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 Securities Exchange.
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...