Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

Sh500 billion siphoned out of BoT in three years

Discussion in 'Jukwaa la Siasa' started by BAK, Jan 17, 2008.

  1. BAK

    BAK JF-Expert Member

    #1
    Jan 17, 2008
    Joined: Feb 11, 2007
    Messages: 50,044
    Likes Received: 9,731
    Trophy Points: 280
    Posted Date:: 17.01.2008 @00:04 EAT

    Sh500 billion siphoned out of BoT in three years

    By The Citizen Team

    About Sh501 billion ($433 million) was lost in four questionable deals at the Bank of Tanzania between 2004 and 2007, The Citizen has established.

    According to details obtained this week, the cash was siphoned out through the External Payments Arrears (EPA) account and the Meremeta, Tangold and BoT Twin Towers projects.

    About 80 per cent of the money was paid out during the Third Phase Government while the rest was taken in the first few months of the Fourth Phase Government.

    The details show that Sh155 billion was irregularly paid out in the Meremeta gold project alone, according to the Controller and Auditor Generals audit report for the financial year ending June 30, 2006.

    A total of $118,396,460.36 was paid into an unknown account at Ned Bank Ltd of South Africa through HSBC of New York, whereby the balance of $13,736,628.73 was deposited in the Tangold account at the National Bank of Commerce (NBC) Corporate Branch in Dar es Salaam.

    The payments were made at the directive of senior BoT officials, investigations by The Citizen have established.

    It has further been established that the liquidated Meremeta Gold Co Ltd was registered in the UK as an offshore company with the registration number 3424504.

    The company was issued with a certificate of registration in London on August 19, 1997. It was then registered in Tanzania as a branch of a foreign company on October 3, 1997, obtaining a certificate of compliance number 32755.

    Various documents show that the Treasury held 50 per cent of the shares in Meremeta, with the rest being owned by a South African firm called Trienex (PTY) Co Ltd.

    But it was also established that two London-based companies London Law Services Ltd and London Law Secretarial Service Ltd owned shares in Meremeta Gold Co Ltd.

    The company wound up three years ago, leaving its debts to be cleared by the Government under controversial circumstances.

    Another deal that cost the nation billions of taxpayers money was the Twin Towers project, which emerging details show that its actual cost was grossly inflated.

    In April 2006, Finance Minister Zakhia Meghji told Parliament that the buildings were estimated to cost about 200 billion upon their completion.

    But one year later, the cost skyrocketed to nearly Shs418 billion, according to details released in September 2007 by BoT itself.

    Through this project alone, the nation is estimated to have lost close to Sh200 billion since it was conceived about eight years ago.

    A further Sh133 billion was lost in irregular payments through the EPA accounts in 2005/6, according to an audit carried out by Ernst and Young.

    Transactions involving Tangold Co Ltd consumed $13,736,628.73 (about Sh17 billion).

    The Citizen has established that Tangold is a firm registered as an offshore company in Mauritus where it was issued with a registration certificate number C205006121 on April 8, 2005.

    The company was then subsequently registered in Tanzania as a branch of foreign company and given a certificate of compliance number 55661 dated February 20, 2006.

    Since its registration, no returns or audited accounts have been submitted, casting doubts on its legality and authenticity.

    A senior BoT official speaking on condition of anonymity told the Citizen, After the EPA investigation, there is a need to thoroughly investigate the other deals.

    When contacted yesterday, Finance minister Zakia Meghji said the Government was conducting investigations step by step, and vowed that no stone would be left unturned.

    The Twin Towers project is being investigated by the Prevention and Combating of Corruption Bureau they have made significant progress so far, she said by telephone.

    Ms Meghji added, however, that she was not aware if Meremetas and Tangolds involvement in the loss of billions of shilling from BoT was also being investigated.
     
  2. M

    Mwafrika wa Kike JF-Expert Member

    #2
    Jan 17, 2008
    Joined: Jul 5, 2007
    Messages: 5,195
    Likes Received: 7
    Trophy Points: 0
    Haya basi,

    mambo yameanza na muda si mrefu kila gazeti litaandika hii skendo na sasa tuone Kikwete ataendelea kukwepa hili hadi lini!
     
