NSSF’s KES15bn loss in Discount Securities
11 June 2013, 10:27
Nairobi - The anti-corruption agency has frozen assets worth KES 14.3 billion that the National Social Security Fund (NSSF) invested in the stock market through collapsed broker Discount Securities, raising questions on the actual amount that contributors lost in the dubious deal.
According to Business Daily, the fresh disclosure comes as a surprise to pension savers who had been made to believe NSSF’s full exposure at Discount Securities was KES1.2 billion.
Pension industry regulator, the Retirement Benefits Authority (RBA), made the disclosure in its latest report which also shows that NSSF’s assets are currently worth KES 121.5 billion, excluding the frozen amount.
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