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Roughly R50 million allegedly misappropriated from army members’ fund – report | The Citizen | SA News

The SA Army Foundation reportedly receives R6.5 million a month from mandatory contributions by military personnel.

Payments totaling roughly R50 million meant for the SA Army Foundation have reportedly been misappropriated.

The Financial Sector Conduct Authority (FSCA) this week confirmed that it had completed an investigation into the misconduct, but could not comment on whether arrests were pending.

The SA Army Foundation is the administrator of life insurance policies, funeral policies and loans for military personnel.  

Millions made in mandatory contributions

The foundation reportedly receives R6.5 million a month in mandatory contributions made by military…

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