Malawi Energy Regulatory Authority (Mera) board has directed management to recover from Admarc the remaining K2.9 billion proceeds of the sale of maize for remittance to the Price Stabilisation Fund.
Chairperson of Mera board of directors, Reverend Joseph Bvumbwe says in a statement that the board of directors of Mera has been engaging management and senior staff to ensure that Mera is never involved in financial transactions that flout applicable laws and regulations.
This follows an incident when Mera purchased 10000 metric tonnes of maize for Admarc using K2.9 billion from the Price Stabilisation Fund in March, 2016.
Following the purchase, the secretary treasury raised a number of concerns pertaining to the purchase of maize as a result of which he made a number of recommendations for consideration by board of directors of Mera.
“The board of directors of Mera has strengthened its oversight role over financial management of resources at Mera,” says Bvumbwe in a statement.
Bvumbwe says matters of transparency and accountability shall be taken very seriously.
“It has been re-emphasized that there is need for Mera management to adhere to applicable policies and procedures to ensure integrity of financial management at Mera,” says Bvumbwe.
He says the board of directors of Mera has warned staff that those who do not comply with applicable policies, procedures, laws and regulations will face disciplinary ction and sanctions accordingly.
Following the disciplinary hearing on the matter, Mera dismissed Raphael Kamoto, Mera chief executive and Ellias Hamisi, the director of Finance.
Two officers were issued with serious warnings while the other two officers were cleared of the disciplinary charges.
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