The issue was brought to the fore by Southern Trust Securities (Pvt) Limited who wrote to NSSA general manager James Matiza on May 31, expressing their displeasure on how Chiwera was conducting the authority’s business transactions.
Documents in our possession show that Chiwera would sell his shares and those of his children and wife to NSSA without declaring his interests. The documents indicate that between February and April this year, Chiwera sold his shares in Ariston and Pioneer to NSSA.
“We write to register our displeasure on how your equities dealer is conducting NSSA business,” says the letter.
“We wonder whether you know what is happening … this guy is selling to NSSA his own shares. The whole market is concerned with the manner of business conduct.”
“Please investigate and take corrective measures before all his friends’ shares are sold to NSSA and also before it leaks to the press,” the letter says. All the share certificates bear the same Marlborough address and also have the Chiwera surname.
The letter says among those on whose behalf Chiwera sold shares are Mutsawaishe, Kudakwashe and Kudzai. They all use Chiwera as their surname.A senior NSSA official Tendai Mafunda confirmed that Chiwera was on suspension. He however referred questions to Mike Hamilton, the authority’s public relations consultant.
Hamilton also confirmed that Chiwera has been suspended pending investigations into allegations of misconduct.
“Should investigations con- firm that he has a case to answer, a disciplinary hearing is likely to be held before the end of July,” he said.
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NSSA has in the past years been under fire for paying low pensions which the Zimbabwe Congress of Trade Unions described as “worthless”.
NSSA runs a social protection programme that provides individuals with income security when faced with the contingencies of old age, survivorship, incapacity, disability or unemployment.
However, the authority has courted controversy for paying paltry packages to injured workers or retired people while investing massively in properties, listed and unlisted stocks. It also pays its senior managers handsomely.
NSSA has also been accused of financing business projects owned by politicians and their cronies, as well as ill-conceived transactions that have resulted in serious prejudice to pensioners.
Interest ceiling on Nssa cash
Meanwhile, in a statement issued on its behalf, NSSA said it had told banks that any money it provides them with for loans to businesses must in future be lent at an interest rate of no more than 15%, including interest payable to NSSA and any handling charges.
NSSA general manager James Matiza told bankers, at a meeting he held with them at NSSA headquarters on Wednesday, that it would be a condition of any finance provided by NSSA to banks after August 1 that it was lent to businesses at an interest rate of no more than 15%.
“No matter what period the loan was lent for, from 30 days up to 365 days, the interest rate should be no more than this amount. That might not make economic sense normally but Zimbabwe’s economy at present was not normal,” he said.
NSSA might review the position after a year.
Se tiam pra? quam nonsu in nondam porem o Cast publiam sim opteri tabem ocaest acentie ssederes caesse orum nesse cuppliciptes vis, cis tam rei sernius,
