Special Anti-Corruption Unit (Sacu) probes PSMAS

Share on facebook
Share on google
Share on twitter
Share on linkedin

The Special Anti-Corruption Unit (Sacu) in the Office of the President and Cabinet has launched an investigation into long-running Premier Service Medical Aid Society (PSMAS) corruption scandals, which may claim the scalp of senior executives at the entity.

Mr Tabani Mpofu – a renowned lawyer who leads the crack unit – confirmed the probe.

He said: “We have received complaints of corruption allegations against PSMAS. We have referred the matter to the relevant investigating institutions. The probe is on.”

PSMAS has for long been under the spotlight for alleged corruption, which could have siphoned millions of dollars at the expense of service delivery.

Subscribers, numbering over 700 000 who are mostly civil servants, have largely been inconvenienced as service providers have been rejecting Psmas medical-aid cards owing to rising defaults.

A forensic audit conducted in 2016 also exposed how PSMAS lost millions of dollars as company bosses splurged on bonuses, which were outside the payroll.

Mr Mpofu said his office was keeping a hawk’s eye on the PSMAS investigation to ensure a logical conclusion.

“I am monitoring the probe very closely with a view of preferring corruption charges against those who are facing allegations and warrant to be brought before the courts,” he said.

The Sunday Mail Business gleaned the latest dossier, which outlines a litany of allegations against the PSMAS management.

The document, which was compiled by disgruntled PSMAS workers and subscribers, red flags personal loans awarded to managers.

It also alleges that the PSMAS procurement process is not transparent.

Some executives, it claims, could be using briefcase companies to siphon money out of the medical aid society.

Further, some PSMAS board members are accused of using their influence to secure jobs for their close relatives.

Part of the dossier reads: “It is our hope that the Presidential Anti-Corruption Crack Unit will support our wish to eradicate this cancer and support President Mnangagwa to build an upper middle-class economy (by 2030) and be open for business without fear of corruption.

“Our prayer is that this document is given serious attention and all the listed issues be investigated and let the law take its course.”

The workers are also recommending the suspension of top executives in order to pave way for investigations.

More: sundaymail

 

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

Recent Rates

Other Posts

About Us

We are a team of independent analysts whose primary focus is research into the Zimbabwean parallel markets as well as the stock market. We strive to bring you the most accurate rates in the market and our independence means we have no bias on these rates. You need to make your business decisions and we strive to be your best source of information.

Disclaimer

As Market Watch we do not deal in the parallel market nor do we quote on behalf of any other person or company. We are not traders and cannot be accountable for any decisions you make around our data. We are researchers only so please do not assume our information is accurate. Our information comes from various sources including social media as well as market informants on the street. For official USD and RTGS rates please consult your banking partner or the Reserve bank of Zimbabwe. Please note it is illegal to deal on the parallel market and we strongly advise against it. Our platform documents the rumoured parallel market that is mentioned on social media and various other sources.

The Lingo

OMIR

The ‘Old Mutual Implied Rate’ is a comparison between the Old Mutual share price on the London stock exchange / the Johannesburg stock exchange and the Zimbabwe stock exchange. Effectively RTGS is valued at 1:1 with the USD, but this difference in share price gives us the implied countries exchange rate.

RTGS

Real-time gross settlement systems (RTGS) is a funds transfer system where money transfer takes place from one bank to another on a “real time” basis and “gross” basis. Settlement in the “real time” means that the transaction happens almost immediately.

BOND

The Zimbabwe Bond Note is a surrogate currency issued by the Reserve Bank of Zimbabwe. This was originally issued against a loan facility from the African Export-Import Bank. The Bond Note is officially 1:1 however the market seems to have significantly discounted the value of the Bond Note.

ZAR

The symbol ZAR is the currency abbreviation for the South African rand.