Namibia: Novanam Freezes Pension Fund

17 September 2013

NOVANAM Fishing Company has ordered Old Mutual to halt all pension benefit payments to allow a full forensic audit into a scam that has allegedly fleeced some of the 300 sacked workers out of their pension money worth millions of dollars.

In a note to all staff members, the company's managing director, Miguel Angel Tordesillias, said the pension payments stoppage will also allow the company to determine the extent of the alleged pension scam while minimising the risk around it.

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