The top executive of South Africa’s $128 billion Government Employees Pension Fund was fired Wednesday after the fund determined he was guilt of misconduct.
From Bloomberg:
John Oliphant has been dismissed as the principal executive officer of South Africa’s $128 billion Government Employees Pension Fund for misconduct, the continent’s largest administrator of retirement assets said.
Oliphant, who was suspended in October 2013, “has been dismissed following the finalization of a disciplinary process that found him guilty of the charges of misconduct levelled against him,” the fund, known as the GEPF, said in a statement today.
Oliphant was suspended after breaching GEPF policy on payments to suppliers, according to a PricewaterhouseCoopers LLP report obtained by Bloomberg News. GEPF’s board of trustees was satisfied that due process was followed in the disciplinary hearing, the fund said.
“I am attempting to meet with the chairperson of the board to get clarity on the matter,” Oliphant said in an earlier e-mailed response to questions following a report of his dismissal.
The GEPF has 1.43 trillion rand ($128 billion) in funds and reserves. More than 1.5 million South Africans have retirement funds with the organization, which is also the single-biggest investor in Johannesburg’s stock exchange.
Oliphant said he is unclear on exactly why he was fired. Bloomberg reported that the firing stemmed from breaching a policy regarding payments to suppliers.
Oliphant earned a salary of about $224,000 last fiscal year.