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Kagoda Agriculture Ltd: Another BOT scandal

Discussion in 'Jamii Intelligence' started by Rev. Kishoka, Dec 28, 2007.

  1. Rev. Kishoka

    Rev. Kishoka JF-Expert Member

    #1
    Dec 28, 2007
    Joined: Mar 7, 2006
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    Nimekutana na khabari kuwa kuan fweza nyingine za BOT zimeliwa kiajabu ajabu na kampuni yenye jina la Kiganda-Kagoda Agriculture Limited.

    Baya zaidi ni jinsi gani ambavyo udhaifu wa kiutendaji na utaalamu wa wafanyakazi wa BOT ulivyokuwa mpaka mikataba na makampuni hewa japo yana majina makubwa ukatokea. Hii inadhihirisha kuwa kuna Wizi uliokubuhu au ni uzembe wa hali ya juu.

    Maswali:-
    1. Hawa Kagoda ni Kamdudu gani?
    2. Huyo wakili wao Sanze ni mitu gani?
    3. Uzembe wa namna hii an kukaliwa kwa ripoti hii, kuna maana gani kwa wale waliokuwa na imani na Balali hata kumuita kondoo wa kafara?
    4. Je ni kwa nini hii ripoti inatoka leo hadharani na si awali?
    5. Je hii ni mbinu ya Serikali (CCM) kumsukumia kila kitu Balali kuhusiana na BOT ili kuficha kucha zake (CCM) za pesa za Meremeta, Tangold, Mwananchi Investments na Deep Green Pockets, Minara ya Babeli na pesa za EPA(ushunguzi wa Masawe)?
    6. Je hii ni kulipiza kisasi kwa kuwahiwa na kuzidiwa kete na Balali ambaye katangaza kujiuzulu na kuwaacha Ikulu, Hazina, BOT na CCM solemba?
    7. Je huu ni ulaji mwingine ambao ulifanyika muda mfupi kabla ya Uchaguzi ili kuhakikisha kuwa "Tsunami" linawamaliza Wapinzani? je Kisima cha Meremeta, Yangold na Deep Pockets kilikuwa kimekaukaa namna hiyo?
    8. Je yawezekana huu ulikuwa ni uchotaji wa mwisho mwisho baada ya uchaguzi kuahirishwa kutokana na Mgombea wa Chadema kurudisha namba?
    New BoT 40bn/- rip-off revelations:What exactly the auditors said

    THISDAY REPORTER
    Dar es Salaam


    SENIOR officials at the Bank of Tanzania (BoT) are reported to have colluded in orchestrating a massive fraud involving foreign exchange funds to the tune of almost $30.8m (approx. 40bn/-), it has now been verified.

    According to the findings of a BoT audit conducted by the international firm Deloitte & Touche last year, the rip-off is believed to have been facilitated through clear falsification of key documents.

    As already reported by THISDAY, the uncovered fraud was with regard to payments made by the central bank to a certain, little-unknown Dar es Salaam-based company going by the name of
    Kagoda Agriculture Limited.

    This company was paid by the BoT a total sum
    of $30,732,658.82 on the basis of 12 deeds of assignment it had purportedly signed with the government's foreign creditors.

    Deloitte & Touche, which up to last year was the central bank’s regular external auditor, are understood to have stumbled upon the irregularities in the BoT’s external payment arrears account number 99915091 01.

    At the time of the audit for the year ending June 30, 2006, this particular account had a balance of 131.95bn/-.

    Following are excerpts (quoted verbatim) from a four-page letter from Deloitte & Touche to the BoT governor Dr Daudi Ballali,
    dated September 4, 2006, highlighting a catalogue of perceived anomalies in the payments made to Kagoda Agriculture Limited:

    There are 12 deeds of assignment all signed between September 10, 2005 and November 5, 2005. The above time period appears too short to have negotiated and signed assignments of debts with 12 different foreign creditors from across the globe.

    All the deeds of assignment were signed in Dar es Salaam before the same
    B.M. Sanze, an advocate & notary public & commissioner of oaths. Five of these deeds were signed on October 19, 2005 and four were signed on October 18, 2005. This implies that all the foreign creditors travelled to sign these deeds on more or less the same day. A search of the immigration records might be necessary to determine whether or not this was so.

