Independent auditors for missing US$15bn

Source: Independent auditors for missing US$15bn | The Sunday Mail May 29, 2016

Lincoln Towindo
GOVERNMENT will this week start scouting for independent chartered accounting firms to audit seven companies suspected of prejudicing Zimbabwe of around US$15 billion when they operated in the Chiadzwa diamond fields over a 10-year period.
The Auditor-General’s office will flight a tender inviting local and foreign auditors to undertake the audit. Where criminal prejudice is discovered, those responsible will be prosecuted.
Auditor-General Mrs Mildred Chiri said, “The invitation to tender will be flighted (this week) and we expect those who apply to draw up their proposals for the audit over a space of a month,” she said.
Bidders will also be granted site visits to the diamond fields to assist them in drawing up their proposals.
“The Ministry of Mines and Mining Development has communicated to us that they want one audit firm to probe at least two companies because some of the companies were fairly small.
“The terms of reference will ask the auditors look into how the companies operated from an administrative point of view and also from a financial point of view. They will also look at how cash was being managed and also all receipts of payments and other financial matters.
“Because of the national outcry pertaining to the allegation of the disappearance of US$15 billion we need to get to the bottom of the matter in the shortest possible time. Normally in operations such as this we usually give the auditing firms a period of two months to complete the exercise and we expect it to be the case this time as well.”
Mbada Diamonds, Anjin, Marange Resources, Diamond Mining Company, Kusena Diamonds, Jinan and Gye Nyame operated in Chiadzwa under 50-50 joint ventures with the State-owned Zimbabwe Mining Development Corporation.
The companies were early this year ordered to cease operations to pave way for their merger into the Zimbabwe Consolidated Diamond Company.
Government then ordered an immediate audit of the seven companies’ books.
Official figures from the Kimberly Process Certification Scheme show that Zimbabwe earned US$2,5 billion in 10 years of private operations in Chiadzwa while Government estimated that over US$15 billion could have been realised from mining activities there.
According to the KPCS, Zimbabwe was the world’s eighth-largest diamond producer in 2014 (4,7 million carats).
Through ZCDC the country is primed to make rich pickings from the Chiadzwa diamond fields through a transparent system where the country will sell 500 000 carats every month at an average value of US$25 million.
This will be a significant rise from the US$157,2 million which found its way into the fiscus from Chiadzwa in 2015.
Government projections show that the country could earn between US$25 billion and US$30 billion in the next decade, compared to the US$2 billion realised since 2006.

COMMENTS

WORDPRESS: 8
  • comment-avatar

    Did anybody hear Tendai Biti complain that revenue was not getting into the fiscus? He was opposition in the inclusive government. That is why he could be ignored. Now millions are required for a useless audit. ZANU is rotten to the core. It must go. A lot more is wrong with the liberators syndrome. The audit will not be of any use for as long as our liberators have access to cash. Cry the beloved country.

  • comment-avatar

    F… You all you F…… Zanoids

  • comment-avatar
    mazarura 6 years ago

    What confuses me is this, we were the 8th producer of diamond in 2014 but here we are struggling with cash shortages poor infrastructure you can name it. Other countries which greatly depend on diamonds alone eg Botswana are doing well or better than us. Why??????????????

  • comment-avatar
    Zambuko 6 years ago

    Grace.

    Robert?

    “A kiss on the hand might be quite Continental…”

    “But diamonds are a girl’s best friend”.

    (Smiles).

  • comment-avatar

    Fantastic site you have here but I was wondering if you knew of any forums that cover the same topics discussed here?
    I’d really like to be a part of group where I can get feedback from other knowledgeable individuals that share the same interest.
    If you have any suggestions, please let me know. Thank
    you!

  • comment-avatar

    The first consideration is naturally the credit
    score they have. Some of them may request for proof of income or employment.
    Some car loan lenders have strict standards and only grant financing to people with good or excellent credit.

  • comment-avatar

    Regards for helping out, excellent info.

  • comment-avatar

    Making the above mentioned, seems as if your amazing professionals fully grasp a
    large number regarding %BT%. I`m starting up my very own web site for this topic.
    May I throw a assessment with one of your current qualified?