MEDIA RELEASE BY THE FINANCIAL SERVICES BOARD

Pension fund fraud fined R20 000

 A director of several companies who failed to pay over nearly R300 000 in pension fund contributions was not only compelled to pay the money, but a Johannesburg Regional Court also fined him R20 000 on three counts of fraud.

Hans Benecke, the sole serving director of Beta Management Services (Pty) Ltd, Atlas Sea Farms (Pty) Ltd and Texchem (Pty) Ltd - the participating employers of the Orion Fixed Benefit Pension Fund (SA) - did not pay the pension contributions, in some cases since 1993.

In so doing, he contravened Section 13 A of the Pension Funds Act and the rules of the fund. This all came to light when an inspection by the Registrar of Pension Funds revealed the extent of the fraud. The matter was referred to the Attorney General’ Office and the Commercial Crime Unit of the Police.

Benecke, who pleaded guilty to fraud, must pay the fine in four instalments before 7 September 2001.

ENDS