THE Ministry of Labour and Social Welfare has ordered a forensic audit to examine various transactions by the National Social Security Authority.
Auditor-General Mrs Mildred Chiri confirmed on Friday that her office would appoint a firm to audit Nssa.
“Yes, there is a forensic audit for NSSA. We will be going out to tender for the audit,” she said.
Although Mrs Chiri could not get into details about the forensic audit, The Sunday Mail understands that the Labour and Social Welfare Ministry is displeased with the way NSSA is being run.
The ministry recently wrote to the parastatal, chaired by Mr Robin Vela, notifying officials there of the impending probe.
Information at hand indicates heads will roll should the forensic audit unearth criminal activity as President Emmerson Mnangagwa’s Government walks the talk on fighting graft.
Labour and Social Welfare Minister Petronella Kagonye was not immediately available for comment as she was said to be “busy with meetings”.
NSSA has been under spotlight for years for making questionable investments and paying high salaries and perks at a time when pensioners are earning US$80 per month.
For instance, the general manager Mrs Elizabeth Chitiga earns around US$202 000 while the previous management which was led by Mr James Matiza also pampered itself with housing loans and luxury vehicles such as Mercedes-Benz sedans and Jeep Grand Cherokee SUVs.
The Sunday Mail has previously written about how NSSA spent US$100 million on investments that included shareholdings in broke companies and properties with inflated prices.
The parastatal spent US$2,5 million in the now defunct CFX Bank, while US$12 million was splashed on overpriced starafricacorporation shares, and US$1,5 million on Africom Continental.
At least US$45 million is locked in Interfin Bank, which is under curatorship after being fingered in alleged abuse of depositors’ funds. The bank had non-performing insider loans worth US$60 million.
In addition, NSSA lost US$11,2 million worth of property to local authorities for non-development.
The institution also gave “non-profitable” loans to parastatals, with the National Oil Company of Zimbabwe getting US$3,1 million and Zesa US$9 million. Cottco got US$5 million in November 2009 and another US$3 million in April 2010 at a 124-day tenor and interest rate of 18 percent per annum.
The Grain Marketing Board received US$5 million for a flat two percent facility fee and four percent per annum on a 90-day tenor.
NSSA is a statutory body established by an Act of Parliament in 1989 to provide social security. It administers the Pension and Other Benefits Scheme and the Accident Prevention and Workers’ Compensation Scheme.
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