Ndulu takes initial steps

BAK · 2008-01-25T17:33:57+00:00

...Please let Tanzanians know what happened to those who were removed from EPA dept. Ndulu takes initial steps 2008-01-25 08:59:20 By Guardian Reporter The management of the Bank of Tanzania has removed senior members of staff involved in the operation of the External Payment Accounts (EPA) during the financial year 2005/2006, pending appropriate review of their roles. A BoT statement said those removed have been replaced by other appropriately qualified staff. It however, did not say whether they have been suspended or transferred to other departments. The statement said the central bank`s management had also suspended EPA account operations pending review of the procedures and status of the account. According to the statement, the changes are part of the bank`s strategy to reorganize management positions so as to improve governance at the central bank. President Jakaya Kikwete early this month appointed Prof. Benno Ndulu as new BoT governor to replace Dr Daudi Ballali, who was sacked after the central bank, under his leadership, occasioned losses through dubious payments and dealings with phony companies in 2005. A new board of directors of the bank was appointed soon after Prof. Ndulu`s appointment. The board was inaugurated by the Minister of Finance Zakia Meghji last week. President Kikwete also named a task force that would make thorough investigations and prepare groundwork for legal actions for people implicated in the EPA scandal. The task force that started business early this week comprises the Attorney General, Inspector General of Police and the Director of the Prevention and Combating of Corruption Bureau. Under the bank`s new set up, according to the statement, the BoT audit committee will now exclude the governor both as chairman and as a member. The audit committee will be chaired by a non-executive director and will also comprise mainly of non-executive directors. Furthermore, positions previously occupied by personnel in acting capacity for a long period of time have been filled. These are the offices of the secretary of bank and deputy director debt department, which were heavily involved in the operation of the EPA account. The statement said the new board had noted with satisfaction the effectiveness of external auditing in assisting to bring to light the irregularities in the operation of the EPA account, and in identifying weakness in systems and controls as pointed in the audit reports. The Board has directed the management to strengthen the audit so as to enforce controls and catch problematic operations as they emerge to supplement the good work of the external auditors, reads part of the statement. Efforts to get Prof. Ndulu to comment further on the new changes proved futile as he was said to be out of the country. SOURCE: Guardian

Thread starter BAK
Start date Jan 25, 2008

BAK

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Ndulu takes initial steps

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