Pension Fund capture on steriods

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. 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.

As always the Gupta name is in there somewhere.

Source: amaBhungane and Fin24

https://www.fin24.com/Companies/Financial-Services/r349m-stolen-from-pensioners-in-four-days-20190902-2

 

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