Annual general report of the controller and - Parliament of Tanzania
Annual general report of the controller and - Parliament of Tanzania Annual general report of the controller and - Parliament of Tanzania
S/N Borrower Anomalies 1. Kilimanjaro Bazaar - TShs 105 M at 31% p.a (1990,1991,1992) 2. Mbowe Hotels Limited - Tshs 15 M at 31% p.a and 12% p.a (1994,1999) 3. Emunio Tanzania Limited- USD 1.86 M at 8% p.a USD (2004) 4. Ubungo Plaza Limited (UPL) - Tshs 1,284.2 M at 10% p.a (2004) 5. Kagera Sugar Company Limited- Tshs 12 Billions at 10% p.a (2004,2005) 6. General Tyre East Africa – USD 10 M at 6% p.a (2005) 7. Continental Ventures(T) Limited – USD 3.5 Millions (2005) The borrower won the case after NSSF sued for default and thereafter NSSF was instructed to pay Tshs 600 Millions. NSSF appealed on 27/2/2007 and until April 2008 the hearing was yet to start. The borrower defaulted and the Fund was forced to opt for litigations which have not yet realized the success. The borrower failed to pay and it was latter found that the company is in process of restructuring and negotiation with the strategic investor to enable further equity some of which will be used to repay NSSF loan. The schedule of repayment was letter changed to take into account the financial position which now will repay loan to March 2010 The Borrower has failed to service its loan as a result the interest has accumulated to Tshs 5,624.29 Millions as at 30 th May 2008. The Government proposed and the lender agreed to waive the accrued interest by 55% and the balance capitalised Default notice has been sent to borrower Borrower has failed to service its obligations 8. Katani limited- USD Borrower has failed to service his ___________________________________________________________ Office of the Controller and Auditor General PA&oBs 2007/08 186
3.7 Millions (2006) loan 9. Kiwira Coal & Power Company Limited – Tshs USD 7 M (2007) Failed to repay loan as per agreement The management does not observe the above quoted law and regulation 9.11.5 Investments in Ordinary Shares with no Earnings- NSSF Tshs. 62,785,093,300 Audit review of investments revealed that the Fund has investments in a number of companies in the form of ordinary shares and no evidence of projections for dividends to be received in the near future from those companies. The background has revealed that no dividend was ever received from those companies. Generally, the investments in the companies in question were found to be un-economical. The companies concerned are tabulated below:- Name of Company Balance 30/6/08-TZS Remarks Tanzania Oxygen Ltd 13,200,000 No declared dividend Tanzania Housing Bank 1 495,280,000 Under Liquidation st Adili Bank Corp Ltd 3,152,024,742 The fate is unknown CDC Mbeya Cement 1,152,024,742 No declared dividend Ubungo Plaza 9,817,038,702 No declared dividend TANRE Share 1,000,000,000 No declared dividend HEPZ (Quality Group) 47,156,025,113 No dividend Share declared PPL Pension Properties 3,500,000 No declared 62,789,093,299 dividend ___________________________________________________________ Office of the Controller and Auditor General PA&oBs 2007/08 187
- Page 155 and 156: VAT). How the Joint venture came ab
- Page 157 and 158: CHAPTER EIGHT CONTRACT MANAGEMENT 8
- Page 159 and 160: 3. Unjustified Single source 4. Lac
- Page 161 and 162: Property Market Consult -TZS. 107,9
- Page 163 and 164: Item Old rate (Shs) New rate (Shs)
- Page 165 and 166: Furthermore, throughout the period
- Page 167 and 168: sub-contractor or agents; and the c
- Page 169 and 170: • A further invoice No. 402706 fr
- Page 171 and 172: in the cost of the measured works a
- Page 173 and 174: The original contract price with Gr
- Page 175 and 176: of the project and not responding t
- Page 177 and 178: (a) Tender Evaluation Documents We
- Page 179 and 180: (i) Selling price for the entire pr
- Page 181 and 182: alance (i.e. 90% of selling price)
