NSSA Ordered To Pay $30 Million For Breach Of Contract

The National Social Security Authority (NSSA) has been ordered to pay Housing Corporation of Zimbabwe (HCZ) $30 million with interests for breach of contract after the pension fund cancelled a housing deal.

NSSA had accused HCZ representatives Adam Molai, Stephen Duggan and Alec Nyatanga of swindling the public pension fund of $16 million in a botched housing investment deal which they had terminated. But an independent arbitrator Peter Lloyd ruled that NSSA had no case against HCZ. He also ruled that the manner in which NSSA handled the matter was wrong hence, they must compensate the property developer $30 million plus interest and legal fees.

HCZ rushed to the arbitrator after NSSA had terminated the deal alleging that they had failed to construct 8 000 housing units within the agreed timeframe.