Africa-Press – Namibia. Former Cabinet minister Calle Schlettwein is demanding answers from the Government Institutions Pension Fund (GIPF) over its “horrendous” loss of N$922 million in a South African investment company.
The fund last week admitted it had invested in the South African-based Signal Structured Finance Fund (SSFF) after The Namibian reported that a South African Revenue Service (SARS) tax claim led to a major impairment in one of the fund’s offshore investments.
Schlettwein yesterday told The Namibian he is not happy with how GIPF is handling the loss, stating that someone must be held accountable.
“That we lost a huge amount of money is a serious matter. It’s not chicken feed. What I didn’t appreciate was that it was kind of portrayed in a manner that doesn’t worry that it’s lost. ‘It’s not so bad, we can absorb it’,” he said.
In a statement issued on 6 November, the fund said the claim had created “significant uncertainty” over its ability to recover the full value of its assets.
The claim resulted in an impairment of N$815 million in its 2025 financial statements.
GIPF chief executive Martin Inkumbi says the amount forms part of a total impairment provision of N$922.2 million across the fund’s investment portfolio for the year ending 31 March 2025.
“The GIPF is making all efforts to minimise impairments and recover funds in line with its investment policy,” he says.
Inkumbi says the fund’s financial statements remain sound and fully funded to the tune of 119.69%, and it is able to continue paying its members benefits as usual.
He says overall profit must consistently and substantially exceed the losses that may be suffered on some investments for the fund to achieve and maintain an overall return of Consumer Price Index (CPI) plus 5%.
This is a target he says the fund has managed to achieve and outperform over time.
“Despite this particular provision, the fund has enjoyed strong investment growth, culminating in its investment portfolio growing to N$199.4 billion by end September from N$183 billion as at 31 March, “ Inkumbi says.
Sclettwein yesterday said the fund should treat the matter seriously.
“It’s not your money, it’s taxpayers’ money,” he said.
The former minister further also expressed his discontent over the fund saying the government would have to write off ‘lost money’.
He said such arguments must be dismissed.
“The impaired loss by the GIPF is horrendous. Whether impaired or direct, it remains a loss,” he said on social media on Wednesday.
Opposition parties have also demanded accountability and that those responsible should be fired to restore the GIPF’s dignity and reputation.
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