Bounty Brands’ ‘dodgy’ dividend: R530m from doomed UIF investment flowed to shareholders’ offshore accounts

The Unemployment Insurance Fund’s R1.37-billion investment in troubled consumer goods group Bounty Brands was effectively wiped out following a series of defaults on debts. But mere months before the crisis, an offshore company in businessman Gary Shayne’s Coast2Coast group — along with other Bounty Brands shareholders — received more than R500m in dividends bankrolled with UIF money. To give us further information, we speak to Pieter-Louis Myburgh for more.