Dec 5, 2022

Mawazo Writing Africa

Writing about the main

Company fingered for bribing trade union pension fund trustees fights back

The administrators of the Akani Retirement Fund will appeal a crushing ruling by the Johannesburg High Court that found the company bribed trustees of the Chemical Industries National Pension Fund (CINPF).

The Am The verdict announced last Wednesday says Akani has “bribed” three senior trustees of CINPF – the R6 billion provident fund owned by workers at the Chemical, Energy, Paper, Printing, Wood & Allied Workers Union (Ceppwawu).

The bribe was allegedly in exchange for booting out NBC Holdings, a company that had served as CINPF’s administrator for three decades, in favor of Akani without an open bidding process.

A funeral insurance insurer linked to Akani made payments to the bank accounts of the three trustees – Bonginhlanhla Dangazele, Reginald Sema and Ayanda Sithole, the court heard.

Akani and the T rio denied this, claiming that the payments were insurance payments for deceased relatives, a submission that was rejected by the court Bribery was, using irrefutable conclusions,” stated Judge LR Adams.

Adams criticized Akani for involvement in “fraud and corruption.” to dismiss competitors.

Akani Assistant MD Jack Malebana dismissed the verdict, which the company said was “wrong in law and in fact.”

Akani believed that a other court might come to a different conclusion, hence the appeal.

“The judgment is contentious as the CINPF Board ended its administrative mandate with Akani in November 2021. However, the ruling made certain incorrect findings of law and fact which, if left unchallenged, may be misconstrued as ‘gospel truth’ by our stakeholders and [the] broader pension industry,” said Malebana.

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