Corporate Money Managers, whose curators have served a summons for R1.1 billion on Absa for “failing its duties”, managed only 1 percent of the Altron Pension Fund, Allied Electronics (Altron) said this week. Altron is represented by the summons. Absa allegedly failed in its duty of care and as a trustee of the Cash Managed Fund, which was marketed as a money market unit trust. Corporate Money Managers, which managed the portfolio, collapsed in 2009 after failing in its obligations to investors. The curators claim that clients were misled to believe they were investing in a liquid interest-bearing instrument, but the money was misused, according to a report on Sunday. Altron Pension Fund lost R48.38 million in capital and R8.5m in interest. The electronics, telecoms and technology investment group invested up to R57m with Corporate Money Managers, it said on Monday. The firm was “working with the curator of Corporate Money Managers, who is following senior counsel advice in terms of issuing summons against Absa”, it said. – Asha Speckman