Tue, 13 Jun 2017 13:59:28 +0000 By BENNIE MUNDANDO GOVERNMENT should immediately dissolve the Pensions and Insurance Authority (PIA) as a remedial measure to root out illegalities at Saturnia as some officials are accomplices to the underhand methods employed by fund managers, the Zambia Republican Party (ZRP) has charged. Last month, Finance Minister Felix Mutati directed the PIA to appoint an independent auditor to assess the financial and operational governance of Saturnia Regna within 30 days following a stand-off between fund managers and the trustees over glaring irregularities that has rocked the institution. Bencon and Aflife, which are fund managers and fund administrators for Zambia’s biggest private pension fund, are engaged in a battle for control in order to conceal clandestine activities which include the unauthorized offshore investments amounting to ZMW 399,472,609.00 Statutory Instrument (SI) number 141 of 2011 section 11 (1) allows a pension fund to invest up to 30 percent of its […]
