The TSDBF is a separate legal entity and the following answers were obtained from the TSDBF Principal Officer:
1(a) TSDBF had a fund management contract with Regiments as the investment advisor of the TSDBF and no contract with Trillian. The question on the reasons for Regiments paying Trillian should be addressed to Regiments.
(b) Please refer to (a) above
(c) Regiments effected about R228 million transfer out of the Funds bank account. For the amount paid to Trillian by Regiments, please contact Regiments
2 The TSDBF Board of Trustees did not give a blank mandate to Regiments to make investments according to its best judgement on behalf of TSDBF without consulting the Board of Trustees.
The appointment and investment mandate was regulated and governed in terms of a legal investment mandate agreement as is standard practice.
3 The Trustees acted within the statutory authority vested in terms of the Rules of the Transnet Second Defined Benefit Fund.
4(a) It was a unanimous decision of the board of Trustees.
(b)(i) Brett Stagman; Yasmina Forbes;
(ii) Ellen Tshabalala; Herman Gazendam; Yasmina Forbes and Stanley Shane.
5 The Transnet Board played no role in having Regiments appointed. The members of the TSDBF board of trustees who were/are also directors of the Transnet Board acted in their capacity as the TSDBF board of trustees in appointing Regiments as the investment advisor of the TSDBF. NW3373E
Mogokare Richard Seleke Lynne Brown, MP
Director-General Minister of Public Enterprises
Date: Date: