A Johannesburg company, Neocommercial Cyberventures (Pty) Ltd , has been convicted in the Johannesburg regional court on three counts of contravening the Pension Funds Act. The company was fined R3 000.
Arthur Schafner, the owner and sole director of the participating employer company, pleaded guilty on behalf of the company to a charge that more than R65 000 in pension fund contributions, which had been deducted from the salaries of employees of various companies over a period of two years, had not been paid into their pension funds.
The Pension Funds Act states that the employer must pay the employees' pension fund contributions into a fund within seven days of the contributions being
collected.
The court found that the pension fund contributions of Neocommercial Cyberventures, previously known as Arthur Schafner Head Hunting, Arthur Schafner Strategic Resources and Management Database Research, were not paid to Orion Money Purchase Provident Fund from July 1997 to January 2000.
Arrear contributions to the fund worth R65 756 have been made good by Schafner.