Mon, 14 Aug 2017 13:21:51 +0000 By Nation Reporter Serious failure by the Pensions and Insurance Authority (PIA) to address governance issues including conflict of interest within Zambia’s largest pension fund, Saturnia Pension Fund, have been blamed for the impasses in the organization. According to information and documentation availed to the Daily Nation, the crux of the argument is the contentious and overbearing control of fund managers, Benefits Consulting Services Limited (Bencon) and fund administrators Africa Life Financial Services (Aflife), both of which were under the common ownership of Menel managements Services Limited whose shareholders are Munankupya Hantuba, Hakainde Hichilema, and Valentine Chitalu partnered by Botswana Insurance Fund Managers. Trustees who should be custodians of the fund have, apparently been relegated to the extent that they have not been accorded access to vital information including fund performance. The trustees are also concerned that Benefits Consulting Services Limited (Bencon) the current administrator made Saturnia Regna Pension […]
