Mon, 05 Jun 2017 12:45:34 +0000
…plead Saturnia trustees
By Nation Reporter
THE Government should seize the offshore accounts into which nearly K400 million Saturnia Regna Pension Trust Funds were illegally transferred to Luxembourg and other European investment havens.
The money was externalised by the Fund Managers Benefits Consulting Services Limited and African Life Financial Services Limited without the authority of the Minister of Finance as required by law.
Speaking to the Daily Nation yesterday, one of the Saturnia Regna Pension Fund Trustees revealed that the Board was in complete darkness over the investment.
“We do not know how this money was transferred, in whose name it was transferred and indeed what interest it is earning,” he said.
Already, he said, British authorities were questioning ownership of Saturnia funds because of a discrepancy in ownership which has raised suspicions of money laundering.
He proposed the seizure of the two accounts at Blackrock and Global Equity Fund in Luxembourg because the Minister of Finance and the Saturnia Board of Trustees do not have any details or control over the account.
Benefits Consulting Services Limited and African Financial Services Limited are owned by Munakupya Hantuba, Hakainde Hichilema and Valentine Chitalu through their holding company Menel Management Services.
“The Government must immediately seize and take custody of these accounts not only to save the pensioners but for reasons of State security,” he said.
“We do know the signatories on the accounts, we do not know in whose name the moneys were banked and these moneys could come back to bribe officials in this country or even finance sabotage of our peace and economy,” he said.
He warned that the amount of money involved is too huge and can be used to destabilize the country and should therefore be under State control as soon as possible because failure to do so would encourage impunity on the part of the culprits.
Bencon and Aflife are Fund Manager and Fund Administrator for Zambia’s biggest private pension fund, the Saturnia Regna Pension Trust Fund with whom they are locked in a battle for control in order to conceal clandestine activities which include the unauthorized offshore investments amounting to ZMW 399,472,609.00
Statutory Instrument number 141 of 2011 section 11 (1) allows a pension fund to invest up to thirty per cent of its fund size outside the Republic as may be authorized by the Minister under the Act.
The Trustee implored the government to check the accounts to establish the recipients of any payments which may have been made from the accounts from date of investment, in whose names the payments may have been made, the interest rates applicable and the date of maturity.
“Just as the late President Levy Mwanawasa did to the Zamtrop account, the nation has a right to know all the people and organizations that have benefited from this slash fund,” he said.
He also requested the government to go beyond an ordinary audit of the fund but to either conduct a forensic audit or even hold a commission of inquiry so that pensioners and other members of the public could be able to present their evidence of wrong doing by the pension fund managers and administrators.
He said that those that were urging the Government to appoint the auditor were correct because the Pension and Insurance Authority has lost credibility and all revelations are showing that the PIA has been complicity in the abuse of the Saturnia Regna Pension Fund resources.
