Zimbabwe: NSSA Loses U.S.$14 Million in Shares Scandal

THE National Economic Conduct Inspectorate has called for the heads of former NSSA chairman Albert Nhau and its current general manager, James Matiza following its unravelling of a series of financial irregularities in the way the authority used public funds to acquire properties and shares.

In particular, the NECI is questioning a share purchase by NSSA into Zimbabwe Stock Exchange-listed company Star Africa Ltd at a US$2,5 million premium to market prices, beginning September 2009. The purchase, into a company analysts warned was declining, has now resulted in a more than US$14 million net loss, as the Star Africa share price has plummeted.

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