NSSA to probe investment deals

Source: NSSA to probe investment deals | The Herald  May 2, 2016

The National Social Security Authority board will in this quarter, carry out further investigations on certain investment transactions that were done by previous management at the State-owned institution, chairman Robin Vela said on Friday.

Already, an independent audit firm has been selected to carry out the investigations under the oversight of the Auditor-General’s Office as required under the Public Finance Act.

“The appointment of the firm has now been concluded and work on the investigative exercise will commence during this quarter and the board hopes to be able to report back more fully and definitively to stakeholders and the minister,” said Mr Vela in the first quarter statement for the authority.

“The NSSA board remains committed to its promise to take back the authority to its members. This means putting members first through managing funds responsibly and making decisions in the best interests of our members, stakeholders and the nation at large,” he said.

Mr Vela said this will be achieved by laying all cards on the table and being transparent about how the authority conducts business.

All these initiatives have started running after NSSA has reached a retrenchment agreement with five former senior managers who were axed last year as part of a restructuring exercise aimed at giving the institution a fresh start.

Last year, NSSA axed general manager James Matiza alongside Shadreck Vera (investment director), Tendai Mafunda (corporate services director), Patrick Mapani (finance director) and ICT director Bright Chidyagwai.

Mr Vela said NSSA assets held by the managers have been returned or purchased at agreed prices reflective of their market values.

“The retrenchment agreements with the five former senior managers have now been concluded after all approvals were obtained. NSSA assets held by the managers have been returned to the authority and/or purchased at agreed prices reflective of the market values of such assets.

“All but one of the managers remained indebted to NSSA but secured acceptable agreements on the settlement of their dues to NSSA,” said Mr Vela.

Following the departure of the five senior managers, the appointment of a new substantive management team comprising a general manager, chief operations and finance officer, chief investment officer; chief property investment officer and chief social security officer is imminent.