Annual general report of the controller and - Parliament of Tanzania

have invested the amount in other viable investments for
profit or interest.
9.11.3 Unrecorded Investment Properties owned by National
Development Corporation
We noted that the investment properties which were
granted to the National Development Corporation in the
years 1967 to 1970 were not included in the schedule of
investment properties and also no rent income had been
collected from these properties, although the Corporation
hold the title deeds for these properties. The properties
are as follows.
• Plot No. 529 Msasani Peninsula Title number 186216/57
• Plot No. 528 Msasani Peninsula Title number 186216/58
• Plot No. 523 Msasani Peninsula Title number 186216/47
Lack of the records in respect to these investment
properties implies a risk for unnoticed loss of these
properties
9.11.4 Non Economic and Commercially Viable Investment in
loans Advances at NSSF
Section 62 of the National Social Security Fund Act no 28
of 1997 empowers the Board to invest the funds in any
viable investments having regard to the economic and
commercial viability. The review of lending contracts
found that the loans that have been advanced to various
companies proved to be not economically and
commercially viable as required by the above quoted
section. Further Para 5.4 of the Investment Policy of the
fund (2007), requires an exit in non performing class of
investments. However, the following list of loans
evidences the loans that have proved inefficiency without
any decision being made in this class of investments.
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Office of the Controller and Auditor General PA&oBs 2007/08 185