Article: South Africa: R38m(usd 4,833,068.0114) windfall after fund stripping.

Byline: sander03

Documents filed in the Witwatersrand High Court show a R38 million(usd 4,833,068.0114) payment was made to JSE-listed company Cullinan Holdings after a retirement fund had been "fraudulently" stripped of a R42-million(usd 5,341,812.0126) surplus.This evidence came to light this week as Cullinan Holdings made desperate efforts to distance itself from an orchestrated pension fund surplus-stripping debacle in the 1990s, which now involves way in excess of R1-billion(127,202,197.9000 usd ). The evidence of the payment to Cullinan includes a R38-million(usd 4,833,068.0114) cheque for part of the proceeds of the surplus stripping that was initially ...

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