Workers query Kwacha Pension Trust

Mon, 05 Jun 2017 13:00:49 +0000

By OSCAR MALIPENGA

BANK of Zambia employees are outraged over a pension investment in which US$1.5 million of their savings was  spent without their knowledge.

This is a matter in which the Kwacha Pension Trust Fund is alleged to have spent more than US$1.5 million for the construction of Kwacha Mall in Lusaka using pensioner’s money without approval from the members.

A forensic audit has since been instituted and preliminary investigations have revealed that over US$1.5million was spent without approval from the members.

Members of the Kwacha Pension Trust Fund told the Daily Nation that following the discovery, Kwacha Pension Trust Fund chief executive officers David N’gandu resigned in unexplained circumstances in September 2016.

The sources disclosed that the board chairperson of the Kwacha Pension Trust Fund Gilbert Temba, who is at the same time Bank of Zambia deputy board chairperson, equally resigned as chairperson of the Trust fund in unexplained circumstances two months ago.

According to the members, following the resignation of the CEO and board chairperson of the Trust Fund, Bank of Zambia management immediately withdrew the appointment of trustee members without any explanation rendering them irrelevant.

“The Kwacha Mall has been built above the budget by more than US$1.5million. We wonder how the trustee members could have allowed such a thing to happen where a project of such magnitude could only have a quantity surveyor without a project manager.

“They did not appoint the project manager,” sources said.

The members have expressed fears that the forensic audit could be frustrated by management should relevant authorities ignore the scam.

“We are wondering why the Zambia Union of Financial Allied Workers (ZUFIAW) are quiet when they are fully aware of what is happening because the President Ackim Mweemba comes from the Bank of Zambia.

“We are only consoled that in one of the emails that he (Mweemba) wrote a letter calling on the governor to address the members on what was happening,” the members said.

In the email, Mr. Mweemba told the governor that whoever would be found wanting should be handed over to the Drug Enforcement Commission (DEC) and the Anti-Corruption Commission (ACC).

“As members of the pension trust fund, we feel ZUFIAW President can do more to secure our money,” the members said.