Claim
On July 30, 2024, some social media platforms published posts alleging that Vedanta had obtained 250 million United States dollars ($250m) from the National Pension Scheme Authority (NAPSA) to pay local contractors. The posts received mixed reactions from the public, some of them raising concern over the Authority’s purported decision to give public funds to Vedanta to settle its debts.
NAPSA is a statutory body established in February 2000 by the National Pension Scheme Act No. 40 of 1996 of the Laws of Zambia to manage pension funds for private and public workers registered with the entity, including investing the funds and paying out pension benefits to its members when they are due.
Rating Justification
iVerify Zambia has determined as false the claim by social media platforms that Vedanta had obtained 250 million United States dollars from NAPSA to pay local contractors. Through an official statement released by NAPSA Head of corporate Affairs and posted on its official Facebook page on 30th July 2024, the Pension Authority refuted the social media claims that it had given Vedanta the alleged amount of money. It stated that the claims were not true, and urged the public to disregard them.
The statement further informed the public that the Authority announces its investment decisions to the public as per its new stance on transparency and accountability. The public was encouraged to visit NAPSA’s official platforms or contact the Authority through its official communication channels to get first-hand information on matters related to the institution.
Evidence and References
https://www.facebook.com/YourNAPSA/posts/pfbid032izss97bwNVHtg7gsT5Z4YiKVxpAJZvLD8AgDPHkbKc199gbvr3diuSanbHMFQTVl