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He confirmed his departure in an interview on Tuesday, but quickly pointed out that it was of his own volition.
Mr Maposa said the MIPF nominated a chairman annually and he had been nominated for a sixth term, but had decided to step down from the board, as he was satisfied he had “done enough for the fund”.
“It’s not about individual issues,” he said. “The chairman represents the board and there still are people in the board capable of dealing with the issues. It is not about us. It’s about the institution.”
But it has taken about seven months for Mr Maposa to resign after the Insurance and Pension Commission had recommended in its On Site Examination Report conducted in August last year that he be immediately relieved of his duties — “since he is not fit and proper to preside over the affairs of the fund”.
But Mr Maposa immediately appealed to the finance ministry.
What raises questions about his claim of “voluntary” resignation is the fact that negotiations on the former principal, Mr Tendai Kanjanda’s exit package collapsed at the eleventh hour, further complicating issues and the matter has since been referred back to a disciplinary panel.
The MIPF is said to have offered Mr Kanjanda US$56 000 as an exit package, which he turned down, amid allegations that the board wanted him to withdraw statements he made that they felt were damaging to the fund.
A source said: “The intriguing aspect to his abrupt resignation is the fact that Mr Maposa had a spat with the Insurance and Pension Commission over the suspension of the principal officer, Mr Tendai Kanjanda and his defiance in appointing Ms Kwanele Ndlovu as acting principal officer.”
Mr Kanjanda was suspended withoyut pay and benefits on June 25 last year pending a disciplinary hearing.
His suspension was on the grounds that he had “committed serious acts of misconduct which warranted disciplinary proceedings in terms of Section 4 of Statutory Instrument of 2006.”
Ms Ndlovu was then appointed acting principal officer, pending finalisation of the forensic audit.
But the IPEC expressed reservations relating to the investigation of Mr Kanjanda, alleging that the MIPF board had not provided reasonable details relating to the investigation.
It also advised that it was not “agreeable” to the appointment of Ms Ndlovu as the acting principal officer.
“Now the heat seems to be on him,” said the source. “First, to deal with the issue of Mr Kanjanda, now that they have failed to reach a compromise on his (Mr Kanjanda) exit package and secondly, presiding over a disciplinary hearing which does not have the ‘blessings’ of the Insurance and Pension Commission.
“What makes the matters worse is that Ms Ndlovu has been the acting principal officer, something that IPEC boldly indicated that it did not approve of, since she might have been involved in some transactions that may have prejudiced the fund. But this directive was strongly defied.”
But Mr Maposa said he had voluntarily stepped down to pursue personal interests because he felt that he had done his part and needed to create space for a new leader of the fund.
“The issue of (Mr Kanjanda) will continue in the normal process,” he said. “It is the institution that he will be dealing with. The issue (after Kanjanda refused to take the package) goes back to a disciplinary panel.”
When contacted for his comment yesterday, Mr Kanjanda referred all questions to Mr Maposa.
Online Reporter