ABSA Trust – Missing R1 Million, Mismanagement, and No Response from Trustees

I am deeply disappointed with how ABSA Trust has handled my trust fund that was created in March 2019 to manage my Road Accident Fund (RAF) compensation.

At the time, I was only 19 years old, and I was told I would receive my full funds when I turned 21. But when that time came, ABSA changed their story and said the trust is a “lifetime trust,” even though my statements clearly show an end date of 2028.

According to the trust deed, my settlement after deductions was R4,243,775.00, and since I received R100,000 upfront, the trust should have started with R4,143,775.00. However, the 2019 ABSA Trust statement shows an opening balance of only R3,000,516.14 meaning that about R1 million was missing before the trust even began operating.

During that time, I was living at Mzimhlophe Hostel located in Soweto and received only R3,500 per month for maintenance, with no major spending confirming that the shortfall happened before any funds were used.

In 2020, while I was in college, I requested to terminate the trust because the money I was getting was not enough for my studies and living costs. I was told to wait 7 working days for school-related payments and even told to carry a lunch box when I asked for pocket money.

Later, ABSA arranged a meeting in Pretoria with the lawyer Mr Mpholoane, trustee Aviwe Dyili, and trust officer Tshepo Mosimege. They told me that if I terminated the trust, I would “lose a huge amount,” claiming that doctors predicted I wouldn’t finish school due to my head injury.

When I turned 21, ABSA asked what I would do with the money if the trust was terminated. I explained that I wanted to fix my home in KZN and start a small business to sustain myself for life, as I can no longer cope with school due to my injury. They refused to terminate the trust, and instead offered R350,000, later increased to R370,000, with R20,000 taken by the trustee, Aviwe Dyili, as his cut but he disguised it as if that money was needed to pay people from the court who will assist to release funds.

Later, I was made to take another R150,000, and again R20,000 was taken.

My trust officer never responds to my emails including her team leader Kim Nokwaza when I escalate to her unless I specifically ask for a statement and that has been going on for the very longest time. The trust does not help me in any way, and I feel trapped and frustrated. The trust deed also does not include any clause stating that the trust is lifetime or non-terminable so I don’t understand why ABSA refuses to release my funds.

I am now 25 years old, and my balance has dropped significantly instead of growing through investments as promised.

I am asking ABSA Trust to:

1. Explain the missing R1 million from the start of the trust;

2. Provide full and transparent statements from 2019 to date;

3. Clarify the so-called “lifetime trust” claim; and

4. Account for the unauthorized R20,000 deductions made by trustee Aviwe Dyili.

This entire situation has caused me stress, frustration, and emotional exhaustion. These funds were meant to secure my future after my accident, but ABSA Trust has made my life even more difficult.