Daily Nation Newspaper - - FRONT PAGE - By AN­NIE ZULU and SI­MON MUNTEMBA

THE plun­der of Satur­nia Pen­sion Funds ex­ist­ing in mul­ti­ple en­ti­ties yes­ter­day went to Par­lia­ment where Kabwe Cen­tral MP Tutwa Ngu­lube quizzed Min­is­ter of Fi­nance, Mar­garet Mwanakatwe, on the true sta­tus of where abouts of the funds.

Mr. Ngu­lube won­dered why the min­istry had failed to deal de­ci­sively with the fund de­spite an or­der for a foren­sic au­dit last year.

Mr. Ngu­lube de­manded to know who were run­ning the fund and what Govern­ment was do­ing to en­sure that the monies of re­tirees which was in limbo due to sin­is­ter ac­tiv­i­ties by those who were run­ning the fund were safe and why the au­dit re­port was still at large.

He also de­manded to know the cred­i­bil­ity of the PIA which some trus­tees had branded a “cap­tured and com­pro­mised” en­tity which had failed to dis­charge its du­ties un­der the Pen­sions and In­surance Act.

“The peo­ple who have con­trib­uted reg­u­larly to that pen­sions fund do not know the sta­tus of their funds. Some of them have con­trib­uted to that fund for more than 20 years. Now, we are told in the Daily Na­tion news­pa­per that K70 mil­lion was lost. We want to find out from the Min­is­ter of Fi­nance, whether she is in or­der not to tell the na­tion what the sta­tus of Satur­nia Regna Pen­sions Fund is?

“We have been told and heard from re­li­able sources that Satur­nia is a con­duit for mis­ap­pro­pri­a­tion of funds but is Govern­ment go­ing to al­low the pen­sion­ers to lose such huge amounts of money?” Mr Ngu­lube asked.

In re­spond­ing to Mr. Ngu­lube’s point of or­der, First Deputy Speaker of the Na­tional As­sem­bly Cather­ine Na­mu­gala di­rected that a com­plaint must be filed in to com­pel Govern­ment to make its po­si­tion known con­cern­ing al­leged ir­reg­u­lar­i­ties at Satur­nia Regna Pen­sions Fund.

Ms Na­mu­gala di­rected that Mr. Ngu­lube needed to file in a com­plaint for the Min­is­ter of Fi­nance to state Govern­ment’s po­si­tion on the is­sue.

“The rul­ing of the chair is that ob­vi­ously the Mem­ber of Par­lia­ment for Kabwe Cen­tral has been fol­low­ing this is­sue. He is even aware that a com­mit­tee was con­sti­tuted and that the for­mer Min­is­ter of Fi­nance had made a state­ment in the past re­gard­ing this fund.

“The Min­is­ter sits in this house to­gether with the Hon­ourable Mem­ber of Par­lia­ment for Kabwe Cen­tral and the MP has the priv­i­lege to sim­ply file in a ques­tion for ur­gent an­swer and the min­is­ter would give him the cur­rent sta­tus re­gard­ing this pen­sion fund,” Ms Na­mu­gala said.

Over K70 mil­lion in share value has been lost by Satur­nia Regna Pen­sion con­trib­u­tors in an il­lad­vised in­vest­ment bull­dozed by fund man­agers who ig­nored the ad­vice of au­tho­rised fund trus­tees who op­posed the ven­ture.

Ac­cord­ing to the Satur­nia Regna Pen­sion Trust Fund fi­nan­cial state­ments for the year ended De­cem­ber, 2016, the Fund holds 3, 815, 796 shares in La­farge Ce­ment which were val­ued at K89, 442, 258.00 in 2015 but the value had plum­meted to a mea­gre K19, 765, 823.00 by the end of 2016.

Mr Ngu­lube

Newspapers in English

Newspapers from Zambia

© PressReader. All rights reserved.