Financial Services Board (FSB) seeks indemnity from its many sins

Financial Services Board (FSB) seeks indemnity from its many sins

The Financial Services Board and its senior executives are facing claims for damages totalling in excess of R3bn in threatened or already pending legal action because of their allegedly negligent or malicious actions. And their problems related to their appointment of Fidentia curator Dines Gihwala, until recently chairman of SA's "No.1" law firm, Cliffe Dekker Hofmeyr, escalate from day to day. Which might explain why they're rushing to Parliament to be granted indemnity .... But is it in the public interest?

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Submitted by : Richard Bennett of McGregor on 2013-02-07 06:36:26
Old Mutual was likely involved with the Nedbank saga. They have a very large employee benefit company.
Submitted by : Richard Bennett of McGregor on 2013-02-05 18:40:28
I was a special investigator into these pension surplus schemes and other matters, and am also an expert in the surplus apportionment legislation promulgated back to 1980, which is immensely complex and long-winded to execute. This article is so biased and inaccurate as to undermine and denigrate the wonderful investigative work/credibility achieved by Noseweek over many decades. It runs down the good guys whilst making the bad guys look like victims, and comes across as propaganda for some of the accused in the case – most notably Simon Nash, who is waging a smut-war against Bruce Cameron of Personal Finance, the NPA, FSB etc. Despite him and the others being nothing more than low down scummy thieves. Next time check the facts properly with experts before allowing arseholes to schmookle you. You owe some sincere apologies. Richard B

Editor's Note
You are right. See update notes at head of story. Many of the errors are, however, attributable to miscommunication or non-communication by the curator and the FSB. Years have gone by with no accounts or regular curator's reports disclosing gross recoveries, distributions, curator's fees, legal and other expenses being published for public scrutiny, opening the way to suspicion and even malicious speculation. Secrecy breeds contempt. There are lessons to be learned by all sides here. Watch this space for more...
Submitted by : Barry Midgley of DURBAN on 2013-02-04 13:53:32
This yarn is doing the rounds on the net.
What do lawyers use for birth control?
Their personalities.

Judging by the expressions above I'd have to say pretty accurate.
Submitted by : Jenny Smith of Hyper By The Sea on 2013-01-25 22:18:31
I was one of thousands of victims of surplus pension fund stripping when Nedbank paid out 10 cents in the rand from the NBS Bank surplus pension fund. The fact that 90% of the fund had "disappeared" was just our bad luck...
There was virtually no attempt made to uncover the fraud behind this. Why?

Editor's Note
Who was the curator of the fund? When was the distribution done? - Ed.


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