Properties in limbo

Fri, 21 Jul 2017 14:54:54 +0000

…as title deeds go missing

By NATION REPORTER

THE ownership of two landmark high value properties worth K240million is in limbo.

Although the properties are supposed to belong to Saturnia Pension Fund, their titles are missing and records at the Ministry of Lands show that that belong to Saturnia Regina Pensions Fund Registered Trustees as the owners. This company is not the same as Saturnia Pensions Fund.

Previous attempts by the Pensions and Insurance Authority (PIA) to return the properties to the Fund have failed and now even the title deeds have not only disappeared but that the two buildings have completely been excluded from the properties declared to belong to the Saturnia Pensions Fund.

It has been discovered that Saturnia Regna Pension Fund may have been used as collateral for a huge loan obtained by one of the shareholders in the Fund Managers Benefits Consulting Services Limited and the related Fund Administrator African Financial Services Limited.

This could amount to serious abuse of office in the wake of the discovery of a voluminous Property Portfolio Valuation of the 51 Saturnia Regna Pension Fund properties in Lusaka, Kitwe and Chingola.

The Valuation, conducted by Equity Consultant Surveyors and Valuers between 15th January, 2013 to 14th January, 2014 has raised suspicions because the property owners mentioned are Saturnia Regna Pension Trust Fund while according to the PIA, the legal name for Zambia’s biggest pension scheme is Saturnia Regna Pension Fund.

The Valuation Report includes two prime properties; the Anglo American Building along Independence Avenue valued at K50, 500,000.00 now renamed Mpile Office Park and the MTN Zambia Head Office on Beit Road which is valued at K49, 500,000.00.

The Titles to the two properties, according to the PIA, are held by Saturnia Regna Pension Trust Limited, a company which has no relationship with the Saturnia Regna Pension Fund. The Saturnia Regna Pension Trust Limited was ordered closed by the PIA on October 7, 2008 but impudently continues to operate and has been using pension funds to settle its liabilities.

 The Valuation Report states that it was prepared for the sole use of Saturnia Regna Pension Trust Fund and that it is confidential to “this client and their professional advisers.”

 “Neither the whole nor any part of this report nor any reference thereto may be included in any published document, circular or statement or disclosed to any third party or published in any way without the undersigned Valuer’s approval of the form, context and content in which it may appear. The Registered Valuation Surveyor who signed the document is a Mr. G. H. Hamusonde.

The Pension and Insurance Authority has since 2012 been directing that all the 51 properties of the Pension Fund must be registered in the legal name of the scheme which is Saturnia Regna Pension Fund but Bencon and Aflife have not availed the necessary documents for the re-assignment of the properties to be undertaken.

Recently, Chief Executive Officer of Bencon Mr. Bryson Hamanzuka wrote to the Ministry of Lands on behalf of Saturnia Regna Pension Fund to request for the change of ownership of the properties but without the title deeds and a ministry source said transfers are never done through letters but by completing the consent to assign forms and availing the title deeds.

A check at the Ministry of Lands revealed that all the registered owners of the properties was Saturnia Regna Pension Trust Fund Registered Trustees but the law does not allow holding of title to Fund properties by the Trustees because they are elected and rotated and the legal owner is the scheme known as Saturnia Regna Pension Fund.

Saturnia Regna Pension Fund has of late been embroiled in controversy with the Aflife and Mr. Munakupya Hantuba, a major shareholder in Bencon and Aflife, suing the Board of Trustees in the Arbitration Court. The conflicts have emanated from the conflict of interest caused by the common shareholding in both the Fund Manager and the Administrator.

Both Aflife and Bencon are owned by Menel Management Services Limited and Botswana Insurance Fund Managers. The shareholders of Menel are Munakupya Hantuba, Hakainde Hichilema and Valentine Chitalu.

Saturnia Regna Pension Trust Limited was registered in 2004 and the shareholders are African Life Financial Services Zambia Limited and Botswana Insurance Fund Management. African Life is in turn owned by Menel Management Services whose shareholders are Munakupya Hantuba, Hakainde Hichilema and Valentine Chitalu.

Saturnia Regna Pension Trust Limited was mooted by African Life Financial Services Limited to be a corporate nominee of the Pension Fund but the Registrar of the PIA ordered that the company be de-registered because there was no provision in the Pension Insurance Authority Act for corporate trustees.