South Africa. Chequered past haunts new chair of multibillion rand pension fund
The Financial Services Board (FSB) has placed the control of the multibillion rand pension and beneficiary funds in the hands of, among others, a trustee with a chequered history.
The FSB, which regulates the entire financial services sector except banks, has appointed Jan Mahlangu as one of the interim trustees of the SA Local Authorities (Sala) Pension Fund and the Municipal Councillors Pension Fund (MCPF).
In 2010 Mahlangu resigned as Cosatu’s retirement fund policy coordinator after the union charged him following allegations that he accepted a bribe in the form of a new Audi A4 from SA Quantum. Mahlangu’s Cosatu job involved overseeing the performance of all pension fund service providers – including SA Quantum – on behalf of the federation and its affiliates. In 2013 Cosatu reappointed Mahlangu to his old job.
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