Mine workers with pension money belonging to BBF left penniless
The Bophelo Beneficiary Fund is alleged to have incurred a loss of R255 million worth of mine workers’ money.
JOHANNESBURG - It’s understood workers from mining company Anglo Platinum with pension money belonging to the Bophelo Beneficiary Fund (BBF) have been left penniless.
The company is alleged to have incurred a loss of R255 million worth of mine workers' money.
The City Press says it’s unclear what happened to the money but the BBF attempted to hide the lost millions by cooking figures in their financial statements for last year.
The BBF is a subsidiary of Mvunonala Holdings, founded by Bongani Mhlanga.
Mhlanga was deported earlier this month to his home country in Zimbabwe after the Home Affairs ministry said he was in the country illegally and with fraudulent documents.
The Bophelo Beneficiary Fund holds assets on behalf of the Amplats Group Provident Fund and more than 7,000 beneficiaries.
But now mine workers could be left devastated as millions of rands of their pension funds have been lost.
Amplats says it has launched an investigation into the BBF.
The City Press says Amplats picked up the problem in November last year, when close to 2,000 beneficiaries of mine workers who’ve passed away could not access their monies.
When asked why beneficiaries had not been paid, Bophelo claimed the beneficiaries could not be traced.
Audit firm KPMG and WMK Attorneys have conducted a formal forensic investigation into the company, but Bophelo allegedly refused to divulge any information saying the firms are not entitled to any documents because they are a third party.
(Edited by Zamangwane Shange)