A fund, the beneficiaries of which are children of deceased mine workers, has about R385m on deposit with VBS Mutual Bank, which the Reserve Bank placed under curatorship on Sunday.

The Financial Services Board (FSB) confirmed that the Bophelo Beneficiary Fund, which with its administrator, Bophelo Benefit Services was placed under curatorship by the board in June 2017, had R385m deposited with VBS.

It was placed under curatorship after it emerged that at least R255m was missing from the fund, which holds money for orphans of Anglo Platinum mine workers. This funds the schooling and living expenses of the orphans, with the balance paid when they reach the age of 18.

It appears as if the amount missing from the Orphans’ Fund is actually closer to R685m.  This is so tragic.  The funds are used for education and living expenses of the orphans, but has been mismanaged by the trustees and administrators.

Yes, the guilty parties must be prosecuted, but who will pay the expenses of the beneficiaries?  Does this mean that they suddenly have no access to school fees and more importantly, funds to cover their daily expenses any more?

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