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Fin24 reports that two executives of a Gauteng pension funds administrator have been fined R30 million each for misdirecting client funds into high-risk investments.
The Financial Sector Conduct Authority (FSCA) took action against Corne Jansen van Rensburg and Erik du Preez last week following a two-year investigation into the N-e-FG group of companies, which operated out of Vanderbijlpark. They have also each been debarred for 30 years. The financial watchdog concluded that N-e-FG founder Jansen van Rensburg and managing director Du Preez broke a host of laws by lying to clients about where their funds were invested. Monies were moreover invested in entities not approved by the watchdog that had links to N-e-FG. "Before taking this action, the FSCA handed its investigation report over to the National Prosecution Authority [NPA] and is aware that some of the complainants also opened criminal cases. The FSCA will actively assist the NPA if requested,” the regulator advised on Monday. While the FSCA is still playing its cards close to its chest, a probe by a statutory manager appointed two years ago to oversee how N-e-FG Administrators managed pension funds concluded that around R470 million in client funds was missing. In addition to pension and provident fund administration, the group offered wealth management, investment planning, and various advisory services. From the outset, N-e-FG tried to sell itself as a transparent firm obsessed with "responsible reporting" in a society rife with chancers.
- Read the full original of the report in the above regard by Jan Cronje at Fin24 (subscription or trial registration required)
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