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ANA reports that the Financial Services Conduct Authority (previously the Financial Services Board) has completed a preliminary investigation and is now conducting a full inspection of Regiments Capital and the Transnet Second Defined Benefit Fund.
The Democratic Alliance (DA) indicated on Sunday: “In October last year, the DA wrote to the Financial Services Board requesting that they investigate allegations that Regiments and its directors made unlawful payments of more than R500 million from the Transnet Second Defined Benefit Fund to Gupta-linked entities Trillian and Albatime between December 2015 and April 2016.” DA spokeswoman Natasha Mazzone said that Regiments allegedly failed to disclose the reasons for making these payments, which pointed to a possible breach of the Financial Advisory and Intermediary Services Act. She observed that more than 50,000 hard-working employees, some of them already retired, depended on Transnet to put their hard-earned money in reliable hands. The DA said it would await the findings of the investigations and trusted that strong action would be taken against those found to have failed in their fiduciary duty to perform proper oversight.
- This short report is at The Citizen
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