Tue, 16 May 2017 10:25:22 +0000 Millions of dollars of pensioners’ funds stashed in offshore accounts By NATION REPORTER A colossal sum of K399,472,260.00 belonging to Saturnia Regna Pension Trust Fund has been stashed in offshore accounts by the service providers without the approval of the Minister of Finance and the Board of Trustees of the Fund. The unauthorized investments were arbitrarily made by the pension fund managers African Life Financial Services and Benefits Consulting Services Limited which are owned by Munakupya Hantuba, Hakainde Hichilema and Valentine Chitalu through their holding company Menel Management Limited. The questionable investments have been revealed following the discharge of an injunction which Mr. Hantuba had obtained to restrain the Saturnia Regna Pension Trust Fund Trustees from conducting their duties but lost on grounds of making false declarations before the court. According to the Pension and Insurance Authority inspection conducted into the Fund between 11th and 19th April […]
