JOHANNESBURG - Pension fund fraud is becoming an increasingly serious concern in South Africa — and the consequences are hitting vulnerable retirees the hardest.
One recent case has raised major alarm.
WATCH: Discussion | Maladministration at municipal pension fund
Maladministration was uncovered at the Municipal Employees Pension Fund due to a conflict of interest with Akani Retirement Fund Administrators.
The High Court found that Akani bribed three MEPF officials to choose it as the fund administrator.
Legal representatives for some pensioners say the matter could escalate into one of the country’s largest pension fraud scandals.
Akani has denied wrongdoing and the company's marketing manager, Mathawe Matsapola discussed the allegations with eNCA.