SECZ settles OM, PPC valuation inconsistencies

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THE Insurance and Pensions Commission (Ipec) says Securities and Exchange Commission of Zimbabwe (SECZ) guidelines on the valuation of suspended fungible stocks, Old Mutual (OM) and PPC, have eliminated inconsistencies that had emerged among pension funds.
Earlier this year, the regulator raised a red flag over inconsistencies in valuations, pointing out that pension funds’ aggregate asset base declined by 24 percent between September and December 2020, mainly due to undervaluation of holdings in the suspended counters, “as most reporting entities were using prices as at suspension date”.