  3. Kitila Mkumbo

    Kitila Mkumbo Verified User

    #3
    Jan 17, 2008
    Joined: Feb 25, 2006
    Messages: 3,344
    Likes Received: 41
    Trophy Points: 145
    But this is what Dr has been saying in the last eight months! This is a platitude, isn't it?
     
  4. BAK

    BAK JF-Expert Member

    #4
    Jan 17, 2008
    Joined: Feb 11, 2007
    Messages: 50,044
    Likes Received: 9,731
    Trophy Points: 280
    Tusishangae kusikia hawa mafisadi wamechukua trilioni au zaidi yaani huu ufisadi unaweza kabisa ukavunja rekodi ya dunia kwa nchi maskini.

    Muungawa bado tu haoni umuhimu wa kuteua baraza jipya la mawaziri ili kurudisha hadhi ya uongozi wake kwa Watanzania na hadhi ya nchi kwa nchi wafadhili. Inasikitisha kwa kweli, kwa sasa hatuna uongozi Tanzania.
     
  5. M

    Mwafrika wa Kike JF-Expert Member

    #5
    Jan 17, 2008
    Joined: Jul 5, 2007
    Messages: 5,195
    Likes Received: 7
    Trophy Points: 0
    Kitila,

    kinachofanyika hapa ni ruhusa imepatikana ya watu kuandika kile ambacho waliogopa wakati ule. Kama nilivyoeleza kwenye ile thread nyingine ni kwamba ingawa serikali inajaribu kuweka hili jambo chini ya rug, bado tutalirudisha tu tena over and over mpaka kieleweke.

    Media ilimtosa Dr Slaa wakati ule lakini I am glad kuwa this time watakuja kwenye senses zao na kufanya the right thing!
     
  6. K

    Kalamu JF-Expert Member

    #6
    Jan 17, 2008
    Joined: Nov 26, 2006
    Messages: 874
    Likes Received: 2
    Trophy Points: 0
    Hivi Bongo hakuna NGOs zinazowea kusaidia wananchi haya yote yawafikie kwa njia rahisi wanayoweza kuyaelewa?

    Ni kiasi tu cha kuweka hela zote hizi zilizoibiwa katika mambo yanayowahusu - kam upatikanaji wa dawa, mbolea, watoto kwenda shule n.k.

    HakiElimu siku hizi imekufa?
     
  7. Steve Dii

    Steve Dii JF-Expert Member

    #7
    Jan 17, 2008
    Joined: Jun 25, 2007
    Messages: 6,414
    Likes Received: 40
    Trophy Points: 145
    Hawa mafisadi wamechapia step kufanya majidubwasha yao ndani ya karne hii ya internet... kila kitu kinachapishika na kusomeka. Na tuta document kila kitu na kila mawazo. Record hizi sasa zitawafikia hata vitukuu wao.... na wasipokuwa makini, dhambi za wazazi wao zitarithishwa kwao pia kama tu vile wanavyorithishwa mali za umma kupitia ufisadi wa wazazi wao.


    SteveD.
     
  8. B

    Binti Maria Senior Member

    #8
    Jan 17, 2008
    Joined: Jun 26, 2007
    Messages: 159
    Likes Received: 0
    Trophy Points: 0
    Na mimi najiuliza zile NGOs zote zinafanya nini hasa? Mbona zenyewe ni kimya au walishiriki mgao? Wapi hawa TGNP?
     
  9. B

    Binti Maria Senior Member

    #9
    Jan 17, 2008
    Joined: Jun 26, 2007
    Messages: 159
    Likes Received: 0
    Trophy Points: 0
    Hata hivyo sidhani kama hii imewahi kusemwa na DK Slaa, bilioni 500!
     
  10. Mzee Mwanakijiji

    Mzee Mwanakijiji Platinum Member

    #10
    Jan 18, 2008
    Joined: Mar 10, 2006
    Messages: 30,383
    Likes Received: 2,443
    Trophy Points: 280

    Nina habari mbaya sana kwako..Jumla ya fedha zote ni karibu Trilioni moja. Hapa ukichanganya zile milioni 900 za Mrema pia!
     
