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Jam City Radio Sound of Your Life
Transport Minister Barbara Creecy has dissolved the board of the embattled Road Accident Fund (RAF).
In a statement, the transport ministry said this followed governance and operational challenges at the state-funded entity.
This, the ministry said, had undermined the RAF’s ability to execute its mandate.
At the weekend, suspended CEO, Collins Letsoalo, and the chief investment officer, Sefotle Modiba, who was also suspended, held a media briefing, where they claimed that their suspensions are linked to their efforts to improve the fund’s operations.
Letsoalo was suspended earlier this year, while the Special Investigating Unit (SIU) is investigating possible graft at the entity.
Spokesperson, Collen Msibi, said this had resulted in the loss of confidence in the board’s ability to run the RAF effectively.
“The protracted and costly litigation pursued by the RAF on the application of accounting standards which has resulted in further strain on the entity’s financial resources and capacity, the inconsistent and, at times, reckless handling of the suspension of the chief executive officer; that attracted a legal challenge and institutional uncertainty, the frequent incurrence of default judgments against the RAF exacerbating its contingent liabilities and weakening its financial sustainability, deep divisions within the board itself, evidenced by most resolutions being passed through the use of casting votes, rather than consensus, reflecting a lack of cohesion in critical decision-making processes; the failure by the board to fill at least two critical executive positions, which are critical to the mandate of the fund, namely chief claims officer and head of legal.”
Written by: Splat News
Barbara Creecy Department of Transport Road Accident Fund (RAF)
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