Annual general report of the controller and - Parliament of Tanzania

een executed and availed as supporting evidence, the new
information has been booked in the accounts which is
contrary to book keeping norms.
9.12 Questionable transfer of Liabilities for M/s Meditech
NSSF Loan to M/s Emunio Tanzania Limited
The Fund had extended a loan of Shs.1,525,368,425 to M/s
Meditech on 30 th April, 2003 and the agreed due date for
repayment was December, 2004. We were notified that the
loan was subsequently rescheduled for repayment to
commence from 30 th June, 2006. Agreement to
substantiate this later development was yet to be availed
for our verification.
Further, current correspondences made by the Fund
regarding the loan, was observed to have been made with
M/s Emunio Tanzania Limited as the borrower. Legality for
change of loan liability from M/s Meditech Ltd to M/s
Emunio Tanzania Ltd could not be substantiated as no
documentary support was availed in this regard.
This unexplained transfer of liabilities from M/s Meditech
to M/s Emunio Tanzania Limited who is among the list of
defaulters and in arrangement of changing ownership (refer
a para on NSSF-non economic and commercially viable
investment in loans advances) raises the alarm of alert
regarding the whole transaction and foreseeable loss.
9.13 Questionable Transaction in NIC- UK Lloyds Bank Account
No. 0954286-USD 75,213 for Tanzania Postal Bank
Audit observed a debit entry amounting to US$. 75,213
effected in the above mentioned account on 24 th August,
2007 and the same had been reflected in the bank
reconciliation statement as wrong debit by bank. It was
further noted that the transaction was effected by the
bank on the strength of instructions allegedly signed by the
Corporation’s Managing Director and the Director of
Finance and Administration on 24 th August, 2007.
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Office of the Controller and Auditor General PA&oBs 2007/08 189