Annual general report of the controller and - Parliament of Tanzania

6. Local
Authority
Provident
Fund
Unqualified
opinion
with
emphasis of
matters
4 th June 2001 ordering the
Bank to pay a decree holder
US$ 55,099,117.66 from funds
of the Government held by the
Bank. Due to the ongoing court
proceeding instituted by the
Government against the
decree holder and the Bank
and discussions between the
Bank and the Government on
the same matter, the Bank has
not honoured the Order.
• Amounts outstanding from
M/S G. K Hotels & Resorts
In 2003/04, the Fund granted a
loan of TZS 535 million to M/S
G. K. Hotels & Resorts, who
was a tenant at the Millennium
Tower Investment House. The
loan balance at 30 June 2008,
inclusive of accrued interest
was TZS 722 million.
Outstanding rent relating to
this customer was TZS 1.127
billion at 30 June 2008. The
recoverability of these
amounts is in doubtful. As
shown in note 16 and 20,
management has made a
provision of TZS 1.849 billion
against these balances.
• Actuarial present value of
promised retirement
benefits
As stated in note 39, an
actuarial valuation of the Fund
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Office of the Controller and Auditor General PA&oBs 2007/08 26