    There are two deeds of assignment signed on October 18 (2005) relating to two German companies, viz, Lindeteves J Export BV and Hoechst for a total amount of
    1,164,402.76 euros. However, this currency was incorrect and the BoT wrote to Kagoda Agriculture Limited informing them that the correct currency should be Deutsche Marks. The same letter also advised of the release of 8,196,673,600.53/- to Kagoda Agriculture Limited. The latter company (Kagoda) submitted new deeds of assignment dated November 3, 2005, two days after being notified.

    We find it highly unusual and doubtful that a foreign creditor assigning such significant amounts of money would sign off for the wrong currency. In addition, it appears the bank (BoT) failed to institute an investigation when it picked up an anomaly with the currency. Instead, the same (BoT) later went on and released 8.2bn/- to the said (Kagoda) company. It is also striking that the foreign creditors’ directors allegedly were either still in the country or returned to Tanzania within two days to sign the revised guarantees. Again, a search of the immigration records might be necessary to verify this claimed chain of events.

    All 12 deeds of assignment have the same terms and wording for all the different foreign creditors. This does not appear normal or realistic as different companies are likely to insist on different clauses.

    None of the deeds of assignment are on company letterheads or have the contact details for the company representatives.

    All agreements were signed only on the last page by the alleged representative of the 12 global creditors. This is not normal practice as legal documents are usually signed or initialled on each page for identification.

    The 12 deeds are supposed to have the common
    seal of the foreign creditor company, as well as that of Kagoda Agriculture Limited. Our examination of the seals for the 12 foreign creditors from all over the world shows the seals to be identical to that of Kagoda Agriculture Limited except for the names of the companies. This appears highly unusual and suspicious.

    Fiat Veicoli Industriali (Italian company), Valmet (USA company), Adriano Gardella S.P.A (Italian company). All the deeds of assignment for these three companies had the
    common seal missing despite the agreements indicating that they had been affixed.

    The deeds of assignment for Valmet, a USA company was for $2,398,439.96 but the agreement was signed for by Patrick Kevin, whose position in the company was given as
    ’’accountant.’’ This appears highly implausible that such a large contract would be signed by the company’s accountant.

    The deed of assignment for Daimler Benz AG was signed by a director by the name Christopher Williams. However, his signature was signed W Christopher.

    A company search of the public records conducted by us (Deloitte & Touche) on the 12 companies mentioned above revealed that a number of them had ceased to exist in the format set out in the agreements before the dates mentioned in the agreements. For example, Hoechst AG became Aventis in 1999, Daimler Benz AG became Daimler Chrysler AG in 1998, Fiat Veicoli Industriali became Industrial Vehicle Corporation (IVECO) on January 1, 1975, Mirrlees Blackstone became MAN B&W Diesel Limited from 2002/03 and Valmet became Metso Paper from May 10, 2000. It is highly doubtful that these companies would sign deeds of assignment in 2005 in the names of the old companies.

    The search did not reveal any companies under the names NS Boma and Lindeteves J. Export BV, although this might not necessarily be conclusive.

    None of the names mentioned on the deeds of assignments could be linked to the companies found in the company search. Direct phone calls to Valmet (now Metso Paper) in the USA, Mirrlees Blackstone (now Man B&W Diesel Limited) in the UK and Daimler Benz AG (now Daimler Chrysler) in the USA revealed that they were not aware of any individuals who had the names stated in the agreements.

    The letter to Ballali, signed by one Samuel Sithole in his stated capacity as lead audit and engagement director of Deloitte & Touche in South Africa, further notes that ’’the use of old names for companies, and the speed with which the transactions were approved, could also suggest collusion with senior employees within the bank (BoT).’’

    Deloitte & Touche also expressed concern over how the Kagoda company, formed on September 29, 2005, was ’’able to be paid $30.8m within five to six weeks of its formation.’’

    ’’We are not aware of any background checks performed by the bank (BoT). It is also difficult to accept that the same company was able to negotiate and conclude contracts worth $30m with separate foreign creditors from Germany, Italy, Yugoslavia, England, France, USA and Japan in this brief period,’’ said the letter.

    The auditors advised Ballali to order ’’an immediate and thorough investigation’’ of the matter and suspend the BoT employees involved in the transactions for the period of the investigation, to avoid the possibility of files being tampered with.

    However, no central bank employee has ever been suspended over the issue, and it was not until a year later that another auditing firm, Massawe Ernst & Young, was hired to audit payments made from the same BoT external payment arrears account during 2005/06.

