Pensions and Insurance Authority Registrar Martin Libinga says the Authority will adhere to Finance Minister Felix Mutati’s directive to appoint an independent auditor to assess the financial and operational governance of Saturnia Regna; Zambia’s largest private pensions scheme.
In an interview with News Diggers! today, Libinga said the PIA was in the process of contracting an auditor.
“We received the directive and PIA is going to implement the directive. The Minister has given us 30 days in which to deal with that matter and so there is a process of getting an auditor so we have to work with ZPPA to assist us because there is a process of procuring a service and so that is what we are working on otherwise we are implementing the directive,” Libinga said.
Asked whether the audit would stall plans for the AGM, Libinga said; “basically, the audit is a separate matter. The AGM will go ahead.”
The fate of over K2 billion held in trust for contributors is at stake as bickering and fraud allegations at Saturnia Regna Pension Fund take center stake.
Munakupya Hantuba and several other prominent businessmen, including Hakainde Hichilema have been named in a controversial shareholding structure of Africa Life Financial Services, Menel Management Services and Benefits Consulting Services Ltd – companies which are behind the management of the private pension Fund.
The Board of Trustees has been calling for an Annual General Meeting in an attempt to change the Fund managers, but the latter has sought the court’s intervention although unsuccessful.
Fund administrators (Benefits Consulting Services Ltd) rejected the latest proposal for a meeting which was scheduled to take place yesterday, stating that the current Board of Trustees members were no longer recognized by Saturnia.
Saturnia Regna Pension Fund administrators went further to state that a new list of Board Trustee members had been proposed and the candidates were ready for elections.
But the PIA stepped in and mediated a meeting between the trustees and Benefits Consulting on May 26, at which it was resolved that the AGM would be held on July 14.
And yesterday, Libinga said the successful holding of an Annual General Meeting would help resolve the issues at Zambia’s largest private pensions scheme.