  11. M

    Mtanzania JF-Expert Member

    #11
    Jan 18, 2008
    Joined: May 4, 2006
    Messages: 4,815
    Likes Received: 31
    Trophy Points: 145
    Babu Ataka Kusema,

    Naamini wamechukua zaidi ya hizo. Inatakiwa uchunguzi kuangalia kipindi chote cha Ballali na shoga yake Mkapa.

    Hivi sisi ni maskini? Hapana, labda akili zetu ndio maskini.
     
  12. Chakaza

    Chakaza JF-Expert Member

    #12
    Jan 19, 2008
    Joined: Mar 10, 2007
    Messages: 18,629
    Likes Received: 9,215
    Trophy Points: 280
    Hawa watu hawakuwa na huruma na Watanzania wenzao,sioni kwa nini nasi tuwe na huruma nao.
     
  13. Rev. Kishoka

    Rev. Kishoka JF-Expert Member

    #13
    Jan 19, 2008
    Joined: Mar 7, 2006
    Messages: 4,396
    Likes Received: 16
    Trophy Points: 135
    Katika kupekua pekua nimekutana na hii habari kuhusu Deep Green. Kwa mujibu, Deep Green walijenga uhusiano na BOT na MoF! Doesn't is sound like Ballali and Mgonja/Mramba?


    http://www.thisday.co.tz/News/2652.html
    BoT pays billions to mystery company



    -Believed to have strong links with defunct Meremeta Gold firm

    THISDAY REPORTER
    Dar es Salaam

    THE Bank of Tanzania (BoT) made a series of dubious payments amounting to several billion shillings towards the end of 2005 to a mystery company linked to the now defunct Meremeta Gold Mine Company Limited, THISDAY can reveal today.

    According to our findings, the company going by the name of Deep Green Finance Company Limited, which was registered in March of the same year, landed the huge financial deals with the BoT just a few months after its establishment.

    Sources say Deep Green Finance Co. was used as a go-between in a number of multi-billion shilling transactions between the central bank, the Meremeta gold project and other related companies.

    Records show that Deep Green Finance Co. was formally registered on March 18, 2005, by Protase Ishengoma and Stella Ndikima of IMMA House, Plot No.357 located along United Nations Road in Upanga, Dar es Salaam.

    The two individuals were listed as the first subscribers and shareholders but there were no details of any other allotted shares after its registration.

    The company was awarded certificate of registration number 51870 by the Business Registration and Licensing Agency (BRELA).

    THISDAY investigations have further revealed that just a couple of months into operation, the company had already established direct links with both the BoT and the Ministry of Finance, and in August 2005 received a US dollars payment equivalent to 1, 546,778,778.92/- from the central bank.

    Between September and December of the same year, the same company was given further ?financial support? from BoT totaling more than 6bn/-, our sources say.

    It is understood that the company is directly involved with both Meremeta Gold Limited and Tangold Limited, local companies which at one time operated the Buhemba Gold Mine in Musoma, Mara Region.

    It is also understood that both Meremeta Gold and Tangold have in recent months been the beneficiaries of BoT payments to the tune of over $130m (approx. 160bn/-) through accounts in two different banks.

    In the case of Meremeta Gold, investigations by THISDAY have already established that the central bank made a payment of over $118m (approx. 150bn/-) to South Africa’s Nedbank through the New York-based HSB Bank, apparently in order to liquidate a loan issued to the company after it had filed for bankruptcy.

    It has been further revealed that BoT paid an additional $13.34m (approx. 17bn/-) to another bank account under the name of Tangold Limited, at the National Bank of Commerce Limited Corporate Branch in Dar es Salaam.

    Government sources have told THISDAY that in order to effect the payments to Meremeta Gold Company and Tangold, the BoT purchased a 155bn/- Treasury bond and later exchanged the amount into US dollar currency.

