The Sunday Mail
Livingstone Marufu
FORMER AfrAsia workers were recently paid US$1 million in addition to the US$2 million they got in August 2015 as administrators of the pension fund heightens efforts to retire the US$6 million obligation to ex-employees.AfrAsia Bank Zimbabwe, formed after the acquisition of Kingdom Bank Africa Limited by Mauritian-based AfrAsia, had its licence cancelled by the Reserve Bank of Zimbabwe on February 24, 2015 as it was financially unsound.
After the bank’s closure, AfrAsia Holdings pension fund trustees were appointed liquidators to wind up the fund and avoid associated costs that come with an external liquidator.
Former group CEO Mrs Lynn Mukonoweshuro was appointed chairperson, assisted by Mr Noel Mukutirwa, Mr Savious Mushosho, Mr Patrick Chitehwe, Mr Kenneth Kaseke and Mr Dale Mafunda.
Minerva Consulting was appointed the professional fund administrators.
Minerva Risk Advisors general manager Mr Timothy Nherudzo told The Sunday Mail Business that AfrAsia pensioners had received another US$1 million from the liquidator.
The money will be paid in tranches.
Pensioners will initially be paid US$580 000 with the other US$420 000 coming at a time to be announced.
“The fund received US$1 million from the AfrAsia bank’s liquidator and 58 percent of that amount was for outstanding arrear contributions that had not been remitted to the Fund at the time of discontinuance of the AfrAsia Pension Fund.
“We are in the process of refunding the contributions to 378 members and the progress is as follows: The tax directives were received in two batches and of the total of 250 members’ payments for 78 members had already been done …
“We communicated with (tax authority) Zimra on June 20, 2016 and they indicated that most of the outstanding tax directives would be ready for collection any day. Minerva will visit Zimra to collect the tax directives so that we try to expedite the payments,” said Mr Nherudzo.
He said after the lump sum payments, outstanding amounts would be paid as ordinary payouts.
“Please note that the remaining 42 percent is not immediately payable to members but used to fund the pensions in payment. According to law, members can only receive a maximum of a third (US$2 million) as a lump sum, which has already been paid.
“Any amounts that are going to be realised in future on disposal of assets or as a recovery from the liquidator will go towards the funding of future pension payments. The pension payments are currently up to date, with members having been paid in advance,” said Minerva.
