Global turmoil shaves P300m from DPF
Friday, October 07, 2022 | 700 Views |
Gosego January
From about P9.6 billion at the end of the first quarter of the year, the country’s second-largest pension fund ended the second quarter with net total assets of P9.2 billion.
“Investor pessimism seeped into markets driving both equities and bonds to fall further, thereby providing investors with limited opportunities for growth in the quarter,” the pension fund said in a recent update to its members.
That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...