Fund sued
MASERU-THE Public Officers’ Defined Contribution Fund is being sued for allegedly cutting corners when it appointed its acting principal officer.
Komane Motaba, a Teaching Service Department director who is also the Fund’s trustee, filed an urgent application in the High Court on Tuesday to change the appointment of Sempe Moshoeshoe.
Motaba complains that the board violated the Fund’s regulations when it appointed Moshoeshoe, who is the corporate secretary, as its acting principal officer.
The Fund has about 40 000 members and is worth about M7 billion.
Moshoeshoe was replacing Thabo Thulo whose contract expired on January 31.
Motaba argues that the Pension Fund Act explicitly provides that a principal officer can only be appointed, whether in an acting or substantive capacity, with the approval of the Central Bank of Lesotho as the regulator.