Millions of rands reportedly stolen from the Municipal Councillors’ Pension Fund
- The Hawks are investigating the Municipal Councillors’ Pension Fund for alleged fraud and theft
- It is believed the Municipal Councillors’ Pension Fund overpaid by millions on a number of property purchases
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The Municipal Councillors’ Pension Fund (MCPF) is under investigation by the Hawks for allegations of theft, corruption and fraud.
It is believed that millions have been mismanaged by the pension fund. Two curators - Thabang Kekana and Juanito Damons reported the irregularities to the Hawks.
IOL News reports that the SA Local Authority has been blocked by the Financial Sector Conduct Authority when they attempted to investigate its R16 billion assets.
Apparently, the MCPF have bought many properties and paid millions more than the actual worth of the properties.
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One example of the mismanagement and possible fraud of the MCPF is the purchase of 11 empty lots worth R120 million. The MCPF paid R17 million in VAT for the properties, despite it being registered in the fund's name.
Other shady activities and deals are also being investigated by the Hawks under the Prevention and Combating of Corrupt Activities Act.
Briefly.co.za learned that Kekana and Damons attempted to recover R120 million paid for the 11 empty lots as well as the large amount of VAT paid.
It is reported that the properties were actually worth only R46 million. Another property was bought by the MCPF for R65 million when it is only worth R40 million.
The attorneys involved in the R120 million transaction have now been referred to the Law Society of the Northern Provinces for overcharging the MCPF.
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Source: Briefly News
