By: Anthony Bwalya (UPND Member)
What you are about to read is the kind of institutional criminality why the UPND and President Hakainde Hichilema are intent on reforming NAPSA so that public pensions delivers value for contributors money.
As the 2021 general election dawns, the Patriotic Front (PF) regime are in panic mode and frantically looking for more money, beyond what they have already stolen, to finance their election bribery activities in fake empowerment schemes.
There is already information that ZESCO has been raided for $43m in a so-called “cyber security” contract given to an Israeli company, a contract which is rumoured to have only been worth around $12m.
This is also how ZAMTEL made K4bn worth of loses in 2018 in the same market where Airtel and MTN are making money for their private investors.
The PF says NAPSA has no money to pay pensioners lumpsum payments but they have millions of dollars to plough into shody investment ventures.
PF are now actively raiding parastatals for political money, and NAPSA seems an obvious and easy target.
So here is how: If you raid a public pensions fund for campaign financing, the public will know. So, what do you do? Get one of your friends to sell you one of their worthless assets for an inflated premium and pay for it using public pensions money. Once the cheque comes in, ask your friend to cut you a share of the dirty deal.
This is the money the PF are now throwing around in useless empowerment schemes around the country.
The National Pensions Scheme Authority (NAPSA) Board must be dissolved immediately and reconstituted. NAPSA has continued to sabotage the lifetime pensions contributions of ordinary, hardworking Zambians by making incredibly questionable investment decisions on behalf of contributors.
Chrismar Hotel cannot be worth $18m in a shrinking real estate market like ours. No one has money to spend like that, and it raises red flags that the PF regime are now using NAPSA as a money laundering institution to help their friends clean up dirty money, as well as a platform to siphon money from public pensions.
Let NAPSA publish the latest financial and valuation information that justify Chrismar Hotel’s $18m valuation price tag and can they also demonstrate how contributors into NAPSA pensions will benefit from this acquisition.