MISA demands answers as governance crisis engulfs Motor Industry Fund Administrator
9 September 2026
MISA, the Motor Industry Staff Association, representing more than 80 000 members, is seriously concerned about allegations surrounding the governance of the Motor Industry Fund Administrators (MIFA) and the reported suspension of its Chief Executive Officer, Lihle Khoza.
MIFA administers the Motor Industry Retirement Funds (MIRF), which has more than 250 000 members and approximately R40 billion in assets. These are workers' retirement savings and MISA believes they demand the highest standards of governance, accountability and transparency, says Martlé Keyter, MISA’s Chief Executive Officer: Operations.
A recent report on News24 raised serious allegations concerning MIFA Board fees, outcomes of an internal investigation and an alleged attempt to derail an
inspection by the Financial Sector Conduct Authority (FSCA).
“After the News24 report MIRF posted a statement on its website which also came to the attention of MISA members. MISA members are furious about allegations about MIFA on News24 and the lack of accountability and response from MIRF as their retirement fund. This is deeply disturbing. The very fact that MIRF had not announced any action against its own administrator after the allegations became public raises serious questions about the level of oversight being exercised. MISA members want to know if the tail is wagging the dog?
"MIRF cannot simply distance itself by saying MIFA has a separate Board. MIFA administers the retirement funds of hundreds of thousands of motor industry workers. That is the sole purpose why MIRF appointed MIFA. MIRF ultimately have a responsibility towards their members and beneficiaries to explain if the administrator is wasting the money of MIRF members,” says Keyter.
MISA is equally concerned about the apparent failure to communicate proactively with members. There has been no further communication from MIRF after the statement. MIFA had no communication with members about any of the latest developments.
"This is not good enough. Members should not have to learn through the media that serious allegations have been made concerning the administrator entrusted with their retirement savings," Keyter says.
The concerns come against an already troubling backdrop. In June 2025, MIFA confirmed that criminal charges had been laid against certain employees accused of colluding with fund members in alleged fraudulent withdrawal claims and MIRF issued a statement on its website after News24 reported on the allegations.
“There seems to be no basic governance and communication standards as MIFA's website remains outdated, with Reitumetse Mokhale still displayed as a Stakeholder Engagement Executive despite her having left the organisation almost a year ago.
"MISA's members deserve answers. We call on MIFA and MIRF to disclose the facts surrounding the CEO's suspension, the internal investigation and the FSCA inspection and to explain what safeguards are in place to protect members' records, benefits and retirement savings.
"Until these questions are answered transparently, MISA cannot ignore the disturbing impression that MIFA's governance has been allowed to spiral out of control," Keyter says.
Issued by Sonja Carstens, Manager: Media and Communication, on behalf of MISA. For press enquiries, contact Phakamile Hlubi-Majola on 083 367 6417 or email [email protected].
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