IPEC okays liquidation of Allied Banking Group Pension Fund

IPEC okays liquidation of Allied Banking Group Pension Fund

Insurance24 reporter 

HARARE, The Insurance and Pension Commission (IPEC) has approved the liquidation of the Allied Banking Group Pension Fund and independent Consulting Actuary, David Mureriwa has been appointed the Liquidator of the Fund.

The approval is in terms of the Section 10 (1) (a) of the Rules of the Allied Banking Group Pension Fund as at 30 April 2017.

As a result, all Members, Deferred Pensioners, Pending Exits or Other Stakeholders of the fund are requested to consult the Administrators Office to confirm their membership or claims on the fund.

Allied Bank, formally trading as Zimbabwe Amalgamated Banking Group was put under liquidation in February 2015, after the Central Bank had said it was no longer viable.

According to the Liquidator’s interim report, the financial institution had collapsed due to illiquid toxic asserts, bad corporate governance among other factors.

At the time of liquidation, the bank’s assets were recorded to be higher that its liabilities, assets at $25mln and liabilities $34.4 million.

The same year in 2015, workers of then defunct Allied Bank accused their employer and a local insurance broker of abusing close to $1 million of their pensions leaving them to wallow in poverty.

They petitioned the Insurance and Pensions Commission (IPEC) to investigate allegations that Allied Bank diverted $400 000 from the workers’ pension fund for their own use before withdrawing another $400 000 from the pension fund administrator without the knowledge of the workers.