STAFF WRITER
Former Finance Minister Calle Schlettwein has blasted the Government Pension Institution Fund (GIPF) over the loss of an N$850 million ‘bad’ investment in South Africa.
The loss is linked to an investment placed with the South African-based firm TriAlpha Investment Management- specifically through a company called Signal Structured Finance Fund.
GIPF engaged an underperforming offshore asset in South Africa, resulting in the loss of N$815 million – largely considered “irrecoverable”.
“N$ 922 million impaired loss by the GIPF is horrendous. Whether impaired or direct it remains a loss. To try and pacify the public by saying the GIPF is not in danger is not good enough by a long shot. We need to know who within the GIPF is responsible for the loss and accountable,” Schlettwein said on Social Media platform Facebook.
He added, “Tell us where the money is! Whatever happened in South Africa is immaterial, you the GIPF as an institution entrusted with pensioners money remain fully accountable.”
Last week the GIPF released a statement downplaying the impact of the loss to the fund.
They said loss represents only 0.4% of its total assets.
GIPF’s total assets are valued at N$193 billion by the end of August.
The fund expressed confidence in recovering the offshore investment losses.
Last week Opposition parties, Popular Democratic Movement (PDM) demanded urgent accountability on the issue.
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