R530m from doomed UIF investment flowed to shareholders' offshore accounts
It took only a week in May 2018 to move hundreds of millions of rands in public monies from South Africa's Unemployment Insurance Fund (UIF) to an array of offshore entities incorporated in places like Malta and the British Virgin Islands.
Source: iStock.
First, through crafty accounting and legal manoeuvring, R630m of the UIF’s R1.37bn investment was channelled from South Africa to Bounty Brands’ holding company in the United Kingdom.
Next, the UK holding company paid dividends to its shareholders totalling an eye-watering R530m.
Read the original article on Daily Maverick.