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Home / GIPF Trustees - What have you done with my money?
GIPF Trustees - What have you done with my money?
2007-04-11Staff Report 2 I have read in the media that Social Security was going to write off the debt of N$30m of the Avid saga. I realize that we as citizens should not keep quiet in the face of corruption. We must speak up! These companies get income from deducting money from our meagre salaries and yet they do things as though they own these companies. One company, which is highly protected from the public eye, is the GIPF. In 2004/05, the GIPF was reported to have given loans to well-connected people such as directors of a Grape Company, the Abattoir, Black Square, of which a few million of the pension fund money was lost. According to what I heard, loans were given with bogus guarantees: some guarantees are worth nothing; some were not recalled on time. When I looked at the Pension Fund Act, I saw that the Principal Officer is the main adviser to the Board. What role did the Principal Officer/CEO play that he could advise the Trustees wrongly? Instead of calling him to order or firing him, the Trustees promoted him and extended his term of office. The type of mistakes made with GIPF money are typical of the quality of the skills and expertise of the CEO/Principal Officer. At Social Security, Desa Onesmus was fired unceremoniously for losing only a few millions and a pen worth N$1??????'?? 2007-04-11Staff Report 2
