Over K500 million has been mismanaged by parastatals – Auditor General’s report

THE Auditor General’s report on parastatals has revealed over K500 million has been mismanaged.
The report revealed financial irregularities and poor performance by parastatal bodies owing to internal control lapses for the financial year ended December 31, 2012.
“These institutions include the Citizens Economic Empowerment Commission (CEEC), Electoral Commission of Zambia, the Judiciary, the University of Zambia, Times Printpak Zambia Limited and Indeni Petroleum Refinery Company Limited,” Office of the Auditor General spokesperson Ellen Chikale said in a statement yesterday.
Others are Nitrogen Chemicals of Zambia, National Airports Corporation Limited, Zambia Railways Limited, Zambia Development Agency, National Pension Scheme Authority, Zambia Wildlife Authority and the ZSIC Group of Companies, among others.
In addition, the report also mentions 21 statutory and parastatal bodies had not produced audited financial statements on the accounts for the financial year ended December 31, 2012.
These are Coffee Board of Zambia, Cotton Board of Zambia, Livestock Development Trust, Cotton Development Trust, Nitrogen Chemicals of Zambia, Mpulungu Harbour, CEEC, Zambia Environmental Management Agency, National Housing Authority and Times Printpak.
Others are the Zambia National Broadcasting Corporation, Zambia Printing Company, Zambia Institute of Mass Communication Trust, Hotel and Tourism Training Institute, Zambia Postal Services Corporation, Mukuba Hotel, Development Bank of Zambia, ZAMCAPITAL, Lusaka Trust Hospital and Zambia Education Publishing House.