South Africa's watchdog Financial Services Board (FSB) has
launched an investigation into reports that Joint Municipal
Pension Fund (JMPF) has lost R1.0bn (about $125m) - almost a
third of its assets - in agricultural futures trading on JSE
The fund, with total assets of about R3.75bn prior to the
losses, has 3,600 members from 25 municipalities in the
Johannesburg area, and has been active in the maize futures
market. South African maize futures prices have plunged from
about R1,900 per ton in December to R900 per ton currently.
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