Shadowy First Finance surfaces at NSSA
A COMPANY called First Finance has set tongues wagging within the National Social Security Authority (NSSA)’s corridors after it surfaced during an audit of the pay-as-you-go pension scheme.
Directors at the pensions administrator say they are not aware of the existence of the firm which sounds like a financial institution, and they were not aware of who established it.
But auditors at Deloitte Advisory Services, which conducted the audit, say they found First Finance among the key investments made by NSSA during an extensive audit of NSSA last year.
In fact, First Finance was due for auditing.
This raises prospects that the financial institution could have been used for backstage deals.
After executives denied knowledge of First Finance’s existence, Deloitte had to abandon auditing the shadowy financial institution, which has never been mentioned in any of NSSA’s public records, but appears to be holding substantial sums of cash, considering that it had been listed among assets to be audited.
“No work was done on (First Finance Private Limited) as management is not aware of this investment. Below are a list of the significant investment transactions that were subject to our review,” said Deloitte, listing among other investments Joina City, Christmas Gift Land in Gweru, Esukuleni Hospital, Interfin, Capital Bank and St Tropez Apartments.
NSSA manages about US$1,2 billion worth of public assets, with close to US$700 million investments spanning across sectors.
It is one of the biggest firms in Zimbabwe employing over 800 workers.
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