NSSA slapped for breach of contract

The National Social Security Authority (NSSA) has been ordered to pay Housing Corporation of Zimbabwe (HCZ) $30 million with interests for breach of contract after the pension fund cancelled a housing deal.

The State-controlled pension manager had accused HCZ representatives Adam Molai, Stephen Duggan and Alec Nyatanga of swindling the public pension fund of $16 million in a botched housing investment deal which NSSA had terminated

But an independent arbitrator Peter Lloyd ruled that NSSA had no case against HCZ and the manner in which it handled the matter was wrong hence, they must compensate the property developer $30 million plus interest and legal fees.

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