Top official suspended at state pension fund

By Carol Paton,

THE principal executive officer of the Government Employees Pension Fund, John Oliphant, was on Thursday suspended from his position pending disciplinary proceedings, the chairman of the board, Arthur Moloto, said.

The fund is the country’s largest pension fund, with 1.2-million active members and assets worth R1-trillion. It is also the single biggest investor in the JSE as well as the single largest holder of government bonds.

Mr Moloto, who is an African National Congress MP, said Mr Oliphant had been suspended "pending the finalisation of a disciplinary process relating to the outcome of a forensic investigation into supply chain management practices at the fund". He said an independent chairperson, who is an advocate, would oversee the disciplinary hearing.

"The fund is not in a position to furnish further details regarding the suspension at this stage, as such would prejudice the rights of Mr Oliphant and may pre-empt proceedings at the hearing," Mr Moloto said. Joelene Moodley, the fund’s head of corporate services, will act as the principal executive officer in the interim.

Earlier this month the fund won the African Investor award for Institutional Investor of the Year. Mr Oliphant was named the "up-and-coming future leader of the year" at the awards ceremony.

The bulk of the fund’s assets is managed by the Public Investment Corporation, wholly owned by the government. Mr Oliphant’s appointment at the fund was supposed to run until June 2017.




Source: BusinessDay