiary of Mvunonala Holdings, founded by Bongani Mhlanga.

The money lost is pension money belonging to workers at Anglo Platinum which was invested in BBF.

The Bophelo Beneficiary Fund holds assets on behalf of the Amplats Group Provident Fund in which more than 7,000 people are beneficiaries.

Masondo says BBF seems to have cooked its financial statements for 2016, which they claimed to be owning buildings.

They cooked their books. They are saying they own two buildings which clearly don't belong to them. In accounting standard you do not say you have investment property if you do not own it.

Sipho Masondo, Investigative journalist for City Press

They responded to us through their lawyers which kept on denying and not giving us any logical explanation, saying they are in a process of acquiring the buildings.

Sipho Masondo, Investigative journalist for City Press

But if you are in a process on buying a building you cannot call it your own.

Sipho Masondo, Investigative journalist for City Press

To hear more of this report by Sipho Masondo, listen below:

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