How NSSA Lost $175 Million Of Pensioner Money: Audit Report

The forensic audit report released earlier this week has a breakdown of the money that NSSA potentially between January 2015 and February 2018 (the period covered by the Audit investigation).

According to the report, actualy significant amounts were lost to Metbank. Potential losses were also made to MetBank and housing agreements with an entity called HCZ.

The breakdown below:

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DescriptionValue ($US)
Potential Financial loss
Treasury bills and loan exposure to MetBank$62,003,756
Off-take housing agreements - HCZ$104,000,000
Off-take housing agreements - Metro Realty (Metbank Guarantee)$1,710,000
Total Potential Financial loss$167,713,756
Actual Financial Prejudice
Overpayment on Metbank Debt Swap$4,172,000
Metbank properties bought at overstated prices$2,005,000
Unapproved Costs - Executive Management$306,195
Unapproved Costs - Noon-Executive Directors$86,322
Payment on Africom debt factoring$303,140
Payment of unauthorised contract extension$15,000
Payments to unfairly dismissed employees$598,718
Total Actual Financial Prejudice$7,536,375
Grand Total$175,250,131

 

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