Court sets aside public protector's findings in decade-old case
The high court in Pretoria has set aside and declared as constitutionally invalid a public protector’s report which made findings of impropriety and maladministration against the Financial Sector Conduct Authority (FSCA).
The FSCA, formerly known as the Financial Services Board (FSB), took Busisiwe Mkhwebane’s investigation on review. The investigation was initiated after the stripping of pension fund surpluses in a fraudulent scheme that led to the FSB being placed under curatorship.
Mkhwebane’s report, released in March 2019, contained findings of impropriety and maladministration against the FSB and its then executive officer, advocate Dube Tshidi.
TimesLIVE reported previously that the pension fund mismanagement occurred around a decade ago. The complaint was laid with Mkhwebane in 2017 by EFF leader Julius Malema. Among matters probed was that an attorney appointed as curator used his own law firm to recover assets on behalf of the fund under curatorship.
In its case before the high court, the FSB asked for an order reviewing, setting aside, and declaring Mkhwebane’s report constitutionally invalid, for lack of jurisdiction.
BusinessLIVE reported that the issues probed exceeded the prescribed time limits for an investigation by the public protector.
The court ruled that FSB was successful in the relief it sought against Mkhwebane.
The public protector was ordered to pay FSB’s legal costs up until November 13 2019.
“The authority is satisfied with the outcome on this matter and looks forward to executing its mandate to ensure an efficient, stable financial sector where customers are informed and treated fairly,” the FSCA said on Thursday.