Nssa to review investments

HARARE - National Social Security Authority (Nssa) says it is reviewing all its investments in the country with a view to dispose loss-making entities in a move aimed at unlocking shareholder value.

Nssa’s newly-appointed chairman, Robin Vela, said the new board was moving to put a hold on questionable investments made by the previous management headed by James Matiza.

“In fact, what we are going to do is that the whole investment process is being reviewed and what we will then do is that within the investment process we will ensure that members of the investment committee are professionally qualified…

“This is a measure to ensure that people will not question the acumen of investments we will undertake going forward,” he said.

The former banker noted that the board has already identified experts who will be appointed to the investment committee.

“We have identified a few experts and are in the process of consulting on this… I am not in a position to put out names at the moment as we have not finalised terms with these individuals.

“But what I can say is that they are a team of Zimbabweans with a global outlook,” he said.

Nssa is Zimbabwe’s biggest institutional investor with investments worth over $1 billion across the economic divide, but has crossed swords with lawmakers and government officials over its choice of investments.

The authority — with 70 percent of its investments in the equities market, has interests in 53 of the 59 companies listed on the Zimbabwe Stock Exchange — is expected to open its micro-finance bank, after investing in the now defunct Renaissance Merchant Bank which later rebranded to Capital Bank but still went under and cost Nssa an estimated $50 million.

The latest development comes after the Vela-led board on Monday relieved top management of their duties in a restructuring exercise.

The senior management posts affected include general manager, investments director, finance director, corporate services director and ICT director.

“We started a retrenchment exercise so we gave them letters … You can put it whichever way you want, we started a retrenchment exercise on Monday and asked them to leave immediately,” Vela said.

Comments (2)

they start promisingly but eventually join the gravy train eg psmas if you cant beat them join them

David Panganai - 22 October 2015

CharitableTrust Registration $300. Church registration $300 Call 0782466734 email.taurai@atokainvestments.com

Rod - 23 October 2015

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