R180m write-down for taxi default-hit Mi-Plan fund

Investors in the Mi-Plan Enhanced Income Fund who had hoped for some good news after it announced its exposure to Bridge Taxi Finance a year ago, have received instead the opposite.

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Vunani Fund Managers, which manages the fund on behalf of Mi-Plan, told investors in January that "at the end of December, leadership of the management company along with the trustees of the collective investment scheme [BCI/IP Management Company] made a decision to fully write down a subordinated note".

It added: "Vunani Fund Managers categorically expressed its disagreement with this stance."