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Article: South Africa: R38m(usd 4,833,068.0114) windfall after fund stripping.
- Article from:
- TendersInfo
- Article date:
- June 9, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...