Biggest private prosecution yet starts this week

Business Report notes that although the National Prosecution Authority is assisting the FSB and BAC, it is not contributing financially. It adds that the trial itself, which gets under way this week, is unprecedented in that the amount involved and the number of accused are the largest in the history of white-collar crime in SA. Jurgen Boyd, the Registrar of Pension Funds at the FSB, said of the funding of the prosecution: ‘It shows how seriously we take this matter that we are putting our resources behind it.’ As reported previously in Legalbrief Today, retired ace prosecutor Jan d\'Oliveira, the former National Director of Prosecutions and the former Attorney-General of the Transvaal, has been engaged to head up the prosecution. The FSB investigation into the alleged scam took more than six years and goes back to the 1990s. Alexander Forbes is the biggest pension administrator in the country. It administered the Lifecare Pension Fund, which the prosecution alleges was used to park the money siphoned off from pension fund surpluses. Full report in Business Report