EXCLUSIVE I Security guards' retirement savings 'blown' on overseas junkets, drinks, cars, FSCA finds

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Retirement funds were used for travelling.
Retirement funds were used for travelling.
Corbis / Getty Images

A pension fund administrator is under fire for allegedly raiding the retirement savings of security guards and blowing the funds on overseas junkets, drinks, cars, hotel accommodation, football tickets, sponsorships, and donations.

Salt Employee Benefits (Salt EB) allegedly dispensed the largesse on the trustees of the Private Security Sector Provident Fund (PSSPF) to curry favour after the company won an irregular tender to administer the payment of benefits to security guards.

Salt EB's free-spending details were contained in a draft forensic report authored by the Financial Sector Conduct Authority (FSCA) in July.

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