SSNIT incur over $11 million loss in its investments

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The Social Security and National Insurance Trust (SSNIT), has lost an amount of $11.79 million from its investments with a total cash outlay of $14.768 million.

This was according to the Auditor General Report 2020, which requested management to investigate cause off non performances of the investments to ensure value for money.

In accordance with the requirements of section 90 of the Public Management Financial Act 2016, the Auditor General’s report said SSNIT has not made any returns of value appreciation or dividend from its investments in nine listed and six unlisted companies. Management are advised to take an effective decision in the company to avoid more loss.

The report indicated that the fact that management of the Trust could not collect from the ministry, the diverse teacher proceed more than $600,000 from the Diverse Teacher Implementation Committee since 2012.

This was the proceeds due to the Trust, after selling its 13.60% equity stake in Subri Industrial Plantation Limited to other foreign company from Belgium.