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The Pretoria High Court annulled and declared constitutionally invalid the report of a public protector who found irregularities and mismanagement against the Financial Sector Conduct Authority (FSCA).
The FSCA, formerly known as the Financial Services Board (FSB), reviewed Busisiwe Mkhwebane’s investigation. The investigation began after the disposal of surplus pension funds in a fraudulent scheme that led to the FSB being placed under conservatorship.
Mkhwebane’s report, released in March 2019, contained findings of wrongdoing and mismanagement against the FSB and its then-CEO, defender Dube Tshidi.
TimesLIVE previously reported that mismanagement of pension funds occurred about a decade ago. The complaint was filed with Mkhwebane in 2017 by EFF leader Julius Malema. Among the issues investigated was that an attorney appointed as conservator used his own law firm to recover assets on behalf of the conservatorship fund.
In his case before the higher court, the FSB requested an order to review, annul and declare the Mkhwebane report constitutionally invalid, for lack of jurisdiction.
BusinessLIVE reported that the issues investigated exceeded the prescribed time limits for an investigation by the public protector.
The court ruled that FSB was successful in seeking relief against Mkhwebane.
The public protector was ordered to pay FSB’s legal costs until November 13, 2019.
“The authority is satisfied with the outcome in this matter and looks forward to executing its mandate to ensure an efficient and stable financial sector where clients are informed and treated fairly,” FSCA said Thursday.
TimesLIVE
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