Salt Employee Benefits (EB), an organisation offering a range of services including fund administrators, has distanced itself from the drama surrounding another fund company, Salt Asset Management (SAM).
This comes after SAM’s operational licence was revoked by the Financial Sector Conduct Authority (FSCA) last month for involving itself with the controversial cigarette company, the Gold Leaf Tobacco Corporation (GLTC), and allegations of money laundering.
The GLTC allegedly operates an off-book enterprise involved in illicit operations.
In April, the FSCA temporarily suspended SAM’s license after the company failed to respond to an inspection report that found the entity had not complied with the Financial Intelligence Centre Act and the Financial Advisory and Intermediary Services Act.
Salt (EB) said it is not connected in any way to Salt Asset Management, and it is business as usual at the company as it continues to deliver top-quality service its clients expect of it in complete compliance with all relevant financial regulations.
Understanding the potential confusion that has arisen due to the similar names, the chief executive officer of Salt EB, Matome Thulare, confirmed that there was no business relationship, financial association or common ownership between the two entities, and that the companies are totally independent of each other.
“Salt EB is fortunate to enjoy a strong name in the industry based on our 70-year track record of sound administration, impeccable ethical conduct, and service excellence.
“However, our clients’ trust and confidence are of the utmost importance to us, and we sincerely apologise for any worry that this confusion may have caused.
“We would like to reassure all stakeholders that our financial services provider (FSP) licence remains in good standing and that we will continue to safeguard the hard-earned savings of our retirement fund members with a high duty of care,” Thulare said.
Salt EB provides intelligent employee benefits solutions to retirement funds that leverage innovation and advanced technology.
Earlier this year, SAM was exposed by Al Jazeera, where it was allegedly implicated in money laundering for a global gold-smuggling ring. It has since denied the allegations.
The licence withdrawal means SAM may not render financial services directly to the public or on behalf of any FSP.
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