A former senior actuary at the Road Accident Fund (RAF) has delivered explosive testimony to Parliament. He described a controversial accounting change as an “accounting sleight of hand.” Management designed this to mask the fund’s actual insolvency and mislead the public. In a damning affidavit submitted to the Standing Committee on Public Accounts (Scopa), Itayi Charakupa, the RAF’s former senior…
Tag: Insolvency
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RAF Insolvent with R27.8 Billion Deficit Woes
The Road Accident Fund (RAF) is insolvent, with a R27.8 billion accumulated deficit, decades-old claims backlogs, and severe governance failures, Parliament’s Standing Committee on Public Accounts (Scopa) has heard. The fund’s leadership and the Auditor-General have acknowledged the RAF’s insolvent state. They painted a grim picture of an entity in deep operational and financial crisis. RAF officials confirmed to the…