Ipec orders Apex pensions liquidation

HARARE - The Insurance and Pensions Fund (Ipec) has finally ordered the liquidation of Apex Corporation Pension Fund. The fund is part of Apex Corporation were the former Zimbabwe Stock Exchange (ZSE)-listed company was placed under provisional liquidation due to viability challenges after failing to attract new investment while under judicial management in 2013.

In a government gazette, commissioner of Ipec said independent consulting actuary David Mureriwa has been appointed liquidator of the fund. “Notice is hereby given that Ipec has approved the liquidation of the Apex Corporation Pension Fund in terms of Section 10(1)(a) of the Pension and Provident Fund Act (Chapter 24:09) and Section 9.2 and 9.3 of the rules of the Apex Corporation Pension Fund as at October 31, 2018,” the February 22 gazette said.

For Apex Corporation, creditors presented claims worth over $7 million, among them POSB which is owed $1 million, Infrastructure Development Bank owed $1,2 million, TelOne, $61 000 and Interfin Bank and NMB Bank whose amounts were not disclosed.

Provisional judicial manager, Reggie Saruchera of Grant Thornton told creditors that the company had a net asset liability of $2,6 million while its liabilities were at $11 million. In 2016, the liquidation process suffered a setback after there were no bidders for its commercial properties at an auction held.

The company had 11 buildings which were being auctioned to raise money to settle the debts. It was estimated that the company would raise about $9 million from the sale of the properties.
Apex Pension Fund is Phoenix’s major shareholder with a 46 percent stake.

The foundries and engineering group disposed of its non-performing business units among them Phoenix Consolidated Industries, to clear the contingent liabilities of $10 million.

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