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There are still several questions outstanding over the settlement of money that needs to be paid to members of liquidated retirement funds which have been the subject of investigations by the Financial Services Board (FSB) and the National Prosecuting Authority (NPA).

During the 1990s, surpluses were removed from several pension funds: the Datakor Group Pension Fund and Retirement Fund, the Cortech Pension Fund and the Picbel Groepvoorsorgfonds. The surpluses actually belonged to pension fund members.

The FSB and the NPA investigated the matter and, in April 2005, the Datakor Group Pension Fund and Retirement Fund and the Cortech Pension Fund were placed under curatorship. The Picbel Groepvoorsorgfonds was placed in liquidation in October 2005. In response to a question from the DA in September 2009, the FSB responded that R199 million had been recovered.

A year later, it has been announced that SANLAM, without admitting liability, will pay R175 million to the liquidators and curators, who will continue to pursue other parties against whom the funds may have claims for losses and refund a maximum of R25 million to SANLAM. The settlement agreement states that "the Chief Executive Officer of the Financial Services Board, although not a party to the settlement agreement, played an integral part of the negotiations leading up to the settlement".

The DA welcomes progress made to settle this matter, yet several questions remain unanswered.

Where is the other R24 million? The FSB reported that R199 million was reported in 2009 yet only R175 million has been received from SANLAM. Furthermore, how much of this recovered money will be refunded to the members?

The DA has submitted questions to the minister of finance to answer these questions. In addition, I shall be writing to the FSB asking them for a progress update regarding the investigation. The DA is seriously concerned that, in this, and many other matters involving financial exploitation of the most vulnerable, hardworking South Africans are not receiving sufficient protection or remedial compensation from the regulatory authority.