The financial regulator in Namibia says it has looked into that big pension fund's messy investment portfolio but can't talk about it. Namfisa confirmed it had conducted extensive reviews of the Government Institutions Pension Fund's Development Capital Portfolio after questions about major losses. However, citing confidentiality laws, the authority refused to say if that work included a forensic audit or what it found.
This stance is different from before, when the regulator said the pension fund handled its own operational issues. The Namfisa CEO Kenneth Matomola has emphasized that their main job is protecting members' savings by making sure rules are followed. They say the overall non-bank financial sector, which holds most of the country's assets, remains steady. The watchdog is pushing for new laws like FIMA to tighten oversight of pensions and other institutions.
This stance is different from before, when the regulator said the pension fund handled its own operational issues. The Namfisa CEO Kenneth Matomola has emphasized that their main job is protecting members' savings by making sure rules are followed. They say the overall non-bank financial sector, which holds most of the country's assets, remains steady. The watchdog is pushing for new laws like FIMA to tighten oversight of pensions and other institutions.
