ED warns against abuse of funds

Source: ED warns against abuse of funds | The Herald November 9, 2018

ED warns against abuse of fundsPresident Mnangagwa

Felex Share Senior Reporter
The Second Republic does not tolerate siphoning of public funds for personal gain and such criminal propensities will leave offenders in jail, President Mnangagwa said yesterday.

Addressing delegates to the 3rd Annual Public Sector Audit Conference in Harare, the Head of State and Government said nefarious activities in public and private sectors hindered economic growth.

“I urge all corporates, boards of public entities and local authorities to uphold good financial administration and protect national assets for the good of all our people and growth of our economy,” he said.

“Those found wanting will face the full wrath of the law. My Government is determined to create an environment that will see the rise of a new crop of ‘corruption free’ business leaders and institutions; which nurture the values of honesty, transparency, hard work, integrity, accountability and high professional ethics.

“It is presently disheartening that the country continues to lose huge sums of money due to fraud, money laundering, procurement or tender manipulation, insider trading stock and financial markets, among other ills in both the private and public sectors.”

President Mnangagwa said non-performing public entities, coupled with tax payment invasion continued to be “an albatross around the neck of Government”.

“I, therefore, challenge you to use platforms such as this one to collectively find feasible, sustainable and lasting strategies to stop this worrisome culture,” he said.

“As we strive to eliminate corruption by 2030, let us in our respective entities, always act in the best interest of our country and people. You as public accountants and auditors are critical in the detection, prevention and exposure of fraud, economic crimes and sabotage.”

President Mnangagwa commended the Office of the Auditor -General for timeously producing and providing audit reports of Government departments, State-owned enterprises and Government agencies.