Annual general report of the controller and - Parliament of Tanzania

Management disowned the instructions claimed by the bank
vide its letter to the bank dated 7 th November, 2007 which
expressed that NIC had never sent any instruction to that
effect and that it held the bank fully responsible for the
loss and thereby demanded immediate refund to the
Corporation’s bank account.
The management made vigorous efforts to recover the
money and in July, 2008 (during the course of this audit), a
bank statement was received from Lloyds bank showing a
credit of USD 78,825.96 in the bank account. No details
were obtained from the bank with respect to this credit but
it would seem that the stolen money has been returned
basing on the recent bank statement.
Although the transaction seemed to be fraudulent (by
virtue of forgery); no evidence was available to indicate
that the management had reported the matter to
appropriate authorities for investigation and appropriate
action.
9.14 Weaknesses noted in implementing the agency
agreement between Tanzania Postal Bank and Tanzania
Postal Corporation
(i) Tanzania Posts Corporation Excess Deposits
Other receivables stated in the accounts for the year
under review at Shs.6,538,475,000 included Tanzania Posts
Corporation Excess Deposits amount of Shs.1,534,283,000
analyzed as follows:-
Account Account 31.12.2007 31.12.2006
No. Description Shs.
Shs.
190420001 TPC Excess
Deposits
(Current
Balance)
1,410,112,574 1,361,063,193
190420004 TPC Excess Old
Balance
124,170,395 98,054,641
Total 1,534,282,969 1,459,117,834
___________________________________________________________
Office of the Controller and Auditor General PA&oBs 2007/08 190