ENS alleges conflict of interest in RMA’s R32bn tender — TimesLIVE
In South Africa, a draft internal forensic report by the law firm Edward Nathan Sonnenbergs (ENS) concludes that Rand Mutual Assurance (RMA) investment head Thiru Pather took part in evaluating bids for R32 billion in asset management consulting while also serving on the investment committee of one of the bidders, 27four Investment Managers. TimesLIVE reports.
According to ENS, Pather joined RMA’s tender team in early October 2024 and formally left 27four on October 31 of the same year. The investigation also found that confidential procurement materials, including candidate lists and evaluation criteria, were sent to her personal email address without a signed non-disclosure agreement.
ENS findings
The draft report states that Pather changed scores in favour of 27four despite objections from procurement staff. She told investigators that she was correcting formula errors, and also said she did not consider herself to be in a conflict of interest and insisted that she could assess the bids objectively.
ENS concluded that the official participated in the procedure while in an active conflict of interest and breached fiduciary duties. Investigators also noted an apparent predetermined preference for 27four. In particular, the report mentions edits to draft investment committee minutes which, in ENS’s view, weakened the positions of competitors.
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Other finalists included Alexander Forbes, Novare Holdings and Selekane Asset Consultants. 27four was selected as the winner for a three-year contract in November 2024, but the procedure was halted before the agreement was signed.
Companies’ reactions
ENS also questioned the authority to launch the procurement. According to the investigation, RMA’s investment committee began the tender process in mid-2024 after verbally informing the board of directors in March, but without its formal resolution. Pather declared her prior connection to 27four in November 2024, while a conflict-of-interest assessment was prepared only in February 2025.
RMA board member Tjaart Esterhuyse said the company takes reports of improper conduct and corporate governance issues seriously, but would not comment on specific allegations until the facts are established. 27four confirmed its participation in the competition reopened in September 2025 and said that in May 2026 RMA informed the company that the procedure had been delayed without communicating its outcome.
