450,000 Kwacha mysteriously goes missing in Ministry of Finance as system crashes?


The Ministry of Finance has refuted media reports that 450,000 Kwacha went missing at the Ministry as a result of the crash of the Integrated Financial Management Information System -IFMIS.

Public Relations Officer, Chileshe Kandeta says the money was actually a fraudulent transaction involving two accountants who have been dismissed at the Ministry of Commerce.

Mr. Kandeta says the two accounts Rogers Mwanza and Lukanda Matambo were dismissed in December 2017 and are now under investigation by law enforcement agencies.

Mr. Kandeta said this in a statement issued to ZNBC news in Lusaka.

He said the 450 thousand Kwacha was paid to an individual instead of the Zambia Bureau of Standard and the Competition and Consumer Protection Commission.

Mr. Kandeta says the two accountants were exposed after the Controller of Internal Audit traced the suspicious transaction using IFMIS and raised the same in a report shared with the Office of the Auditor general.

He says following the operational challenges that IFMIS experienced in January this year, the Controller of Internal Audit is undertaking a post IFMIS Re-Installation Audit for which a report will be produced once the exercise is completed.

Mr. Kandeta says only when this exercise is complete will the Ministry know whether there has been any infringement of the provisions of the Public Financial Management Act, 2018.

He said going forward the Ministry of Finance is in the process of strengthening the cohesion and functionality of Audit Committees in Ministries, Provinces and other Controlling Bodies.

Mr. Kandeta says the Ministry is also in the process of developing a Risk Management Framework to ensure a significant reduction and ultimately, elimination of infringements related to the handling, storage, care and utilization of public resources.

Latest Zambia News via Email

Enter your email address to subscribe to our website and receive notifications of Latest Zambia News via email.