    The findings of this much-anticipated ’special audit’, conducted as a result of much prodding from the International Monetary Fund (IMF) and various donor countries, are yet to be made public.
     
  2. Pundit

    Pundit JF-Expert Member

    #2
    Dec 28, 2007
    Joined: Feb 4, 2007
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    This Kagoda Company is some fishy business, it does not even have a website!
     
  3. M

    Malila JF-Expert Member

    #3
    Dec 28, 2007
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    wataiba kila kitu ila usikubali wakaiba moyo wako,siku isiyo na jina iko njiani yaja.
     
  4. D

    Dotori JF-Expert Member

    #4
    Dec 28, 2007
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    It does not come a surprise. Just another day!
     
  5. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

    #5
    Dec 28, 2007
    Joined: Mar 10, 2006
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    Benki Kuu inahitaji ifumuliwe kabisa. Pesa tunazowalipa tuwaombe wazungu waje kutuendeshea maana tumeshindwa. Nina uhakika wazungu hawa wana uchungu na benki yetu kuliko hawa waswahili wenzetu. Hivi ni kwanini wanafikiri sisi sote ni mazezeta?
     
  6. A

    Asha Abdala JF-Expert Member

    #6
    Dec 28, 2007
    Joined: Mar 21, 2007
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    Swali hili kamuulize Rostam Aziz aka King Maker, si yeye ndiye alitajwa na Dr Slaa kwenye orodha ya mafisadi kuwa ndiye anayemiliki Kagoda? Ningeweza kukutana nae, ambacho ningekifanya kingekuwa zaidi ya kumsuta. Na sasa anataka hitman wake Noni ndio awe gavana. Nitamshangaa Kikwete kama akiendelea kujilegeza.

    Anayejua jinsi ambavyo naweza kumsogelea Rostam kwa karibu awanishauri kidogo kwenye ashabdala@yahoo.com, halafu hayo mengine nitajua mwenyewe cha kufanya.

    Dawa ya mafisadi ni kuwapata kwenye ule ufisadi mwingine tu.


    Asha
     
  7. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

    #7
    Dec 28, 2007
    Joined: Mar 10, 2006
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    Hivi ile nanii ya Jitu Patel iko wapi? maana nakumbuka kama niliona hili jina la Kagoda somewhere...
     
  8. Mwiba

    Mwiba JF-Expert Member

    #8
    Dec 28, 2007
    Joined: Oct 23, 2007
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    Hii habari haipo kwa luga ya nyumbani maana .wengine wanategemea na kufahamu kiswahili zaidi na ndio itawapurukusha waliolala kule vijijini ,kwa nini hawatuwekei kwa kikwetu ?
     
  9. J

    JC Member

    #9
    Dec 28, 2007
    Joined: Dec 19, 2007
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    Malila.., Your statement touched me very deep...!They are reality soon to become the paracticle fact. Siku yaja and .. meno yatasagwa!!
     
  10. u

    uncle Member

    #10
    Dec 28, 2007
    Joined: Dec 10, 2007
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    man this is hot.hii kantri is rotten
     
  11. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

    #11
    Dec 28, 2007
    Joined: Mar 10, 2006
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    umesoma gazeti la "Kulikoni"?
     
  12. K

    Kafara JF-Expert Member

    #12
    Dec 28, 2007
    Joined: Feb 17, 2007
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    najiuliza tu, je inawezekana yote hii ni kujaribu kupima "reaction" ya wananchi iwapo ripoti ya uchunguzi itatoka na madudu ambayo yamefanywa?

    je haiwezekani hata ku-leak barua ya kujiuzuru balali na kukana kwa serikali ni hiyohiyo mbinu ya kutest wananchi watapokeaje hizo taarifa?

    inabidi mtu ajiulize iwapo yeye ndio serikali na anakuwa katika hali hii ya sasa atafanya nini? sidhani kama wahusika wamekaa kimya naona nao wamekusanya wacheza "chess/poker" wao na kukuna vichwa juu ya next move
     
  13. Shy

    Shy JF-Expert Member

    #13
    Dec 28, 2007
    Joined: Nov 2, 2006
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    WATANZANIA WAMEZOEA WAZINGAOMBWE
     
  14. M

    Mtanzania JF-Expert Member

    #14
    Dec 31, 2007
    Joined: May 4, 2006
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    No trace of company that BoT paid 40bn/-: Appears to have disappeared into thin air

    THISDAY REPORTER
    Dar es Salaam


    MYSTERY surrounds the actual physical location of a Dar es Salaam-registered private company at the centre of the latest revelations of massive funds fraud at the Bank of Tanzania (BoT).

