The Financial Sector Conduct Authority (FSCA) is taking the public protector report on the conduct of its erstwhile executive officer, Dube Tshidi, on review.
Public Protector Busisiwe Mkhwebane found that several complaints laid against Tshidi by EFF leader Julius Malema had been substantiated following her office’s investigation. The complaints mainly centred on the nomination and recommendation for appointment of curators once pension funds have been placed under curatorship.
The complaint was laid in 2017 and accused Tshidi of acting improperly in the appointment of a “particular” attorney, Anthony Mostert, who, in his role as curator, allegedly unduly paid himself an amount in excess of R188 million in curator fees and almost R45 million in legal fees. Tshidi, now a member of the Transitional Management Committee of the FSCA (previously the Financial Services Board), referred to the official statement of the FSCA when asked for comment.
Public protector ‘yet to respond’ In the statement, the FSCA states that Tshidi had made comprehensive submissions to which the public protector was yet to respond. “The FSCA finds the report to be riddled with inaccuracies, which indicate that the public protector did not take into account any of the submissions made.
” As part of the remedial action following her investigation, the public protector wants the FSCA to start with a process that will ensure a “wider and a representative” number of curators to nominate from.