Retirees are at risk because the NSSF is making expensive gaffes

The end of the years of millions of employees is threatened by a blunder of investments from the very organization responsible for protecting and growing their eggs.

Under the auspices of the Auditor General, Edward Ouko, in his annual general reports, the National Social Security Fund (NSSF) set fire to projects worth billions of shillings, with legal and other obstacles bad decisions.

The auditor, for example, could not understand why the CNSS had sold a lot in November 2011 and had earned only one-tenth of the sale price without taking any action to ensure that the rest of the Money is paid.

The 69.16 acres of Mavoko Township were sold after being subdivided into seven parcels of 9.88 acres each in order to take advantage of the booming real estate boom at the time.

While the selling price was set at 116 million shillings, the NSSF could not explain why it had only been received a tenth and seven years later nothing is happening.

"Only 12.6 million shillings, or 10 per cent, were paid by miscellaneous receipt M010022315 of 23 August 2011. The balance of 113.4 million shillings, which had to be paid within 90 days of the date of signature of the agreement, has not been settled so far. . No reason has been given for not terminating the contract of sale at the end of the 90-day contract term, "wrote Mr. Ouko.

The NSSF may have earned much more money since the country has repeatedly appreciated over the past seven years. The auditors were also concerned that if the dispute over the sale was brought to court, the CNSS would continue to pay more fees.

AMS Properties Limited, the real estate company that purchased the land from NSSF, said the exact land boundaries still had to be communicated, as agreed upon at the 2011 sale.

The parcel reference number also changed in two different survey plans, LR parcels # 20183, 20184 and part of 20181 duplicating those of LR Nos. 22067, 22092 and other lands, according to the lawyers representing the real estate developer.

AMS also said that there were squatters on the plots, which required them to use them, which is why she rather suffered.

"Due to the inability of the NSSF to resolve the aforementioned problems, our client has not paid the balance of the purchase price and the properties have not been transferred to his name. . Our client was only required to pay the balance of the purchase price if the NSSF could transfer good title and vacant property to our client, "wrote the lawyers to Sunday Nation to ask why they did not not paid the NSSF.

Efforts to get a response from NSSF communications director Chris Khisa were unsuccessful, as he failed to keep his promise to return since Jan. 3 and ignored further follow-ups.

Several rental income that the fund should earn have also been suspended, with some agents collecting and retaining rents. Unnamed agents had collected some 3.6 billion shillings from Hazina, View Park Towers and the Nyayo estate and had not been transferred to the NSSF.

Efforts to obtain redress have been in vain. EACC would have chosen the case and the badets belonging to the agents are being prosecuted.

Some 7.2 million shillings were lost as a result of fraud at the Westlands branch, another tenant identified as the Kenya College of Medicine gave false cash deposit slips of 9.3 million shillings . The two cases are before the courts, all of them referring to retirement savings risks for the millions of workers who contributed more to the pot at 13.54 billion shillings, compared to 12.84 billion shillings. billion shillings in 2015/16.

His Hazina Plaza in Mombasa had several tenants who defaulted on their rental obligations. In 2010, another tenant signed to rent the property for a period of 10 years at 27 million shillings a year, with a 10% increase every two years. After a 30-month grace period, the tenant continued to fall behind on the rent payment and 239.5 million shillings were not recovered.

The auditors also criticized the NSSF for installing a video surveillance system in the 48 million shillings social security building in Mombasa. CCTV that did not have a maintenance contract was not functional and developed technical defects.

The fund also raised a surplus of 2.2 million shillings beyond its budget and spent 548.5 million shillings less, which allowed the auditors to badume that their budget surplus was around eight percent. , considered as performing.

During the year ended June 2017, the fund paid Sh 3.45 billion to its eleven directors, including Sh 1.15 billion in five sessions of the Human Resources and Legal Committees. One director earned 50,000 shillings.

Compensation paid to administrators shared among the members of the three committees amounted to 1.21 billion shillings, or 3.66 billion shillings more, and far less than staff costs, which had risen to 3.88 billion shillings. shillings.

Efforts to reach Cotu's general secretary, Francis Atwoli, about the benefits offered, have also been unsuccessful.