Financial watchdog Namfisa says it has already reviewed the Government Institutions Pension Fund’s troubled Development Capital Portfolio (DCP), but cannot disclose whether the process included a forensic investigation.
The regulator was responding to questions following the fund’s large impairments on unlisted investments linked to the now-discontinued DCP programme and newer investment funds.
Namfisa says it has conducted “extensive supervisory reviews and inspections” of the GIPF over several years, which included assessments of the DCP portfolio.
However, the authority says it is legally prohibited from disclosing the scope or findings of these reviews.
“Due to confidentiality requirements under Section 30 of the Namfisa Act, the authority is not permitted to disclose the extent or specific outcomes of this work,” the authority says.
The regulator says it continues to supervise the fund in line with its mandate, covering governance, risk management and the fund’s overall financial soundness.
The response marks a shift from Namfisa’s earlier position, in which it stated that matters related to the DCP were handled internally by the GIPF, and that the regulator had no mandate over operational decisions, including whether to institute a forensic investigation.
Namfisa chief executive Kenneth Matomola has previously said the regulator’s primary role is to protect pension fund members by ensuring compliance with the Pension Funds Act and related regulations.
According to Namfisa, pension fund supervision is carried out through ongoing reviews, inspections and reporting requirements designed to safeguard members’ savings and maintain confidence in the pension system.
The regulator says the non-bank financial institutions sector accounts for more than 70% of Namibia’s total financial sector assets and remains stable.
Namfisa says it continues to pursue regulatory reforms and welcomes the implementation of the Financial Institutions and Markets Act (Fima), which it says will strengthen oversight of pension funds and other financial institutions
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