Mohloai Mpesi
NTHOATENG Lebona, the finance principal secretary and chairperson of the Board of Trustees of the Public Officers’ Defined Contribution Pension Fund (PODCPF), has once again attracted the wrath of parliament.
The parliamentary Public Accounts Committee (PAC) this week slated her over her failure to comply with the edicts and protocols of the PODCPF’s regulator - the Central Bank of Lesotho (CBL)
The committee heard that Ms Lebona had failed to submit necessary documents to the CBL for her to be cleared as fit and proper to lead the Fund.
All members of the Board of Trustees are supposed to be cleared by the CBL to assume their roles but the committee heard from the Fund’s Corporate Secretary, Sempe Moshoeshoe, that Ms Lebona had failed to do so within the set deadline.
PAC member, Montoeli Masoetsa, of the All Basotho Convention (ABC), was so infuriated that he derisively described Ms Lebona as “sota”, a type of hard beans that takes very long to cook.
PAC members warned that all decisions being taken by the Fund without its members being properly authorized could be deemed null and void.
PAC Chairperson, Machabana Lemphane-Letsie, repeatedly asked Ms Lebona about the potential consequences of the board making decisions when it is deemed unfit and improper.
Ms Lebona produced no satisfactory answers, persistently promising to comply with the regulator’s edicts.
The board had been given from October 2023 until September 2024 to submit all required documents for the CBL to assess its members.
Mr Moshoeshoe said Ms Lebona was the only one who had not submitted her tax clearance and other requested documents.
As a result, the regulator could not confirm the fit and proper status of the board without the required documentation of all its members.
“We have not received a formal response from the regulator regarding the fit and proper status of the trustees, particularly concerning decisions they may have made while not confirmed to be fit and proper,” Mr Moshoeshoe said.
“There were a few documents pending from the chairperson of the board. All other trustees had submitted their required documents. The pending documents for the chairperson included a tax clearance certificate along a few others.”
Ms Lemphane-Letsie questioned whether this meant Ms Lebona had failed to comply despite the specified deadline to which Mr Moshoeshoe responded in the affirmative.
“Yes, the tax clearance has not been submitted,” Mr Moshoeshoe said.
Ms Lemphane-Letsie further asked if Ms Lebona felt comfortable making decisions on behalf of the board without passing the fit and proper test.
“Is it appropriate for you to work inside the board and make decisions when you are not fit and proper? You are the only one who has not submitted the required documents.”
Ms Lebona’s response infuriated Mr Masoetsa, who apart from calling her sota (hard beans), also accused the PS of being a stubborn bull (Poho ea khothu) who dominates her subordinates.
“Mme PS regards herself as the boss of those who are supposed to confirm her fit and proper status at the central bank. She believes there are no decisions they can make against her or penalties they can impose.
“Numerous and irrational decisions have been taken by this board under her improper chairmanship. She fails to recognise the gravity of the situation, continuing as if nothing is amiss,” the irate Mr Masoetsa stated.
He further proposed that the meeting be adjourned to allow the committee time to summon the Minister of Finance and Development Planning, Retšelisitsoe Matlanyane, and the Governor of the Central Bank of Lesotho, Maluke Letete, over Ms Lebona’s noncompliance.
“She appears so contemptuous as if she does not see us at all but only those who work in her garden. The deadline has been established by the proper authority, yet as chairperson, she chose to disregard it. I propose that the relevant minister be called before this committee to explain. That minister is not above us, we are all politicians.
“This pension Fund loses credibility under the leadership of such a negligent person. The corporate secretary is afraid to confront her because she is a bully within the Fund. She does not have regard for other members of the Fund, nor does she regard us as well.”
“This woman should realise that we are not merely people who work in her garden. We are here with a clear mandate,” Mr Masoetsa complained.
Ms Lemphane-Letsie remarked that any decisions made by the board after 30 September 2024, could be legally challenged and regarded as unlawful.
“If the regulator states the board cannot make certain decisions without its members passing a fit-and-proper assessment, anyone can challenge this board in court, rendering the decisions you have taken unlawful. This exposure you create for the Fund as chairperson is significant…,” fumed the PAC chairperson.
“There are many matters on which the Fund needs to make decisions, and if they are challenged, those decisions can be revoked. Do you realise how you are putting the Fund at risk as chairperson? You are not fit and proper, you have failed to submit the required papers. I do not accept your excuse of being busy. Are you the busiest person in Lesotho, so much so that you cannot appreciate the importance of complying with such an important regulation?” she asked.
The PAC meeting was adjourned until next week.
