The billions of kwacha in public funds stolen in a scandal dubbed as cashgate has been revised from K13 billion to K20.3 billion, according to the Anti-Corruption Bureau (ACB).
British audit firm, Baker Tilly, which was hired by the British Government to carry out a forensic audit first discovered that K13 billion was stolen within six months last year,
But ACB’s deputy director, Reyneck Matemba, has said the new figure includes K4.8 billion of transactions suspected to be overpayments and payments made without supporting evidence.
He sai ACB has received from the Auditor General the audit report from Baker Tilly, British auditors who were assigned by former president Joyce Banda to help trace the looting.
“We have received the long-awaited Report from Baker Tilly,” Matembe is quoted by Weekend Nation newspaper.
He confirmed that the report presented to parliament is “very detailed and it contains names of companies and the owners of those companies as well as individuals that are suspected to have taken part or were connected to the massive plunder of Government finances dubbed ‘Cashgate’’”
Added Matemba: “The ACB is analysing the Report which, undoubtedly, contains very crucial information which will prove very vital to our ongoing investigations.”
‘Cashgate’ unravelled following the shooting of former Budget Director Paul Mphwiyo in September last year.
Following Mphwiyo’s shooting huge sums of money in Malawi Kwacha, South African Rands and US dollars started showing up in unlikely places like car boots or under the pillow as the suspects were avoiding formal banking sector since the unexplained money could have raised eye-brows.
The scandal had prompted foreign donors — who provide around 40 percent of Malawi’s budget — to pull the plug on aid of around $150 million .
The Cashgate scheme is the biggest financial scandal in Malawi’s history since independent from Britain in 1964.Follow and Subscribe Nyasa TV :