via NSSA Investments Cause Uproar in Parliament by Sandra Nyaira 25.02.2014 VOAZimbabwe
The parliamentary portfolio committee on public accounts Monday grilled the National Social Security Authority’s general manager James Matiza over multi-million dollar losses at the pension fund.
According to the state-owned Herald newspaper, Monday’s hearings were prompted by findings by the comptroller and auditor-general Mildred Chiri in her 2012 report, which unearthed several irregularities in NSSA’s financial affairs.
NSSA, according to the report, has been sinking millions of tax payer dollars into troubled institutions like the Capital Bank and Renaissance Financial Holdings Limited.
Matiza told the parliamentary portfolio committee on public accounts that they turned away two attempts by Renaissance Financial Holdings Limited’s major shareholder, Mr. Patterson Timba — brother to MDC-T secretary for external relations Mr. Jameson Timba — to get the authority to invest in his project.
Also appearing before the committee was secretary for public service Ngoni Masoka, NSSA investments director Shadreck Vhera and NSSA finance and administration director Ms. Memory Mukondomi.
The parliamentary committee says it is not happy with the goings-on at NSSA.
COMMENTS
NSSA was designed from it’s inception as a cash cow for the corrupt and criminal ZANU class who run this country. It is one of their more sophisticated operations when you compare it to the outright theft and confiscation with violence they usually practice. The contributions paid by workers to this fund are best viewed as compulsory donations to ZANU for waste and abuse.
Thomas you have summarized it best Thank You.
Expose the rot ,this will eat away this politics of patronage. The cake is getting smaller.
So that Zanu must pay back all the money to the people of Zimbabwe. No jobs because of them. The bobojans.
Politics of Economics; Considering this organisation’s portfolio has been suffering terrible losses isn’t it better for them to keep the money in the bank and earn 6% per annum rather than lose millions, at least they will get a positive return.
Cant blame them anyway, is there any sector that is worth investing in at the moment in the country. One option that they have is to export the capital to outside markets and earn positive returns. Lending in this local economy is only creating further losses because companies are failing and going bust.