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Article: Medical fund bleed to be probed; 'Cash sunk into development on North Coast'.(News)
- Article from:
- The Independent on Saturday (South Africa)
- Article date:
- July 11, 2009
CopyrightCOPYRIGHT 2009 Independent News & Media PLC. 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: Laura du Preez
AN investigation has been ordered into the country's third-largest medical scheme, Bonitas Medical Fund, as well as the scheme's administrator, Medscheme, after Bonitas allegedly used members' money for an incomplete property development and other investments.
It is alleged that Bonitas, which has 500 000 members, has left about R80 million of members' money at risk.
The inquiry into the activities of the principal officer and trustees of the scheme will also look into whether Medscheme, the country's third largest medical scheme administrator, is fit to hold its licence.
The broad investigation will focus on a ...