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Cape Town - The State Security Agency (SSA) and Financial Services Board (FSB) have completed the fraud investigation relating to the management of the SSA's group life scheme for members, State Security Minister
Siyabonga Cwele said on Thursday.
Speaking in the National Assembly during debate on his budget vote, he said eradicating fraud and corruption within the security cluster was an important prerequisite to fighting it in society as a whole.
The investigation found there were cases of theft, fraud, and possible corruption by the insurance broker, negligence by the insurance company, and mismanagement by the intelligence management.
"The insurance company paid a significant ex gratia amount to compensate the fund," he said.
At a media briefing earlier, he said the loss involved was estimated at about R3m to R5m.
"Those who committed fraud, particularly the broker, have been referred to the police and National Prosecuting Authority for investigation and prosecution."
In addition, the FSB had withdrawn the insurance broker's licence and disbarred the owner for five years, Cwele said.