Sun, 16 Jul 2017 13:19:20 +0000 THE Anti-Corruption Commission’s (ACC) decision to institute investigations into the alleged mismanagement of pension funds at Saturnia Regna Pension Fund vindicates demands for a thorough audit of the fund. The laxity with which relevant authorities have handled revelations of suspicious activities surrounding the management of the Saturnia Regna Pension Trust Fund particularly after the Pensions and Insurance Authority (PIA) released its inspection report is worrisome. According to the PIA inspection conducted into the Saturnia Regna Pension Trust Fund between 11th and 19th April, 2016, K399, 472, 260 was arbitrarily invested in BIFM World Equity Fund and Blackrock Global Income Fund both of which are incorporated in Luxemburg. The PIA report states, “… the Fund does not have ministerial approval to invest in offshore investments and has not complied with the law.” By law, Pension Schemes are under Statutory Instrument Number 141 of 2011 allowed to invest in offshore accounts […]
