NBC Holdings (Pty) Limited (NBC) Vindicated!
On 21 February 2022, NBC’s appeal against the judgement handed down by Judge Vally in July 2020 was argued and judgment was reserved. On 29 June 2022, NBC received the judgment from a Full bench at the South Gauteng High Court.
NBC is pleased to announce that the appeal was successful and some of the key outcomes vindicating NBC and the aggrieved members of the CINPF’s case are as follows:
The decision of the board of the CINPF made on 21 and 22 November 2019 to terminate NBC’s services was reviewed and set aside.
The CINPF’s decision to appoint new service providers to provide fund administration, fund consulting, investment consulting and actuarial services was reviewed and set aside.
The individuals who occupied the Chairperson and Vice Chairperson positions when these decisions were taken by the CINPF are to be removed as trustees of the CINPF and the CINPF has been directed to replace the trustees in accordance with the CINPF’s Rules.
NBC was found not to have litigated against the CINPF purely for commercial reasons. The Full Bench ruled that NBC together with the aggrieved members have acted in the broader public interest of the CINPF, its tens of thousands of members and clean administration in the pension fund industry.
The Full Bench’s appeal judgment vindicates NBC and the values that NBC strive to entrench into its service delivery to pension fund clients every day. NBC is member-centric and shall not remain passive observers when members’ hard-earned retirement savings are threatened by irregular activities and unscrupulous individuals who do not act in the best interests of its clients’ pension funds at all times.
NBC will continue to serve its members’ interests diligently and exceed their expectations consistently.
NBC Board of Directors
30 June 2022
To view the original media release – click below