Wed, 24 May 2017 11:55:53 +0000
By NATION REPORTER
PENSION fund managers who illegally externalized millions of pension funds are trying to block a meeting of the Board of Trustees scheduled for today which planned among other things to scrutinize a numbere of irregularities exposed by an inspection report.
A total of ZMK 399,472,260.00 belonging to the Saturnia Regna Pension Trust Fund was externalized to Luxembourg without the authority of the minister and the knowledge of the Board of Trustees according to the inspection report by the Pension and Insurance Authority conducted between 11 to 19 April 2016.
Defying a court ruling which validated the Board of Trustees on 3 May after throwing out two injunctions, the Fund Manager Benefits Consulting Services Limited a company owned by Munakupya Hantuba, Hakainde Hichilema and Valentine Chitalu through Menel Management Services has written to the Trustees restraining them from holding a meeting today to scrutinize the affairs of the fund.
Benefits Consulting Services Limited have instead suggested an administrative meeting which would discuss the process of holding an Annual General Meeting at which new Trustees would be elected to the Board
In a letter addressed to the Trustees, Benefits Consulting Services Limited has refused to convene a Board of Trustees meeting because “the tenure of offices for five Trustees have expired in line with the Trust Deed after serving on the Board for the maximum period of three years.”
“As a regulated entity called to run the SRPTF in line with the Trust Deed and other regulations, we would have difficulties convening the proposed Board of Trustees meeting that is not properly and correctly quorate,” the letter states.
But the ruling of the court
delivered by Ms. Justice Irene Mbewe in the Lusaka High Court on 3 May validated the entire Board of Trustees.
The letter claims that the sponsoring employers, the members and other stakeholders are looking forward to the long awaited meeting to be convened where the nine vacant positions will be filled up.
The current Trustees believe that the intention of Benefits Consulting Services Limited and African Life Financial Services Limited is to have their stooges elected to the Board.
“But we are certain that some of the present members will win back their positions into the board,” one serving Trustees commented.
Saturnia Regna Pension Trust Fund has been running without Trustees for the last six months following two injunctions which were placed by Fund Administrators African Financial Services Limited and Mr. Munakupya Hantuba who is a majority shareholder in Bencon and Aflife. The last injunction was discharged because Mr. Hantuba made a false declaration before the court.
There is a lot of mistrust between the Board of Trustees and the two service providers who have been resisting efforts to improve governance in the management of Saturnia Regna Pension Trust Fund.
An inspection report into the fund by the Pension and Insurance Authority revealed a lot of irregularities attributed to the service providers and the Board of Trustees have not received corporation from both Bencon and Adflife in providing the information required to rectify the situation.
