Cosatu welcomes FSB investigations into NBC & Alex Forbes 29-07-08

 

FSB must stop financial-service salami-slicing

COSATU welcomes the news that the Financial Services Board (FSB) has begun an investigation into the business practices of Alexander Forbes and NBC Holdings, and hopes that it will be a speedy process with an unequivocal conclusion.

COSATU will continue to insist that secret profits made at the expense of fiduciary beneficiaries, the rightful owners of the funds, amount to theft. Such profits must be paid back to these beneficiaries without any delay.

COSATU is impatient with the fact that in spite of the exposure of these criminal scams, no-one in Alexander Forbes, NBC or any other malfeasing financial services company has yet been put behind bars as a result of the FSB’s work to date.

Is the FSB a toothless bulldog? Not only has it failed to touch the individual crooks in person, but in the case of NBC, which it found guilty of secret “bulking” three years ago, it has allowed this company to defy its order to repay the money, with impunity.

We urge the FSB to act with speed and ferocity in the peoples’ interest.

For further comments please contact Jan Mahlangu on 082 452 0817 or 011 339 4911, or e-mail mahlangu@cosatu.org.za