Tendai Biti sues First Mutual over shrinked $15 million retirement package

Tendai Biti sues First Mutual over shrinked $15 million retirement package 1

HARARE – MDC vice president and former finance minister Tendai Biti is suing First Mutual Holdings Limited demanding his retirement package amounting to $15 million. The insurance company had said it would only pay him what was agreed upon attaining his retirement age of 60. Biti said in 1993, while he was a partner in the law firm called Honey and Blanckenberg, his pension contributions were with his consent converted by First Mutual into an annuity policy. “The annuitisation phase commenced with a payment of ZW$15,648.04 and the written projection…

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