2008-06-18Staff Report 2 By Catherine Sasman WINDHOEK A report by the Auditor General's Office says the Namibia Development Corporation (NDC) ran up losses of N$15.400 million in the 2006 financial year, and N$61.418 million in 2005. The reduction in losses was ascribed to the ill-fated N$55.373 million invested with the Offshore Development Company (ODC), which now forms part of the still-unrecovered and much publicised N$100 million ODC money. The current management of the NDC could not give any details regarding the progress made by the Namibian Police in its search for the missing money, and the Police are not prepared to divulge any details regarding their investigations, fearing this could jeapordise investigations. The Parliamentary Committee on Public Accounts, chaired by Johan de Waal, recommended that the Office of the Prime Minister and the Ministry of Finance urgently review current laws, regulations and directives pertaining to the investment of State funds by State-Owned Enterprises and all other Government agencies for investments to be managed properly. Other irregularities found during the financial years covering March 31, 2005 to the end of March 2006, were a difference of N$0.114 million between the bank master and the general ledger; that account statements sent out to customers did not reflect correct account balances for interest calculation and payment purposes; and that there was a credit balance of N$3.146 million under loans advanced without any supporting information. The NDC management explained to the Parliamentary Public Accounts Committee reviewing the AG report, that the general ledger was indeed fully reconciled and that the differences were cleared. The management further said that the credit balance of interest in suspense decreased from N$6? 2008-06-18Staff Report 2
