PROBE PENSION SCAM – STATE

Wed, 31 May 2017 12:40:35 +0000

By NATION REPORTER

GOVERNMENT has directed the Pensions and Insurance Authority (PIA) to appoint an independent auditor to assess the financial and operational governance of Saturna Regna within 30 days.

But 3rd Liberation Movement (3rd LM) president Enoch Tonga said that it was wrong for Government to direct PIA to appoint an auditor because it was complicit and party to the scams it had failed to investigate.

Finance minister Felix Mutati ordered the institution to carry out an independent audit within 30 days on Saturna Regna, a pension fund that operates in Zambia.For instance, in the PIA inspections report of 2016, for the period April 11 to 19, it was revealed that the scheme had offshore investments in the amount of K399,472,260 which was not approved by the minister as provided for by the law. This has never been investigated or indeed reported to the Government.

Mr Tonga warned that there was a high risk that the audit on Saturnia would be compromised if PIA was to appoint an auditor.

He reiterated that in order for Government to ensure an accurate audit of the defunct Saturnia Regna, there was need for an independent body to appoint an auditor.

“If Government truly wants an accurate audit on Saturnia, they should not allow PIA to appoint an auditor. There is a risk that the audits might be compromised,” said Mr Tonga.

In a statement issued yesterday, Ministry of Finance head of media Chileshe Kandeta, said the minister has directed the pension authority to complete their audit within 30 days.

“I am directing you to appoint an independent auditor to assess the matter that has arisen in the Saturna Regna Pension Fund.   The audit should be undertaken and completed within 30 days,” Mr Mutati said.

And Mr Tonga has also condemned security agencies for failing to probe scams unearthed by the media.

He said efforts by the media in exposing scams should be complimented by investigations from security wings.

Mr Tonga said that the media was doing a commendable job by exposing evil deeds of the cartel but that the security agencies such as the ACC, DEC including the police, were a big disappointment.

He reiterated that it was disappointing that efforts by the media were being thrown down the drain because of the cowardice by some investigative wings to probe scams involving prominent individuals.

Mr Tonga pointed out that the mandate of the media to the general citizenry ended at exposing scams and that the job then remained with the investigative agencies to get to the root of the issues.