South Africa's Joint Municipal Pension Fund (JMPF) is preparing to sue Pretoria-based futures broker WJ Morgan for losses incurred from investing in South African maize futures on Safex, JMPF chairman Pieter van den Heever confirmed to FO Week. At the same time, it has emerged that local regulators are seeking to impose position limits in the market.
Following an investigation (see FO Week Vol 8 No 10), the watchdog, Financial Services Board (FSB), has officially put the JMPF's...