Annual general report of the controller and - Parliament of Tanzania

committed by TPB Staff during the previous years, and
additional claim amounting to Shs.26,340,000 was lodged
with the insurers during the year under review.
Further, we observed that, in March, 2008 the insurers
confirmed refund of Shs.20,203,837 and 70 percent of this
amount i.e Shs.14,142,686 was paid by cheque No.
171519, dated 19.03.2008. The Bank also recovered
Shs.5,000,000 from Dafrosa Mushi terminal benefits in
March, 2008. By the time we finalized our audit in March
2008 insurance claim for suspected forgeries by TPB staff
amounting to TZS. 30,636,219 was yet to be lodged with
the bank’s Insurance Company and the amount to be
refunded by the insurers out of the pending claim of
TZS.96,884,200 was yet to be established.
Furthermore, we noted that, exhaustive age analysis and
detailed list of staff responsible for the forgery was not
prepared and availed to us for our verification. Also, no
provision for bad debts was made in the accounts in
respect of the above balance. We could not, therefore,
satisfy ourselves as to the authenticity, collectability and
correctness of the above balance.
9.11 Investments Management
Investment as for other areas with challenges is very key
and needs smart strategies to undertake if at all one is to
get the profit or achieve the intended objective there
from. Review of the various investments undertaken by the
Public corporations revealed, a number of anomalies noted
as presented hereunder:-
9.11.1 Inadequate Efforts Dedicated in Monitoring the Gas
Product Sharing Agreement with Pan African Energy
(T) Company Limited
Review of various product sharing agreements (PSAs)
entered between the Government and TPDC on one hand
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