SSNIT to respond to Auditor General’s report over $11.79m loss


By Pascaline Adadevoh

The Social Security and National Insurance Trust (SSNIT) has told GBC News that it will soon officially issue a statement in response to the Auditor General’s Report that stated that it had lost $11.79 million from the liquidation of three of its investments, with a total cash outlay of $14.768 million.

The 2020 Auditor-Generals Report urged the management of SSNIT to investigate the non-performance of the investments to ensure value for money. It further urged them to ensure that effective feasibility studies are carried out before any investment.

Despite the requirement of Section 90 of the Public Financial Management Act 2016, the Auditor General’s Report said SSNIT has not received any returns in the form of value appreciation or dividend in its investments in nine listed and six unlisted companies.

The report asked management to take an effective decision on the companies to avoid further loss.

Embedded in the report is the fact that management of the Trust could not collect from the Finance Ministry the divestiture proceeds of more than six hundred thousand dollars from the Divestiture Implementation Committee since 2012.

This was the proceeds due to the Trust, after selling its 13.60% percent equity stake in Subri Industrial Plantation Limited (SIPL), to Plantation Socfinaf of Belgium.

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