{"id":46806,"date":"2021-09-17T18:22:17","date_gmt":"2021-09-17T16:22:17","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=46806"},"modified":"2021-09-17T17:51:28","modified_gmt":"2021-09-17T15:51:28","slug":"nssa-dismisses-foul-play-in-fml-stake-disposal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nssa-dismisses-foul-play-in-fml-stake-disposal","title":{"rendered":"NSSA Dismisses Foul Play In FML Stake Disposal"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – NATIONAL Social Security Authority (NSSA) has dismissed allegations being levelled against it by key stakeholders that there is foul play in the disposal of its 35 % stake in First Mutual Life (FML).<\/p>\n

NSSA maintains the deal was done above board.<\/p>\n

This comes after the Zimbabwe Congress of Trade Unions (ZCTU) President, Peter Mutasa told NewZimbabwe.com the stake\u2019s disposal was mired in secrecy.<\/p>\n

\u201cAs organised labour, we represent workers\u2019 interests, but we have noted that the process has been shrouded in secrecy. However, from reports we are reading in the press it appears NSSA is selling to politically connected persons,\u201d said Mutasa.<\/p>\n

\u201cThe question now becomes whether NSSA has not been forced to dispose of the most valuable asset it holds,\u201d he said.<\/p>\n

Mutasa said he had since challenged Labour Minister Paul Mavima to take steps necessary to ensure workers, citizens and Parliament were made aware of the murky deal.<\/p>\n

However, NSSA\u2019s communications executive Tendai Mutseyekwa said the process to dispose the stake commenced in January 2021 as part of initiatives to implement phase three of the insurance cluster consolidation strategy which involves reducing its stake in FML.<\/p>\n

\u201cOut of the total 66.2%, we are offloading up to 31.2% to a strategic partner. This strategic move will see NSSA keep a majority shareholding at 35%, in compliance with Zimbabwe Stock Exchange and IPEC (Insurance and Pensions Commission) requirements while bringing in a strategic investor with solid financial resources, synergistic, technical, and strategic benefits to catapult FML into a regional insurance powerhouse,\u201d he said.<\/p>\n

Mutseyekwa maintained NSSA had been non-compliant since 2012 and now intended to be a responsible corporate entity in line with its new values of transparency by sharing its investment risk in line with good corporate governance.<\/p>\n

\u201cPhase one of the insurance cluster consolidation was initiated in 2017 and involved the merging of short-term insurer, NicozDiamond into FMHL through a disposal of NSSA\u2019s stake in NicozDiamond in return for shares in FMHL. The transaction helped strengthen FMHL\u2019s short term insurance business and solidify its market standing as one of the leading insurers in the country,\u201d he said.<\/p>\n

The NSSA spokesperson said the second phase, which was implemented late 2020, saw NSSA support the consolidation of Zimre Holdings\u2019 strategic business units \u2013 Fidelity and Zimbabwe Property Investment (ZPI) \u2013 through the disposal of NSSA\u2019s shareholdings in Fidelity Life and ZPI in a share swap deal with ZHL.<\/p>\n

\u201cWhile NSSA\u2019s support has helped FMHL to be where it is today, the strategic shareholder is expected to unlock further value through better technical and financial resources. Phase three will see NSSA reduce its shareholding to a maximum of 35% through the disposal of shares to a strategic shareholder,\u201d he said.<\/p>\n

Mutseyekwa added that proceeds from the disposal of FML shares will be allocated to offshore investments that generate foreign currency, in line with the National Development Strategy that enables pension funds to invest offshore in the interest of value preservation.<\/p>\n

However, the ZCTU leader dismissed NSSA\u2019s investment strategy arguing the transaction was another dirty deal of fleecing employees their hard earned savings.<\/p>\n

\u201cWe don\u2019t agree, NSSA cannot justify selling all assets that can hedge against inflation and currency devaluation. If for instance they get paid in local currency, what will NSSA do with it? NSSA cannot be selling its assets to a single buyer or entities linked to one buyer who is politically connected.<\/p>\n

\u201cWe don\u2019t think this is the right time to sell such priced and important assets. Both NSSA and the Ministry (of Labour) are failing to convince us. This is another transaction that will shortchange workers, pensioners and the economy while benefiting a few elites and their cronies,\u201d Mutasa said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – NATIONAL Social Security Authority (NSSA) has dismissed allegations being levelled against it by key stakeholders that there is foul play in the disposal of its 35 % stake in First Mutual Life (FML). NSSA maintains the deal was done above board. This comes after the Zimbabwe Congress of […]<\/p>\n","protected":false},"author":84,"featured_media":46805,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4,35,15],"tags":[1493,2189,19],"class_list":["post-46806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nNSSA Dismisses Foul Play In FML Stake Disposal - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - NATIONAL Social Security Authority (NSSA) has dismissed allegations being levelled against it by ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nssa-dismisses-foul-play-in-fml-stake-disposal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NSSA Dismisses Foul Play In FML Stake Disposal\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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