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Message: [QUOTE="Queen, post: 88533, member: 27"] RAF's old board cooked the books with a dodgy accounting switch that hid hundreds of billions in payouts. Switch slashed reported debt massively [LIST] [*]Former Road Accident Fund board jumped to IPSAS 42 back in March 2021. [*]Liabilities plunged from roughly three hundred twenty-seven billion rands to about thirty-four billion. [*]Long-term claims for medical care and lost income got excluded beyond twelve months. [/LIST] Experts slam it as fake fix [LIST] [*]Witnesses at Scopa hearings called the move a blatant understatement of real obligations. [*]Proper GRAP rules would show debts topping three hundred sixty-one billion or even five hundred billion. [*]Accounting Standards Board plus Auditor-General ruled the change irregular and invalid. [/LIST] Court fights burned millions uselessly [LIST] [*]RAF dragged the Auditor-General to Pretoria High Court over the adverse findings. [*]Supreme Court of Appeal shot down appeals twice keeping the AG's stance solid. [*]More than eleven million rands vanished on legal fees that Scopa wants ex-board members to repay personally. [/LIST] Claimants suffer the fallout [LIST] [*]Hundreds of thousands of accident victims face endless delays for their compensation. [*]Cash flow stays squeezed despite the paper-thin debt on records. [*]Interim board finally dropped the fight accepting GRAP compliance now. [/LIST] Governance mess exposed hard [LIST] [*]Skipping required deviation processes from GRAP created the whole mess. [*]Real obligations for future care and earnings never disappeared just got hidden. [*]Calls grow louder for tighter oversight to stop public fund manipulation. [/LIST] [/QUOTE]

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