STATE-OWNED social security agency, National Social Security Authority (NSSA) has sacked its general manager James Matiza together with other executives as the institution embarks on its restructuring exercise.
According to a statement released today, NSSA board member, Hashmon Matemera, the former managing director of BancABC Zimbabwe, will act as interim General Manager until a substantive General Manager has been identified.
Matemera , the company said, is not a candidate for the substantive position and his acting appointment will not extend beyond the latest date of 31 March 2016 under any circumstances.
“The National Social Security Authority’s (NSSA) newly appointed Board, charged with charting a new course for the Authority, has embarked on a major restructuring exercise,” the company said in a statement.
“The exercise affects, amongst others, the posts of General Manager, Investments Director, Finance Director, Corporate Services Director and ICT Director, whose incumbents will cease to represent NSSA with immediate effect.”
NSSA which has been at loggerheads with lawmakers and government officials over its investment portfolio has in the past been rocked by poor corporate governance issues.
The National Social Security Authority (NSSA) has in recent times come under fire from hard-hit pensioners and lawmakers who felt that payouts were below the poverty datum line despite investment by the authority in ailing banks and the equities market.
The company is set to open its micro-finance bank as part of its restructuring exercise. The plan came two years after sinking and losing US$50 million of pensioners’ funds in a botched attempt to rescue Patterson Timba’s Renaissance Merchant Bank (RMB).
Despite attempts to save RMB, including rebranding the bank to Capital Bank with the hope of distancing the entity from mismanagement and abuse of depositor’s funds, the bank went under in 2014 with millions of Nssa’s funds.
The Capital Bank case is just but one of Nssa’s questionable banking investments.
Nssa also lost about US$16 million in other banks that have been shut down. It had US$15 million deposited with Interfin Banking Corporation, which closed down in 2012 after gross abuse of depositors’ funds was unearthed. The authority also owned 10,02% of Interfin Financial Services, the parent company of Interfin Banking Corporation.
Nssa had more than US$750 000 in Genesis Bank, which collapsed in 2012.
NSSA, which has 70% of its investments in the equities market, has interests in 53 of the 59 companies listed on the Zimbabwe Stock Exchange, holding at least 10 percent shareholding in 12 counters.
In February 2014, Matiza was taken to task by lawmakers over executive packages at the parastatal as Parliament continued scrutiny on salaries earned by management at public enterprises.-Bernard Mpofu