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MIPF under investigation

THE Insurance and Pensions Commission (Ipec) has instituted a forensic audit focusing on the way the Mining Industry Pension Fund (MIPF) disposed of its residential properties and office blocks between 2000 and 2009.
The investigations, which started a week ago, are being carried out following allegations that the properties were sold to MIPF trustees and top management.
The MIPF disposed of eight blocks of flats and office blocks which included Charingira, Spencer Cook and St Andrews, along Samora Machel Avenue.
The audit is investigating whether the properties were sold at fair value and wants to expose MIPF top managers and trustees who benefitted.
One top MIPF official told Zimbabwe Independent this week: “Ipec is doing a forensic audit focusing on the disposition of residential properties between 2000 and 2009. There are allegations top managers bought more than one property and that St Andrews was bought by trustees who later resold the properties.”
While pensioners from the mining sector receive an average US$63 per month, the MIPF chairman, James Maposa, is paid a quarterly fee of US$789, a sitting allowance of US$330 and a monthly fuel allocation of 100 litres. — Staff Writer.

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