Tue, 20 Jun 2017 14:02:25 +0000
By NATION REPORTER
Luxurious houses and other properties worth billions of Kwacha belonging to Saturnia Regina Pension Fund may be lost because Titles are not in the name of the scheme.
An inspection report conducted by the Pensions and Insurance Authority last year shows that all the 51 properties, many of them in Kabulonga, Sunningdale, Woodlands, Independence Avenue, Prospect Hill, Roma, Olympia Park and the Central Business Districts of Lusaka and Kitwe were not in the name of the scheme which is known as Saturnia Regna Pension Fund but are instead held in an institution called the Saturnia Regna Pension Trust Fund Trustees (Registered).
The PIA has warned that the Fund may not have legal ownership to the properties.
The Trustees were directed to to ensure that that the fund properties were reposed in the correct name before 30th. November.2016 but this has not been done to date.,
That is not all the PIA report also revealed that a whopping K2.9million rental arrears were not recoverable and would probably be written off. It further revealed that only 10 properties out of the 51 were full occupied by December 2015.
African Life Financial Services lost the property management contract for Saturnia Pension Fund Properties in February this year when the contract was awarded to Vunani Allied Consortium who won a competitive tender. No reason has been given for failure to avail the Title Deeds to the new property managers.
The Daily Nation has conducted investigations and has managed to obtain a full list of all the 51 properties. A search at the Ministry of Lands revealed that all the properties were transferred in 2013 from the parallel or ghost company Saturnia Regna Pension Trust Limited to Saturnia Regna Pension Trust Fund Registered at nil value.
Before the transfer to the Saturnia Regna Pension Trust Limited, most of the properties belonged to Zamanglo Industrial Corporation Limited which was a division of Anglo American Corporation the original fund manager/administrators for Saturnia Regina Pension Trust Fund.
Industry sources wondered how a limited company could transfer properties to a Pension Fund Trust at nil value insisting that money must have changed hands and the state must have lost millions of Kwacha in tax revenue.
Bencon and Aflife have failed to explain why the properties are registered in the name of Trustees when the Trust Deed and the Rules of the scheme stipulate that the Titles must be in the name of the scheme because the Trustees are not permanent and are changed every three years.
The PIA report which was conducted between 11 to 19 April also revealed that a whopping K2,872,888.00 rental arrears were not recoverable and would probably be written off. It further revealed that only ten properties out of the 51 were fully occupied by December 2015.
Below is the full list of the properties:
Stand No. 23/RE, Jesmondine, Lusaka, sand No. 150, Martin Luther King Road, Kabulonga, Lusaka, stand No. 318-No. 317, Independence Avenue, Prospect Hill, Lusaka, stand No. 493-No. 12 Duduza Chisidza Crescent, Long Acres/Prospect Hill North, Lusaka, stand No. 500- No. 23, Ngumbo Road, Prospect Hill North, Lusaka, stand No. 1997-Leopards Hill Road, Lusaka, Subdivision A of stand No. 2015-Buckley Court-Church/Chilubi Roads, Cathedral Hill, Lusaka, stand No. 2198-No. 7 Nsumbu Road, Prospect Hill South, Lusaka, stand No. 2222-No. 22, Nsumbu Road, Prospect Hill South, Lusaka, stand No. 2277-No. 338 Independence Avenue Prospect Hill, Lusaka, stand No. 2970/1-No 7 Chifumbule Road Woodlands, Lusaka, stand No. 3297-No. 21, Ngulube Road Prospect South, Lusaka, stand No. 3304-No. 21 Kapumpe Road, Prospect South Lusaka, stand No. 3319 –No. 14 Ngulube Road, Prospect South, Lusaka, stand No. 4031-No. 12 Chila/Lukulu Roads Sunningdale, Lusaka, stand No. 4041 –No. 6 Lukulu Road, Sunningdale, Lusaka stand No. 4044-NO. 10 Lukulu Road, Sunningdale, Lusaka, stand No. 4058-No. 12 Musengele Road, Sunningdale, Lusaka, stand No. 4114- Busuma Road, Sunningdale, Lusaka, stand No. 6106 Great East Road, Northmead, Lusaka, stand No. 6107-Great East Road Northmead, Lusaka, stand 6392/A-Duduza Chisidza Crescent, Long Acres, Lusaka, F.377a/36/B-No. 36B, Sable Road, Kabulonga, Lusaka, F441a/81-181 Kasangula Road, Roma, Lusaka.
Others are F. 488a/2/A-No. 2A, Twin Palm Road, Kabulonga, Lusaka, F488a/2/C-No. 2C, Twin Palm Road, Kabulonga, Lusaka, F488A/4/B/RE-No. 4B Macguillicudy Lane, Kabulonga, Lusaka, F.488a/6/J-No. 6B Whitewood Lane, Kabulonga, Lusaka, F.488/a/6RE-No 6A, Leopards Hill Road, Kabulonga, Lusaka, F. 488a/15/D/1-No. 15D Serval Road, Kabulonga, Lusaka, F488a/15/D/RE-No. 15D Middle Way, Kabulonga, Lusaka, F. 488a/16/D/2-No. 16D, Cheetah Road, Kabulonga, Lusaka, F.488a/22/D-No. 22D, Middle Way, Kabulonga, Lusaka, F. 488a/23/A/2-No. 23A, Serval Road, Kabulonga, Lusaka, F488a/25/F-No. 25F Serval Road, Kabulonga, Lusaka, F488A/25/A/RE-No. 25A, Twin Palm Road, Kabulonga, Lusaka, F.488A/27/A/RE-No. 27A, Middle Way Road, Kabulonga, Lusaka, F. 488A/28/1/A-No. 28A, Middle Way, Kabulonga, F. 488A/30/A-No. 30A, Leopards Hill Road, Kabulonga, Lusaka, F.488a/30/B-No. 30B Leopards Close, Lusaka, F.488a/33/B/RE-No. 33B (House No.1) Mutende Road, Woodlands, Lusaka, and F. 488A/33/B/1-NO. 33B (House No. 2) Mutende Road, Woodlands, Lusaka.
Commercial plots
Stand No. 27 –Cha cha cha Road, Lusaka, stand No. 4647-Beit Road Cathedral Hill, Lusaka, stand No. 74 Independence Avenue, Cathedral Hill, Lusaka.
Copperbelt region- Kitwe and Chingola
Residential: stand No. 300-corner of Freedom/ Independence Way, Parklands, Kitwe, stand No. 792-Nationalist Way, Parklands, Kitwe, stand No. 4670-Buyantanshi Residential Area, Kitwe
Industrial: stand No. 1165-Chibuluma Road, Industrial Area, Kitwe, and stand No. 223, David Kaunda Road, Chingola.
