The FSB's head of pension funds, Wilma Mokupo, said the act prevents trustees from investing more than 2,5% of a fund's assets in an unlisted company "as this can be risky and, if it goes wrong, can affect the financial position of the fund".
But the Construction Industry Retirement Fund
appears to have invested 12% of its assets in Ucingo."We have already had meetings with the fund trustees as well as the benefit administrators NBC about that loss," Mokupo
"We are still investigating to see whether there was a corporate governance failure and if so, who is liable," she