The Government Institutions Pension Fund (GIPF) has suspended a staff member for what the Fund states is a transaction that did not follow proper approval and payment procedures. 

The alleged incident was traced back to a benefits administrator at the Fund during a scheduled financial reconciliation routine on Friday, 8 September 2023.

The staff member was placed on suspension from Monday, 11 September 2023. 

The reconciliation indicated a breach in the payment process of a resignation benefit, amounting to N$124 000.

“The Fund has launched a full investigation and wishes to reiterate its position of zero tolerance of unethical behaviour and conduct. GIPF will leave no stone unturned in the investigation process and will ensure any guilty party faces the true wrath of the law,” read a statement issued by GIPF’s acting CEO and principal officer Onno Amutenya.

Amutenya added that “GIPF members should rest assured the Fund will always be honest, fair, transparent and trustworthy in everything it does”.

Earlier this year, a case of several GIPF employees, accused of having fraudulently transferred millions of dollars from the Fund, was provisionally removed from the
court roll after the State failed to conclude investigations within a reasonable time frame.

At the time, two of GIPF’s administrative employees were accused of fraudulently transferring almost N$18 million to over 40 accounts. 

The duo was arrested last year alongside four others who allegedly conspired with them in committing the alleged crime.

During the last decade, the GIPF’s asset base increased from N$58 billion to over N$157 billion.