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GIPF CEO to engage Office of the Prosecutor General

2019-08-27  Staff Reporter

GIPF CEO to engage Office of the Prosecutor General
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WINDHOEK – The Government Institutions Pension Fund (GIPF) issued a statement late last week saying it has taken note of the pronouncement made on August 21 by the Prosecutor General on the investigation into about N$600 million which was looted from the Development Capital Portfolio (DCP) that was operational between 1995 and 2005.

“Seeing that the matter is no longer sub-judice, the Chief Executive Officer (David Nuyoma) will engage the Office of the Prosecutor General in order to better understand the decision taken. 
The Fund will further engage with its members and other stakeholders on this matter,” read the statement issued by the office of the CEO at GIPF.  

“The Fund wishes to reiterate that the pronouncement does not, in any manner, adversely affect the Fund’s Investment and Operational philosophy that has proved to be successful, bearing much fruit over the past 30 years. 

The Board and Executive Management wishes to further reassure our members and stakeholders that the Fund remains in a healthy and sound financial position as per the recent Actuarial Valuation,” the statement continued.   

It added that the lessons learnt from the DCP resulted in the New Unlisted Investment Program which ensures proper alignment of interest, transparency, accountability and good governance in line with Regulation 14 of the Pension Funds Act. 

“To date GIPF has committed N$6.9 billion in unlisted assets in Namibia through this program. As at March 2019, the Development Capital Portfolio performance and key figures are stated below. 
All the financial results were audited and factored into the relevant financial statements,” the statement reads. 

 GIPF further highlighted the DCP Performance, including: Total Capital Invested in loans and shares at N$661 249 331; Total Value of Dividends, Interest and Capital Payment received at N$1 119 315 557; Total DCP Profit realised at N$458 066 226; Total Value of Investment losses during the DCP at N$386 572 857 and Fair Value of DCP assets still owned by the GIPF to date at N$988 669 772.  

2019-08-27  Staff Reporter

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