R800m pension funds trial starts next week

Business Report notes the case relates to the alleged illegal removal of surplus money from nine pension funds. Former Director of Prosecutions, Jan d’Oliveira, has been brought out of retirement to prosecute the case – one of the biggest in the history of white-collar crime in SA. Summons to appear in court were served on Alexander Forbes and some of its senior executives on February 9. Alexander Forbes administered the Lifecare Pension Fund, which the prosecution alleges was used to park the money siphoned off from pension funds surpluses. Thirteen of the 26 businessmen – Peter Ghalvalas, Peter Martin, Neil van Hess, Aubrey Wynne-Jones, Anthony Dixon-Seagger, Graham Sommerville, Gerald Nightingale, Anton Roets, Michael McEvoy, Derrick Pettitt, Adrian Bailey, Jan Pickard and Simon Nash – have already appeared in court on a string of charges, including money-laundering, theft, fraud and conspiracy to commit fraud and theft. They are on bail. Full report in Business Report