Bribery
1Min
South Africa
Oct 31, 2025
The Association of Private Security Owners of South Africa has sounded the alarm regarding rampant bribery, corruption, and nepotism within the country’s Private Security Sector Provident Fund. This fund has become a target for nefarious schemes orchestrated by corrupt officials who seek personal gain at the expense of those it is meant to benefit.
Association of Private Security Owners of South Africa (Tapsosa) has sounded the alarm over bribery, corruption that have crippled one of the sector’s key provident funds, the Private Security Sector Provident Fund (PSSPF).
Tapsosa has revealed that this fund has been looted dry, with more than R13 million having been looted by alleged corrupt syndicates and officials operating within this sector.
The association says the PSSPF fund, designed to safeguard the retirement and funeral benefits of hundreds of thousands of South Africa’s private security workers, has been targeted by senior corrupt officials for their personal gain.
Tapsosa spokesperson, Sindiswa Changuion, says investigations have uncovered unauthorised transactions amounting to more than R13 billion.
“Tapsosa strongly condemns the culture of impunity, financial mismanagement, and regulatory neglect that has taken root within the Fund. Reports and internal findings point to: Reckless decision-making and illegal tender allocations, bribery, kickbacks, nepotism, and conflicts of interest orchestrated by individuals entrusted with managing the fund, valued between R13 and R14 billion,” she stated.
Furthermore, Changuion has accused these officials of unlawfully transferring administration funds, which she says has opened up this fund to deliberate looting.
“Tapsosa warns this transfer has “opened the door to massive looting and deliberate manipulation of worker contributions. Fraudulent procurement of funeral benefit contracts worth millions, often through fronting arrangements and insider dealings involving trustees, service providers, and regulatory officials,” she added.
As a result, Tapsosa has demanded urgent regulatory and law enforcement measures against those responsible for this rot.
“Tapsosa has formally lodged a written complaint with the Financial Sector Conduct Authority (FSCA), calling for an urgent and independent investigation into the Fund’s management and decision-making processes.
“We expect the FSCA to act decisively, including initiating a full investigation, suspending implicated officials, and holding all those responsible for the mismanagement and theft of workers’ money accountable.“We will not stand by while the retirement and funeral savings of our members’ employees are plundered through blatant corruption and abuse of power,” she added.
