The largest grain processor in the country, Namib Mills, this week denied mismanaging its workers’ pension fund.
The allegations were levelled against it by Solidarity Union (SU), an affiliate of the Namibian National Labour Organisation (Nanlo).
“The Namib Mills Retirement Fund is a Namibia pension fund compliant with the Namibia Financial Institutions Supervisory Authority (Namfisa) regulations which provide the framework to which pension funds in Namibia should adhere,” stated Namib Mills’ Commercial Manager, Stephanus Ackermann.
Responding to queries from New Era, Ackermann stated: “The statement issued by the union contains non-factual allegations and incorrect information and is not aligned to the information that was shared at the prior meetings held with them.”
He, therefore, advised any Namib Mills staff member wishing to query the status and level of the company’s pension fund to verify the standing of the pension fund with Namfisa. The supervisory authority is an independent institution established to regulate and supervise financial institutions in the financial services industry in the public interest.
“Should there be any queries regarding the fund, they can be addressed to Namfisa,” Ackermann added.
The SU members last week requested government, the office of the ombudsman, the Anti-Corruption Commission and Namfisa to interfere and help investigate the pension fund queries.
“We have instructed Solidarity Union to request meetings on different occasions with the company board of trustees to explain how they moved our workers’ pension fund from Sanlam, Alexander Forbes to retirement Fund Solutions and whether there was an auditor to audit the fund during all those movements and also, a resolution was taken to appoint Allen Gray Investec Assets Management (91) Investec Company to control and monitor (sic) our pension fund without consulting the entire workforce at the company,” read the statement from Nanlo.
The union further alleged their pension contributions were invested in Europe without their consent and charged Namib Mills with allowing their hard earned pension money to be controlled and monitored by “corrupt people”.
The SU also alleged that members’ pension has been divided into three groups, according to information received from the company. As such, the union stated that, according to their understanding, their total pension fund is estimated to be worth N$250 million. Of this amount, they stated that 25% or N$62.5 million is invested in Europe, the United States of America, the United Kingdom and Dubai while 35% or N$87.5 million is invested in South Africa and the remaining 40% or N$100 million is invested in Namibia.
The union further complained that these alleged movements of funds were not discussed with them and bemoaned the lack of representation for workers on the factory floor.