Financial Services Board update on surplus asset stripping cases
The Registrar of Pension Funds has noted that some significant milestones have been achieved in the on-going saga relating to those pension funds whose surplus assets were misappropriated during the 1990’s through the application of the so-called “Ghavalas option”. These milestones include:
1. The review and setting aside of the certificates issued under section 14 of the Pension Funds Act relating to the Datakor Group Pension Fund, Datakor Group Retirement Fund and Cortech Pension Fund by the South Gauteng High Court on 20 June 2012. The Registrar and the FSB applied during August 2009 to have the contentious certificates set aside following the plea of guilty by Mr Peter Ghavalas during February 2009 to various charges, which included that of committing fraud on the Registrar’s office.
2. The approval by the Registrar during May 2012 of the surplus apportionment schemes submitted by the following funds:
LUCAS SA PENSION FUND (12/8/10121) (in liquidation)
PRESTOLITE PENSION FUND (12/8/27521) (in liquidation)
PICBEL GROEPVOORSORGFONDS (12/8/9087) (in liquidation)
SABLE INDUSTRIES PENSION FUND (12/8/20317) (under curatorship)
DATAKOR GROUP PENSION FUND (12/8/8849) (under curatorship)
DATAKOR GROUP RETIREMENT FUND (12/8/19919) (under curatorship)
CORTECH PENSION FUND (12/8/7696) (under curatorship)
The surplus apportionment scheme of the Mitchell Cotts Pension Fund was approved in February 2011 and payments in respect of this fund have already commenced. Payments to stakeholders of the above-mentioned funds are expected to commence shortly.
Financial Services Board
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