SATURNIA DARES GOVT
Saturnia however claimed, through their lawyers Mambwe, Siwila and Lisimba advocates that it had never been fined by the Minister or the Pensions and Insurance Authority.
The Pension fund has instead demanded for a retraction of the story in which the Daily Nation quoted the Finance Minister’s revelation that the troubled Pension Fund had not only been fined, but all the illegally externalized funds had been brought back.
Ms Mwanakatwe had told the Daily Nation that Saturnia Regna Pension Fund had been fined K2.37 million by government for externalizing over US$40 million to offshore investment accounts without the permission of the Minister of Finance.
However, Saturnia lawyers maintain that. “The fund has never been fined by the Minister or indeed the Pensions and Insurance Authority.”
The investments had been revealed following the discharge of an injunction which Mr Munakupya Hantuba had obtained to restrain the Saturnia Regna Pension Trust Fund Trustees from conducting their duties but lost on grounds of making false declarations before the court.
According to the PIA inspection conducted into the Fund between 11th and 19th April 2016, the money was invested in BIFM World Equity Fund and Blackrock Global Income Fund. Both entities are open funds which invest in global equities and global equity linked securities.
Government also confirmed that the money which Saturnia had externalised and invested in offshore accounts was retrieved and admitted that there was need for greater supervisory authority by the Pension and Insurance Authority and strengthening of regulation to forestall such remittances.