Johannesburg – Murmurs of possible wrongdoing by some Board members are growing louder at Rand Mutual Assurance (RMA), with whistleblowers alleging double-dipping through “secret interests” in a company awarded a R32 billion asset management tender.
As a result, RMA Management and the Board are at odds over a probe into the allegations; a classic struggle between operational power and governance power.
For months, whistleblowers raised the alarm and provided management with evidence that certain Board members interfered in the R32 billion asset management tender to favour 27Four, a company in which they allegedly have interests that they have not declared.
Today, Wednesday, 28 October 2026, The Bulrushes can report with authority that this month RMA Management wrote to shareholders to explain its perceived inaction regarding anomalies reported by whistleblowers.
In the letter, seen by The Bulrushes, RMA Management told shareholders that earlier this year, around April, ENS was instructed to provide an Opinion on the matter.
The ENS investigation discovered potential/alleged misconduct by Board members.
The opaque process of awarding the R32 billion asset management tender to 27Four, in which some Board members allegedly have secret interests, was flagged as a conflict of interest.
Initially, eight companies bid for the tender.
Whistleblowers allege that 27Four scored the second-highest rating, but the scores were inexplicably altered to put the company in first place.
Evidence has also surfaced that at least one of the tender adjudicators visited the offices of 27Four at least 30 times between April 2025 and March 2026.
In a confidential letter to shareholders dated 15 October 2026, RMA Management also referred to a damning Opinion by Anton Myburgh SC, in which wrongdoing by Board members was alleged.
Management told shareholders that attempts to resolve the issues raised by whistleblowers and the draft ENS report have so far “been unsuccessful”.
The letter added: “In our opinion, the attempts were unsuccessful due to the behaviour of the Board”.
Management said it had “become aware” that the Board intends to suspend senior officials and extend its tenure without dealing with alleged misconduct.
Allegations were that this move was aimed at stopping the probe into the alleged wrongdoing.
“We suggest that the Shareholders request the final ENS investigation report from the Board to understand the full extent of possible Board misconduct,” the letter said.
“Management believes that we have now reached a point where we do not believe that the ENS investigation report will satisfactorily be dealt with by the Board.
“Management has no option but to now follow the advice contained in Anton Myburgh SC’s Opinion.”
Meanwhile, emails are being closely monitored to ensure that only selected individuals within the company are involved in implementing the advice proffered.
While the names of the implicated individuals are known to The Bulrushes, we have chosen not to reveal them so as not to interfere with the company’s ongoing probe into the matters raised by whistleblowers.
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