    The virtually-unknown Kagoda Agriculture Limited, which in late 2005 was paid nearly $30.8m (approx. 40bn/-) by BoT through the use of apparently forged documents, lists Plot Number 87 in the Kipawa industrial area in Temeke District on the outskirts of the city as its official office premises.

    But despite a physical visit by THISDAY coupled with a series of inquiries at the Ministry of Land, Housing and Settlement Development, it has proved quite impossible to locate the said plot where the company's offices are supposed to be.

    ''I'm afraid we do not have such a plot listed in our Land Registry Office,'' a ministry official said when asked to help locate the stated address.

    At the same time, it has come to light that although the Kagoda company's registered address is plot number 87, Kipawa industrial area, there is no evidence that the firm ever carried out any business activities whatsoever, or even that the Tanzania Revenue Authority (TRA) received any tax on the billions of shillings that passed through its account.

    Even more mysterious is the actual whereabouts of the company's listed directors and shareholders, John Kyomuhendo (40 shares) and Francis William (60 shares), who both share the same postal address (PO Box 80154, Dar es Salaam) and are listed as residents of Dar es Salaam.

    Sources familiar with the whole, increasingly-messy issue say Kyomuhendo works with a big construction company located in the same Kipawa area, but is known to be using an alias to conceal his surname.

    Official government records show that Kyomuhendo and Francis William registered the Kagoda company on September 29, 2005, with certificate of incorporation number 54040, an event witnessed by one Benjamin Mwangonda who was described as an accountant with Khatco Management Limited.

    Among other things, the company's stated objectives include: ''To carry on the business of agriculture and farming of all types of food, cash and permanent crops, breeders of livestock, dairy farmers. Breeders of chicken, ducks, turkeys, geese, dealers, processors, exporters and importers and vegetable farmers.''

    Kagoda Agriculture Limited is also licensed to ''distribute meat, eggs, chicks, poultry feeds, poultry medicines, and poultry equipment; export fresh vegetables; conduct florist activities; and engage in the business of building farm houses, cold rooms and roads.''

    It has been revealed that auditors last year discovered a pattern of massive fraud in the payments made by BoT to the company, whereby various facilitation documents appear to have been clearly forged.

    The auditors, Deloitte & Touche, also asserted in their report that senior BoT officials had colluded in the matter, recommending that the officials involved be suspended and urgent action including ''an immediate and thorough investigation'' be instituted.

    But the BoT governor, Dr Daudi Ballali, opted to ignore the recommendations and did nothing. And it was only in September of this year that the government did launch a special audit on the BoT, following pressure from donor countries and the International Monetary Fund (IMF).

    At the heart of the special audit conducted by another firm, Massawe Ernst & Young - the verdict of which is expected in January - was the balance sheet of the BoT's external payment arrears account for the year 2005/06.

    Meanwhile, BoT insiders are now strongly hinting that the dubious $30.8m payments to the Kagoda company were not an isolated incident, with another $200m (approx. 240bn/-) or so also squandered in the same scam involving a number of other suspected 'shell' companies.
     
  15. M

    Mwafrika JF-Expert Member

    #15
    Dec 31, 2007
    Joined: Nov 20, 2006
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    Afrika tumekwisha jama!

    jamaa hata hawana aibu!
     
  16. R

    Rwabugiri JF-Expert Member

    #16
    Dec 31, 2007
    Joined: Jul 10, 2007
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    Naisubiri kwa hamu sana hiyo ripoti ya BOT tuone hizo sarakasi za kutwambia hao Kina kagoda sijui ni madudu gani? na sasa yamesha fumuka hata ofisi haikuwepo wala wahusika majina siyo valid na ni mabilions unawachotea tu?? mambo mengine ni Tanzania tu pekee ndipo yanaweza fanyika!
     
  17. BAK

    BAK JF-Expert Member

    #17
    Dec 31, 2007
    Joined: Feb 11, 2007
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    No trace of company that BoT paid 40bn/-: Appears to have disappeared into thin air

    THISDAY REPORTER
    Dar es Salaam


    MYSTERY surrounds the actual physical location of a Dar es Salaam-registered private company at the centre of the latest revelations of massive funds fraud at the Bank of Tanzania (BoT).

