Police investigate US$1,4m deal

The National Social Security Authority has been sucked into a scandal involving US$1,4 million and a suspected criminal on the police wanted list.

Police are investigating both Nssa and a local bank, though no arrests have been made.

National police spokesperson Chief Superintendent Paul Nyathi told The Sunday Mail, “The Commercial Crimes Division of the Criminal Investigations Department is investigating transactions between Nssa and a local financial institution involving about US$1,4 million. No one has been arrested because investigations are still ongoing.”

Nssa marketing and communications executive Mr Tendai Mutseyekwa said, “Nssa is aware of the matter. The matter does not involve any Nssa staff. Nssa has not lost any investment and has since withdrawn its investments with the bank.”

Investigations by The Sunday Mail show that Nssa invested US$1,4 million in the bank which subsequently transacted with a businessman facing possible arrest for various crimes.

A red flag was raised, with detectives interviewing Nssa employees on January 16, 2018.

An official who preferred anonymity said, “Nssa didn’t lose money because the investment with the bank was recalled and the two cut ties. Nssa didn’t deal with the suspected criminal. It was the bank that dealt with the person who is on the Interpol wanted list.”

In recent years, Nssa has been in the spotlight for questionable investments. It sunk money in the now-defunct Capital Bank; US$2,5 million in CFX Bank; US$12 million on overpriced Satafrica shares and US$1,5 million in Africom Continental.

The authority lost US$45 million placed in Interfin and additional funds in several other banks.

Further, it also lost property worth US$11,2 million to local authorities over non-development, and gave “non-profitable” loans to parastatals.

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