Hidden funds found

RAF: SIU TEAM UNCOVERS R50M IN 'ALTERNATIVE' BANK ACCOUNT

- Roy Cokayne

CAUGHT. Legal misconduct referrals have also been made as a result of the SIU's investigations. Picture: AdobeStock

(AdobeStock)

The Special Investigating Unit (SIU) has uncovered an alternative bank account of the Road Accident Fund (RAF) containing R50 million that is in the process of being recovered on behalf of the fund.

SIU chief national investigations officer Zodwa Xesibe told the parliamentary standing committee of public accounts (Scopa) inquiry into the RAF the amounts in several alternative accounts at Investec ranged from R1 million to R100 million. And that the RAF's payment and reconciliation processes are vulnerable to fraud.

There are criminal referrals the SIU has made about money that left the RAF and was placed into the bank accounts of various individuals, she said. "That matter is before the police and ... we are talking about money to the value of R30 million."