An Ipec report seen by the Independent said the board headed by Maphosa failed to hold meetings consistently as required, resulting in the fund operating without an approved budget and audit plan, among other allegations.
“The chairman should be relieved of his duties since the commission believes him not fit and proper to preside over the affairs of the fund,” reads part of the report.
Maphosa is accused of having an overbearing influence in the operations of the board of trustees, which seriously compromises its independence.
However, both the MIPF and Maphosa had not responded to the report 14 days from the date from which they had been asked to. Maphosa said he failed to respond within the stipulated time frame because he was outside the country for medical purposes.
Ipec was irked by the fact that the last MIPF board meeting was held on September 6 2011 while the one scheduled for February 21 2012 was aborted due to allegations of irregularities in the appointment of new trustees.