By Watchdog reporter
Recent reports that more than 60 financially stressed companies are seeking a bail out from government to the tune of Shillings 1.3 million, has drawn the national social security fund (NSSF) back into the mud.
However the Fund’s managing Director Richard Byarugaba has denied reports that the workers money will be used to bail out cash trapped companies.
Byarugaba says, “NSSF is governed by the rules of UBRA and NSSF cannot make investments except in companies that are listed on the stock exchange”.
NSSF has more than Shs 6.5tn in assets and collects over sh70 billion every month in workers’ contributions.
It therefore exposes the Fund to economic vultures.