News / National
Why Nssa suspended top boss
12 Feb 2023 at 06:09hrs | Views
THE National Social Security Authority (Nssa), established in 1989 as a statutory corporate body tasked by the government to provide social security, suspended its Director for Investment and Properties Brian Mrewa over dodgy transactions involving properties in Borrowdale, Harare, and Kariba.
Sources said Mrewa, former chief investment officer at the Infrastructure Development Bank of Zimbabwe, facilitated the buying and selling of those properties in shady circumstances which have raised eyebrows.
This led to some of his colleagues raising a stink about the issue, which involves high profile political figures.
"The reason Mrewa was suspended involves properties in Borrowdale in Harare and Kariba which were bought and sold under unclear circumstances, which suggests some underhand and corrupt activities," a source said.
"This has caused internal ructions and demands for an investigation. Remember there are audits and different forms of investigations going on at Nssa due to many issues that have been raised. The issue involves some chefs (political bigwigs)."
Nssa was being investigated of late by the Zimbabwe Anti-Corruption Commission over various charges.
It's general manager Arthur Manase has been suspended over a dodgy US$750 000 housing loan which he got while he also simultaneously drew a housing allowance.
Zanu factional battles continue to filter through and find expression in government and state institutions, with the US$1.2 billion Nssa pension fund being one of the key battlegrounds.
The ruling party factions and their leaders always fight to control Nssa, as it gives them access to cheap funding and business deals for self-aggrandisement, as well as an opportunities to build war chests for their political battles.
In a bid to bring the situation under control at Nssa, Vice-President Constantino Chiwenga has clipped the wings of Public Service minister Paul Mavima by stopping him from removing senior executives at Nssa and replacing them with his allies, saying it violates good corporate governance.
Mrewa's suspension over properties is the latest in a series of events which show that Nssa has deep-seated governance and corruption issues.
Nssa's investment universe covers both commercial retail and office and industrial properties.
It says property investments are considered suitable only if there is reasonable assurance of valid title and are expected to generate adequate cash-flows at a rate of return acceptable to the schemes.
Nssa invests in real estate and other investments in good primary and secondary market locations. The authority has engaged in property development and financing across the commercial and industrial spectrum.
Further, Nssa also acquires fully developed or partially developed immovable property. In pursuit of its policy of investing in real estate, it may acquire land for future development.
Nssa also invests in infrastructure development.
Sources said Mrewa, former chief investment officer at the Infrastructure Development Bank of Zimbabwe, facilitated the buying and selling of those properties in shady circumstances which have raised eyebrows.
This led to some of his colleagues raising a stink about the issue, which involves high profile political figures.
"The reason Mrewa was suspended involves properties in Borrowdale in Harare and Kariba which were bought and sold under unclear circumstances, which suggests some underhand and corrupt activities," a source said.
"This has caused internal ructions and demands for an investigation. Remember there are audits and different forms of investigations going on at Nssa due to many issues that have been raised. The issue involves some chefs (political bigwigs)."
Nssa was being investigated of late by the Zimbabwe Anti-Corruption Commission over various charges.
It's general manager Arthur Manase has been suspended over a dodgy US$750 000 housing loan which he got while he also simultaneously drew a housing allowance.
Zanu factional battles continue to filter through and find expression in government and state institutions, with the US$1.2 billion Nssa pension fund being one of the key battlegrounds.
In a bid to bring the situation under control at Nssa, Vice-President Constantino Chiwenga has clipped the wings of Public Service minister Paul Mavima by stopping him from removing senior executives at Nssa and replacing them with his allies, saying it violates good corporate governance.
Mrewa's suspension over properties is the latest in a series of events which show that Nssa has deep-seated governance and corruption issues.
Nssa's investment universe covers both commercial retail and office and industrial properties.
It says property investments are considered suitable only if there is reasonable assurance of valid title and are expected to generate adequate cash-flows at a rate of return acceptable to the schemes.
Nssa invests in real estate and other investments in good primary and secondary market locations. The authority has engaged in property development and financing across the commercial and industrial spectrum.
Further, Nssa also acquires fully developed or partially developed immovable property. In pursuit of its policy of investing in real estate, it may acquire land for future development.
Nssa also invests in infrastructure development.
Source - thenewshawks
