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Akani is axed in battle for control of R6bn workers’ retirement fund

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Johannesburg – The fight for control of the retirement fund for the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union has taken a new twist, with the fund’s board of trustees moving to terminate the administration services offered by Akani Fund Administrators.

Akani started managing the fund in August last year, following a judgment by judge J Vally of the Joburg High Court, which dismissed with costs the NBC Holdings application to hold on to the lucrative R6-billion Chemical Industries National Provident Fund (CINPF) – which they had administered for the past two decades.

Sunday World has seen a letter dated August 10 from the chairperson of the CINPF, Ayanda Sithole, which gives notice to Akani that it had decided to terminate its services.