Article: Medical fund bleed to be probed; 'Cash sunk into development on North Coast'.(News)

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 ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!