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*NSSA Investment Manager Fired For Misconduct*

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NSSA has reportedly fired the Authority’s Investment manager Richard Fusire after it emerged that he ill-advised NSSA to invest in $6 million high-risk investment, ZBC News reports.

Fusire is also accused of authorising the payment of over US$1,4 million in a housing project in Chinhoyi which is yet to commence up to this day, without following NSSA’s proper investment market analysis.

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According to the publication:

> Fusire who was employed as an investment analyst, acted contrary to the NSSA risk policy and sanctioned investments of US$6 million with the Metbank that did not meet the authority’s criteria because its credit rating was despicable.

> The investments into Metbank were against the NSSA risk policy as the authority’s investments committee’s Counter Party Limits Report graded Metbank as a high-risk financial institution and recommended against any future transactions with it due to its failure to meet the credit criteria required by the authority.

> Despite the risk, Fusire advised the authority and entered into a loan facility agreement with Metbank resulting in the authority extending the US$6 million to the bank.

Fusire was hauled before NSSA’s disciplinary committee which recommended that he be let go after they decided his decisions were detrimental to the organisation.

More: ZBC News

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