Wed, 20 Dec 2017 10:33:09 +0000 By Bennie Mundando BILLLIONS of Kwacha illegally stashed outside the country in the United Kingdom and Luxemburg by Saturnia from offshore endowment instruments may be lost if the Pensions and Insurance Authority (PIA) fails to release a special forensic audit report on the fund operations ordered by Minister of Finance Felix Mutati, some trustees have observed. An inspection report of April 2016 revealed the unauthorized externalization of K399 million, disappearance of title deeds for 51 properties belonging to the fund and misapplication of pension funds to settle the liabilities of a private limited company bearing the same name as the pension fund. Saturnia trustees, who have not been allowed to meet for the last one year are concerned that records and documents may have been manipulated and doctored to hide offences, because the money was remitted without their approval and that of the minister. Despite an ultimatum, by the […]
