Sign up with GoogleWillie Trombone
Honorary Master
- Joined
- Jul 18, 2008
- Messages
- 60,038
DM Scorpio: How a foreign company appropriated R500m of your UIF money
About R530 million of the Unemployment Insurance Fund’s money has been tracked back to Bounty Brand Holdings in the United Kingdom.
DM SCORPIO: HOW A FOREIGN COMPANY APPROPRIATED R500M OF YOUR UIF MONEY
About R530 million of the Unemployment Insurance Fund’s money has been tracked back to Bounty Brand Holdings in the United Kingdom.
JOHANNESBURG - A new Scorpio investigation reveals how a foreign holding company’s shareholders pocketed more than half-a-billion-rand in public monies that the Unemployment Insurance Fund (UIF) lost on a tanked investment in one of its subsidiaries.
Earlier this year, investigative outfit Scorpio exposed how the UIF had lost a staggering R1.77-billion as a result of two investments in consumer goods group, Bounty Brands. 21,916 is how many unemployed workers the UIF could support at the maximum rate for the maximum period with R1.77 billion.
In late 2018, just months after the second investment, the group found itself buckling under the weight of a massive debt load. This prompted a drastic restructure, which saved it from financial collapse but left the UIF’s shares worth next to nothing.
Now, Daily Maverick's investigative Scorpio_ has tracked about R530 million of the UIF’s money back to Bounty Brand Holdings in the United Kingdom and unearthed how it was divvied up among shareholders in the weeks after it was received....
