Mbada Diamonds Pension Fund goes into liquidation

Mbada Diamonds Pension Fund goes into liquidation

Insurance24

HARARE, Insurance regulator, the Insurance and Pensions Commission (IPEC) has approved the liquidation of Mbada Diamonds Pension Fund and David Mureriwa, an independent consulting actuary has been appointed the liquidator of the fund.

In 2015, government moved to consolidate the diamond mining industry and ceased operations for the other six companies that had been granted joint venture mining rights with the Zimbabwe Mining Development Corporation (ZMDC).

Mbada Diamonds was among the companies that had their operations halted, resulting in formation of the Zimbabwe Consolidated Diamond Company (ZCDC), which is a government entity.

Other companies included Anjin, Diamond Mining Company, Jinan, DTZ Ozgeo, Rera, Gye-Nyame, Kusena and Marange Resources.

According to a liquidation notice, the Mbada Diamonds Pension Fund is being liquidated in terms of Section 10 (1) (a) of the Pensions and Provident Fund Act (Chapter 24.09) and Section 10.2 of the Rules of the Mbada Diamonds Pension Fund as at 30 September 2017.

“All members, deferred pensioners, pending exits or other stakeholders of the fund are requested to visit the fund’s office…….to confirm their membership or claims on the fund.”

“Should there be any queries regarding the method of distribution by the Liquidator, objections should be raised in writing with the Commissioner within fourteen days from 26 February 2018,” read the notice.

In December last year, about 52 workers sued their employer Mbada Diamonds over nearly $1 million in unpaid salaries, overtime and pension contributions.

The workers accused Mbada Diamonds of breaching terms of their contracts by failing to pay them their salaries and remitting their pension contributions to Marsh Employee Benefits Zimbabwe.