Botswana to probe Alex Forbes client

| Wednesday October 31, 2007 00:00

Geoffrey Nzau, the chief executive of Alex Forbes' Afrinet, said yesterday that its client, the Botswana Public Officers Pension Fund, the biggest pension fund in that country, was under investigation for issues related to the competency of the trustees of the fund. Afrinet is a unit of Alex Forbes that focuses on the company's subsidiaries outside of South Africa.

'This investigation is also centred on service providers of which Alexander Forbes is one. The investigation will soon include bulking,' Nzau said.

This comes just a year after Alex Forbes admitted that it had made secret profits from bulking the pension funds of members without their knowledge, and agreed to pay almost half a billion Pula in compensation.
(Business Report)