FORMER workers at SFG Insurance company are up in arms against the firm’s liquidator, Cecil Madondo, whom they accused of failing to process their terminal benefits and pensions.
BY CLAYTON MASEKESA
The ex-workers said they were retrenched two years ago and were still to receive their pay-outs.
However, Madondo last week expressed shock that the workers had not received their pension benefits. He said he wrote to SFG’s life pension insurer ZB Life Assurance on December 19, 2013 authorising payment of the pensions.
Madondo said: “We would like to advise that it is highlighted in the liquidators report that payment of creditors is subject to collection of funds from debtors. Henceforth, we would like to advise that the process of recovery involves litigation which requires considerable time to be addressed in respect of statutory regulations that should be adhered to.
“Pursuant, we engaged some legal practitioners to carry the recoveries due to the complexities of the debts. The process is ongoing until all recoveries are done.”
On allegations that he was benefitting from undervaluing the company’s assets and receiving kickbacks from buyers, Madondo said: “In terms of the liquidation processes, all assets of the company should be evaluated in order to get the best-selling market values. Accordingly, it was required to source for registered valuers and auctioneers to do an independent valuation report of the assets. I subsequently engaged auctioneers to do the valuation and sale of all the company assets. Therefore the prices were determined by the market forces of demand and supply.”
