BPOPF proposes JHB talks in P400m row

Mmegi has learnt that the pension fund’s return to the negotiating table came via a letter written by its Cape Town attorneys to CMB yesterday morning. The letter came a day after the High Court dismissed a bid by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to place CMB under statutory management. The BPOPF supported the bid as part of its efforts to recover the P427 million in an investment lost to CMB, as part of a bitter 2017 dispute.

According to the letter from Werksman’s Attorneys, one of South Africa’s oldest and leading firms, the BPOPF is eager to get arbitration proceedings kick-started in Johannesburg towards a settlement in the dispute.