Akani to appeal the High Court judgement on the CINPF matter

Akani Retirement Fund Administrators (Akani) notes the judgement of Judge Adams of the Gauteng High Court, Johannesburg Division dated 29 June 2022, that dismissed and set aside the decision of the Board of Trustees of the Chemical Industries National Pension Fund (CINPF) to appoint Akani as the administrator to the Fund in July 2020.

As a way of background, the CINPF Board of Trustees terminated the services of NBC Holdings in October 2019 and instituted a procurement process that resulted in the appointment of Akani.

In response, NBC lodged a legal challenge which was dismissed and set aside by Judge Vally in a scathing judgement in July 2020 – paving the way for the appointment of Akani. NBC took the matter to the Supreme Court of Appeal in Bloemfontein. The Appeals Court referred the matter back to the Gauteng High Court for reconsideration.

Jack Malebana, the Deputy Managing Director of Akani said: “The judgement is moot as the CINPF Board terminated their administration mandate with Akani in November 2021. That said, the judgement made certain incorrect findings in law and fact – which if left unchallenged – may be misconstrued as ‘gospel truth’ by our stakeholders and broader retirement industry.”

To this end, Akani will appeal the judgement as they believe another court may arrive at a different conclusion.