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NSSA guns for ex-banker
08 Dec 2016 at 07:23hrs | Views
The National Social Security Authority (NSSA) has filed criminal charges against former ReNaissance Financial Holdings Limited (RFHL) group chief executive officer (CEO), Patterson Timba, claiming the top banker swindled the defunct financial services giant of US$16 million.
But Timba has hit back, claiming NSSA had taken to retribution after he queried a multi-million dollar transaction in which the compulsory pension fund was selling shares to a Johannesburg Stock Exchange (JSE)-listed insurance group, Sanlam.
In his letters to NSSA exclusively obtained by the Financial Gazette this week, Timba fired a broadside at the pension fund, alleging that the pay-as-you-go pension scheme was planning to transfer assets owned by indigenous Zimbabweans to foreigners at a time President Robert Mugabe's administration was championing indigenization under the controversial black economic empowerment law.
Sanlam is South Africa's biggest insurer and has been scouting for opportunities in Zimbabwe.
Meanwhile, the NSSA board was this week said to be rummaging through two "shocking and explosive forensic audits" with fresh evidence of plunder at the now-closed Rainbow Beitbridge Hotel (RBH) and corruption involving a US$34 million investments in an up market block of flats.
It appeared NSSA had commissioned a second forensic audit into the ill-conceived RBH, ditched by the Rainbow Tourism Group last year after posting a string of losses and threatening the going concern status of the listed leisure chain.
Sources said the investigations had named individuals who were behind the scams at RBH, which saw up to US$57 million in pensioners' funds being lost on the hotel venture.
But Timba has hit back, claiming NSSA had taken to retribution after he queried a multi-million dollar transaction in which the compulsory pension fund was selling shares to a Johannesburg Stock Exchange (JSE)-listed insurance group, Sanlam.
In his letters to NSSA exclusively obtained by the Financial Gazette this week, Timba fired a broadside at the pension fund, alleging that the pay-as-you-go pension scheme was planning to transfer assets owned by indigenous Zimbabweans to foreigners at a time President Robert Mugabe's administration was championing indigenization under the controversial black economic empowerment law.
Meanwhile, the NSSA board was this week said to be rummaging through two "shocking and explosive forensic audits" with fresh evidence of plunder at the now-closed Rainbow Beitbridge Hotel (RBH) and corruption involving a US$34 million investments in an up market block of flats.
It appeared NSSA had commissioned a second forensic audit into the ill-conceived RBH, ditched by the Rainbow Tourism Group last year after posting a string of losses and threatening the going concern status of the listed leisure chain.
Sources said the investigations had named individuals who were behind the scams at RBH, which saw up to US$57 million in pensioners' funds being lost on the hotel venture.
Source - Fin Gaz
