R50m Looted by SANDF Generals - Compulsory, Mandatory, and Allegedly STOLEN скачать в хорошем качестве

R50m Looted by SANDF Generals - Compulsory, Mandatory, and Allegedly STOLEN

The SA Army Foundation was established to provide life insurance, funeral cover, and personal loans to more than sixty-five thousand members of the South African National Defence Force, funded through mandatory monthly salary deductions totalling approximately six-point-five million rand. For soldiers earning modest wages and deployed in some of the most demanding operational environments on the continent, this fund was not a benefit. It was a promise. That promise was broken. A completed investigation by the Financial Sector Conduct Authority found that roughly fifty million rand in soldiers' contributions was allegedly misappropriated. Funds were diverted into the personal bank accounts of at least two senior fund managers, and onto credit cards issued to high-ranking generals, one of whom allegedly used a Foundation-backed card to purchase a personal vehicle. The bank raised red flags. Auditor oversight was allegedly compromised. Every safeguard failed. The FSCA has finalised its investigation and confirmed it is considering legal options and will cooperate fully with prosecuting authorities. No arrests have been made. The Foundation continues to operate and the deductions continue. Set against a defence establishment already under fourteen separate Hawks investigations involving nearly one billion rand in potential losses, this is not an isolated incident. It is a pattern. And the soldiers are still paying.