By Landing Colley
Social Security and Housing Finance Corporation on Monday presented their financial statement and management letter of 2018 fairly to the Public Enterprise committee (PEC) of the National Assembly.
Haddy Kebbeh, external auditor reading the management letter said, the review of the actuarial valuation report which was 31 December 2017, indicated that the asset value was GMD 2.0 Billion adding that the asset value in the actuarial report does not reconcile to the asset value per 2017 signed financial statement of GMD 1.5 Billon.
She further said the total value of the asset for the federated pension fund (FPS) would have represent 77% instead of the total actuarial liabilities of the fund which the deficit would have been GMD 464.5 million instead of GMD 29.8 million as their opinion is not qualified in respect of the matter.
“We draw your attention to the Directors Report where the Director disclose that they have carried out an actuarial valuation of the Federated pension scheme which has an objective of ensuring that existing asset should be enough to cover fully the value of the benefits in respect of service already completed has been activated, “she said.
Hon. Halifa Salleh the chairperson of the public Enterprise committee (PEC) of the National Assembly said they heard from management, the auditors and now it is clear what they had as it is very clear to them that this is the most important institution as far as reducing poverty.
Through this report they can work on twinning institutions as it their duty to review the presentation and make their observation.
According to him the SSHFC is well position to serve the workers both the public sector and the private sector and also to enhance local housing estate.
However, the review of the present made by SSHFC in term of their activity report and financial statement at 31st December 2018 was adjourned for proper review of the presentation.
