The FSB published the following media release on 20 December:
On 19 December 2017, the Pretoria High Court granted an application brought by the Registrar of Pension Funds in terms of section 5(1) of the Financial Institutions (Protection of Funds) Act, 2001 for the appointment of curators to the Municipal Councillors Pension Fund.
The court appointed Mr Juanito Martin Damons and Ms Sophie Thabang Kekana as the joint curators of the Municipal Councillors Pension Fund.
The application was brought pursuant to an inspection report as well as reports by the section 26(2) board to the Registrar, which several serious irregularities pertaining to poor investment decisions and lack of governance in the fund were reported. The curatorship is intended to stabilise the management and operation of the fund, and to protect the interests of its members.
The curators are experienced lawyers, who are well placed to fulfil the duties required of them as curators and to ensure that all necessary steps are taken to protect the interests of the fund and its members.
The curators have assumed office and their reports will be uploaded on the FSB website https://www.fsb.co.za/Pages/