Vanderbijlpark executives lose appeal in R470-million pension fund scandal

VANDERBIJLPARK - A major blow has been dealt to two men accused of orchestrating one of South Africa’s largest pension fund scandals. Corné Jansen van Rensburg and Erik du Preez, former executives at Vanderbijlpark-based pension fund administrator N-e-FG, are alleged to be behind the disappearance of R470-million in retirement savings. They have failed in their bid to overturn a 30-year ban from the financial industry. Their appeal was dismissed this week, ensuring they remain barred from holding any financial services role. Regulators, including the Financial Sector Conduct Authority, say the decision sends a clear signal that abuse of retirement funds will not be tolerated. For pensioners and workers across the region, the ruling offers some reassurance that accountability is still possible, even when the sums involved are almost unimaginable.