    The virtually-unknown Kagoda Agriculture Limited, which in late 2005 was paid nearly $30.8m (approx. 40bn/-) by BoT through the use of apparently forged documents, lists Plot Number 87 in the Kipawa industrial area in Temeke District on the outskirts of the city as its official office premises.

    But despite a physical visit by THISDAY coupled with a series of inquiries at the Ministry of Land, Housing and Settlement Development, it has proved quite impossible to locate the said plot where the company’s offices are supposed to be.

    ’’I’m afraid we do not have such a plot listed in our Land Registry Office,’’ a ministry official said when asked to help locate the stated address.

    At the same time, it has come to light that although the Kagoda company’s registered address is plot number 87, Kipawa industrial area, there is no evidence that the firm ever carried out any business activities whatsoever, or even that the Tanzania Revenue Authority (TRA) received any tax on the billions of shillings that passed through its account.

    Even more mysterious is the actual whereabouts of the company’s listed directors and shareholders, John Kyomuhendo (40 shares) and Francis William (60 shares), who both share the same postal address (PO Box 80154, Dar es Salaam) and are listed as residents of Dar es Salaam.

    Sources familiar with the whole, increasingly-messy issue say Kyomuhendo works with a big construction company located in the same Kipawa area, but is known to be using an alias to conceal his surname.

    Official government records show that Kyomuhendo and Francis William registered the Kagoda company on September 29, 2005, with certificate of incorporation number 54040, an event witnessed by one Benjamin Mwangonda who was described as an accountant with Khatco Management Limited.

    Among other things, the company’s stated objectives include: ’’To carry on the business of agriculture and farming of all types of food, cash and permanent crops, breeders of livestock, dairy farmers. Breeders of chicken, ducks, turkeys, geese, dealers, processors, exporters and importers and vegetable farmers.’’

    Kagoda Agriculture Limited is also licensed to ’’distribute meat, eggs, chicks, poultry feeds, poultry medicines, and poultry equipment; export fresh vegetables; conduct florist activities; and engage in the business of building farm houses, cold rooms and roads.’’

    It has been revealed that auditors last year discovered a pattern of massive fraud in the payments made by BoT to the company, whereby various facilitation documents appear to have been clearly forged.

    The auditors, Deloitte & Touche, also asserted in their report that senior BoT officials had colluded in the matter, recommending that the officials involved be suspended and urgent action including ’’an immediate and thorough investigation’’ be instituted.

    But the BoT governor, Dr Daudi Ballali, opted to ignore the recommendations and did nothing. And it was only in September of this year that the government did launch a special audit on the BoT, following pressure from donor countries and the International Monetary Fund (IMF).

    At the heart of the special audit conducted by another firm, Massawe Ernst & Young - the verdict of which is expected in January - was the balance sheet of the BoT’s external payment arrears account for the year 2005/06.

    Meanwhile, BoT insiders are now strongly hinting that the dubious $30.8m payments to the Kagoda company were not an isolated incident, with another $200m (approx. 240bn/-) or so also squandered in the same scam involving a number of other suspected ’shell’ companies.
     
  18. F

    Fundi Mchundo JF-Expert Member

    #18
    Dec 31, 2007
    Joined: Nov 9, 2007
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    Sina hamu na hawa Ph.D holders. Mbona serikali iko kimya? Isipoangalia itafanya watu waone kuwa ilikuwa complicit in the whole issue. Mungu inusuru nchi yetu.
     
  19. Azimio Jipya

    Azimio Jipya JF-Expert Member

    #19
    Dec 31, 2007
    Joined: Nov 27, 2007
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    Ni mpaka lini hivi vimchezo vitakoma hapa nchini? Itakuwaje tuchezeane patapotea za namna hii? Itakuwaje Kampuni izame na 40bn/- halafu kirahisi tu ionekane haipo? Someone has to be seriouse and responsible on this, tuache utani!!! Wakati wa usanii uwe umepita na uhalisia wa vitu utawale!!
     
  20. C

    Choveki JF-Expert Member

    #20
    Dec 31, 2007
    Joined: Apr 16, 2006
    Messages: 448
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    Malipo hewa kama haya mara zote yanakuwa na mkono wa kigogo au vigogo, kwani haiwezekani kiji kampuni feki tu cha hivi hivi kifanyiwe malipo makubwa hivyo bila sababu.
     
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