NSSA has reportedly fired the Authority’s Investment manager Richard Fusire after it emerged that he ill-advised NSSA to invest in $6 million high-risk investment, ZBC News reports.
Fusire is also accused of authorising the payment of over US$1,4 million in a housing project in Chinhoyi which is yet to commence up to this day, without following NSSA’s proper investment market analysis.
According to the publication:
Fusire who was employed as an investment analyst, acted contrary to the NSSA risk policy and sanctioned investments of US$6 million with the Metbank that did not meet the authority’s criteria because its credit rating was despicable.
The investments into Metbank were against the NSSA risk policy as the authority’s investments committee’s Counter Party Limits Report graded Metbank as a high-risk financial institution and recommended against any future transactions with it due to its failure to meet the credit criteria required by the authority.
Despite the risk, Fusire advised the authority and entered into a loan facility agreement with Metbank resulting in the authority extending the US$6 million to the bank.
Fusire was hauled before NSSA’s disciplinary committee which recommended that he be let go after they decided his decisions were detrimental to the organisation.
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