- Page 183 and 184: payment of the purchase price, whic
- Page 185 and 186: a building. However, the following
- Page 187 and 188: 9.0 Introduction CHAPTER NINE ASSET
- Page 189 and 190: No periodic physical verification e
- Page 191 and 192: Lack of motor vehicles registration
- Page 193 and 194: Registrar through his letter with r
- Page 195 and 196: gone in dispute which has not been
- Page 197 and 198: of the Authority by the then Presid
- Page 199 and 200: undertake various activities and th
- Page 201 and 202: 9.9 Un-recovered Loans and Advances
- Page 203 and 204: committed by TPB Staff during the p
- Page 205: have invested the amount in other v
- Page 209 and 210: een executed and availed as support
- Page 211 and 212: Tanzania Posts Corporation is an ag
- Page 213 and 214: 10.0 Introduction CHAPTER TEN HUMAN
- Page 215 and 216: employees. The appraising system he
- Page 217 and 218: without employment contract contrar
- Page 219 and 220: to a lower rank, status and pay whi
- Page 221 and 222: 10.8 Accumulation of annual leave b
- Page 223 and 224: 11.0 Introduction CHAPTER ELEVEN CO
- Page 225 and 226: Dar es Salaam City Council since th
- Page 227 and 228: allowances varies from one organiza
- Page 229 and 230: 11.3 Parliamentarians serving as Di
- Page 231 and 232: make final decisions to an autonomo
- Page 233 and 234: CHAPTER TWELVE RESULTS OF PRIVATIZA
- Page 235 and 236: 12.1.1 Public Authorities and other
- Page 237 and 238: Shs.85,905,745,060 being paid up sh
- Page 239 and 240: total potential of paid up share ca
- Page 241 and 242: alances as at 31 st December, 2007
- Page 243 and 244: CHAPTER THIRTEEN RESULTS OF SPECIAL
- Page 245 and 246: from the existing training arrangem
- Page 247 and 248: evidenced by fuel adulteration whic
- Page 249 and 250: esult of stock taking exercise as a
- Page 251 and 252: CHAPTER FOURTEEN CONCLUSIONS AND RE
- Page 253 and 254: Recommendation • The Board of Dir
- Page 255 and 256: • No monthly bank reconciliations
3.7 Millions (2006) loan<br />
9. Kiwira Coal & Power<br />
Company Limited –<br />
Tshs USD 7 M (2007)<br />
Failed to repay loan as per<br />
agreement<br />
The management does not observe <strong>the</strong> above quoted law<br />
<strong>and</strong> regulation<br />
9.11.5 Investments in Ordinary Shares with no Earnings- NSSF<br />
Tshs. 62,785,093,300<br />
Audit review <strong>of</strong> investments revealed that <strong>the</strong> Fund has<br />
investments in a number <strong>of</strong> companies in <strong>the</strong> form <strong>of</strong><br />
ordinary shares <strong>and</strong> no evidence <strong>of</strong> projections for<br />
dividends to be received in <strong>the</strong> near future from those<br />
companies. The background has revealed that no dividend<br />
was ever received from those companies. Generally, <strong>the</strong><br />
investments in <strong>the</strong> companies in question were found to<br />
be un-economical. The companies concerned are<br />
tabulated below:-<br />
Name <strong>of</strong> Company Balance<br />
30/6/08-TZS<br />
Remarks<br />
<strong>Tanzania</strong> Oxygen Ltd 13,200,000 No<br />
declared<br />
dividend<br />
<strong>Tanzania</strong> Housing Bank<br />
1<br />
495,280,000 Under Liquidation<br />
st Adili Bank Corp Ltd 3,152,024,742 The fate is<br />
unknown<br />
CDC Mbeya Cement 1,152,024,742 No<br />
declared<br />
dividend<br />
Ubungo Plaza 9,817,038,702 No<br />
declared<br />
dividend<br />
TANRE Share 1,000,000,000 No<br />
declared<br />
dividend<br />
HEPZ (Quality Group) 47,156,025,113 No dividend<br />
Share<br />
declared<br />
PPL Pension Properties 3,500,000 No<br />
declared<br />
62,789,093,299<br />
dividend<br />
___________________________________________________________<br />
Office <strong>of</strong> <strong>the</strong> Controller <strong>and</strong> Auditor General PA&oBs 2007/08 187
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