In October 2022, Moonstone reported that things were looking bleak for members of retirement funds whose assets were administered by N-e-FG Administrators (Pty) Ltd, after its statutory manager said it was unlikely that any of the estimated R470 million in assets N-e-FG administered would be recovered.
Read: Retirement fund members at ‘serious risk’ of losing R470 million in assets
The Authority withdrew N-e-F-G’s FSP licence in December 2021 after the entity went into business rescue, and it placed N-e-FG under statutory management in June last year.
The statutory manager, Krishen Sukdev, reported that the money or assets of members of retirement funds administered by N-e-FG were transferred to various entities without the permission or knowledge of the funds and violation of the investment mandates. Furthermore, members were misled about where their monies or assets were invested and the value of their investments.
On 10 February, the FSCA issued an update on the statutory management of the N-e-FG. For the most part, the statement confirms what Sukdev has reported.
The “new” developments are that the FSCA has considered Sukdev’s reports “in a serious light” and has undertaken the following steps:
- The Authority has revoked the boards of certain retirement funds administered by N-eFG whose members provided false statements to the FSCA regarding their independence. The FSCA was in the process of reconstituting these boards to enable the retirement funds to assist Sukdev to pursue the missing monies or assets, as part of their fiduciary duties.
- It has issued a directive to N-e-FG Administrators and the managing director instructing him to relinquish his position immediately and as N-e-FG’s official bank account signatory.
- It has initiated an investigation into the entity, which is “at an advanced stage”. Further steps may be taken once the investigation is finalised.
The FSCA said it was in constant contact with the statutory manager to assess developments.
Sukdev, together with the FSCA, recently met with a group of affected people and provided them with details of a criminal case that was opened with the South African Police Service against N-e-FG Administrators and/or its management by Lion Insurance Company, the Authority said.
The FSCA said Sukdev is available to engage with concerned members of the public and can be contacted at krishen@keyprotect.co.za
and still the investors is been kept in the DARK!! With the businesses rescuers in question about their independence and the N-e-FG Administrators and the managing director been ask to leave AND the offices been close of the N-e-FG Administrators, what is left for us as investors.
what is the FSCA going to do??? By now not one single case has been open by the FSCA.
If you want to contact Sukdev he never reply on your request. everything is hush hush and te corporates responsible for this TOTAL MESS is still free and walking around and have a blast of a time on vacations.
a lot of people are negatively affected by this company, losing everything they worked for. they blatantly stole our money. they were a well-established company you trusted. where did that money go? how is it possible, that there is no trace of that money? how can the director, Corne Janse van Rensburg, and his fellowship, be the director of a new company, phahamisa administrators, knowing N-e-FG administrators is under busyness rescue? i am an investor who lost everything i have worked for, and because of their fraud, my past, present, and future, is stolen from me! for 30 years, i have worked for nothing, free, preventing crime, just for selfish people, who could never have enough money! they took from old retired people, without contion! we have been lied to!
Corne’s visit to Dubia is now suspicious. Did they went and hide the money there. My mother in law who is currently 94 years old has lost her money invested in Nefg and is now facing that the children will be responsible for paying her stay at the Frail care unit in George. We would like to lodge a case against them. Please supply us with the necessary details to open a case.
Fanie & Beulah Snyman
I suggest you contact the statutory manager, Krishen Sukdev, at krishen@keyprotect.co.za
And we still waiting for any feedback, while Erik Du Preez and Corne Janse van Rensburg still walk around if we the investors did something to them. Erik Du Preez is staying in a very exclusive security estate in Centurion and got remarried. He walk around and play in innocent victim.
it is well known they are still actively hustling in industry, with numerous other financial business registered and operating. To what risk is this to unbeknown investors? Noting that self-declared and undisputed evidence exist that funds were illegitimately invested, to the extent that signatures were provided fraudulently?
No business rescue plan has been presented after an extensive amount of time by Andre Prakke, the so call “Independent” Business Rescue Practitioner. André Prakke appointment has not been approved by the FSCA. As historical NeFG Director – as well as serving as Director on current NeFG sister companies.
The FSCA has published the latest report by the statutory manager: https://www.fsca.co.za/Enforcement-Matters/Publications%20and%20Documents/NEFG-Statutory%20Manager%20Report%20-%2030%20June%202023.pdf
Morning am asking for N-efg email address to claim my Provident found .pls call me at 0737998930 or email information to my email address thank you.
Please contact the statutory manager, Krishen Sukdev, at krishen@keyprotect.co.za
Hlamulo, N-e-FG does not exist anymore!!! They have stole the money!!!! -/+ R470mil is GONE and they still walk around freely !!! Erik Du Preez and Corne Janse van Rensburg have a royal life with NO guilty conscience.
this is really worrying as, what are chances of people getting their money back and again why have they been debiting the client for RA’s till recently how can one trace where this funds have been going?
Walter, please join the group NeFG Affected Parties on FB. You will not be able to trace the money. The FSCA just release a letter that stated On 13 September 2023 the FSCA suspended the Administrator’s section 13B licence. Consequently the value of any Member’s Fund credit is therefore Nil.
Pls call me at 0836502209
Up to so far Nefg still quite with our 💰💰 .CEO of Nefg I’m definitely sure is not around SA. Last I when to Phakamisa buildings to submit my documents. They move to another office pack furniture there.That day I realized something is fishy. I worked 8 years in security industry. But today I have nothing
Cynthia, please join the group NeFG Affected Parties on FB
https://www.facebook.com/groups/637257401949337/
I worked 3and half years ,I was sent frm pillar to post about my provident fund money