Annual general report of the controller and - Parliament of Tanzania

� Down Payment
Down payment of USD 100,000 was paid on 16 th
April 2007 that is three (3) months after the award
instead of 15 days as per signed agreement. The
amount so deposited was not equivalent to 10% of
the selling price as per agreement. According to
the agreement the deposit was supposed to be USD
651,000. The deposit was done vide cheque No.
487000454 dated 14/04/2007 issued by Mashreq
Bank (Zabeel Branch) of P.O.Box 1250 Dubai, UAE
into NSSF bank account No. 870-800-600-3900 at
standard Chartered Bank, international house
branch.
Further on 14 th May 2007 the same bank deposited
another down payment of USD 551,000 vide cheque
no. 487000625 dated 14/5/2007 into same NSSF
bank account at Standard Chartered Bank. Besides
the buyer breaching second condition in the
agreement which required payment of 10% of
selling price within 15 days, it remained unusual
and doubtful whether money laundering element
existed, adding obscurity surrounding genuineness
of the transaction.
� Maintenance of the Property on Disposal
According to the agreement, the buyer was
supposed to be responsible for all matters related
to cleanness, security and insurance immediately
after payment of 10% of the selling price. The
Fund, however, had incurred these expenses after
payment of the deposit (i.e 14 th May, 2007) until
the date of handling over of the property to the
buyer (October 2008).
� Non Compliance to Terms of Payments
The agreement stipulated that after down payment
of the 10% of the selling price, the remaining
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Office of the Controller and Auditor General PA&oBs 2007/08 160