    The current status of the Meremeta Gold Company now appears to be shrouded in mystery after Finance Minister Ms Zakia Meghji and Energy and Minerals Minister Nazir Karamagi made what the opposition camp described as contradictory statements during this year’s parliamentary budget session in Dodoma.

    According to official parliamentary hansard records, while Ms Meghji told the House that the Meremeta gold project was in the final process of ’’winding up,’’ Karamagi later declared before the same House that the government had bought 100 per cent of the company’s shares.

    Karamagi said the company’s assets and liabilities - including the Buhemba Gold Mine ? had since been transferred to Tangold Limited, being a new company wholly owned by the government.

    Before apparently being liquidated, Meremeta Gold Company was registered as a joint venture company owned on a 50-50 basis by the Tanzanian Government and a private company called Trinnex (Pty) Limited.

    It remains unclear why the government ? through the central bank - decided to clear the loan on behalf of Meremeta Gold Compny after it became bankrupt, instead of Nedbank filing its claim directly to the liquidator.

    Speaking in parliament, opposition legislator Mohamed Habib Mnyaa (Mkanyageni-CUF) said the statements by the two senior ministers were ’’contradicting and worrisome,’’ and called for more details.

    ’’If the government has indeed bought the company (Meremeta), then we should be told who were the original owners and why was the gold mine under the control of the TPDF (Tanzania People’s Defence Forces)?’’ Mnyaa queried.

    ’’These are the questions that still remain unanswered and have caused grumblings and protests among Tanzanians through the government’s failure to give direct answers,’’ the legislator added.
     
  14. M

    Mwafrika wa Kike JF-Expert Member

    #14
    Jan 20, 2008
    Joined: Jul 5, 2007
    Messages: 5,195
    Likes Received: 7
    Trophy Points: 0
    Mramba na Mgonja wanatokea sehemu nyingi sana ukifuatilia hii issue ya BoT. Inaonekana hawa jamaa wanaogopwa sana au ndio vile Kikwete hawawezi kabisa!
     
  15. Nzokanhyilu

    Nzokanhyilu JF-Expert Member

    #15
    Jan 20, 2008
    Joined: Feb 19, 2007
    Messages: 1,087
    Likes Received: 12
    Trophy Points: 0
    Hizi story za namna hii, mimi nimeanza kuzisikia mwaka 2002. Which means, watu bado wamelala kuhusu hii ishu. Hichi anachofanya Slaa and crew, bado wanapapasa, they havent even started to scratch!!
    Aliyenielezea sio mbongo wala hajui kiswahili. Alinielezea ndani ya London, tena akawa haelewi watanzania tuna matatizo gani. Yeye alifahamu, baada ya mtoto wa jamaa fulani (ambaye ni mmoja wa big players katika hii ishu) alikuwa akimwaga siri katika manywaji. Alikuwa akimwaga siri hizi kwa wazungu, wahindi na weusi (ambao hawana asili ya afrika) bila kujua hao watu wana marafiki waTanzania.
    Wengine ngoja tukae pembeni tuone theatre inavyochezwa.
     
  16. K

    Koba JF-Expert Member

    #16
    Jan 20, 2008
    Joined: Jul 3, 2007
    Messages: 6,064
    Likes Received: 435
    Trophy Points: 180
    ...huyu jamaa ni major shareholder wa Bank M,kwa hiyo inabidi kuanzia kwenye mali kama hizi ili kupata pesa yetu,lakini kitu kimoja najiulza huyu jamaa theres no way alichukua pesa bila kusaidiwa na hao ambao tumewakabidhi kulinda hazina yetu,kwa hiyo lazima wa upande wa serikali wawajibishwe ndio nitaridhika lakini changa la macho sitaki tena.
     
  17. Rev. Kishoka

    Rev. Kishoka JF-Expert Member

    #17
    Jan 20, 2008
    Joined: Mar 7, 2006
    Messages: 4,396
    Likes Received: 16
    Trophy Points: 135
    Kama Kagoda walikwenda BOT kusema wao ni representative wa Mercedez Benz or Daimler Benz in 2005, it means wale researchers wa BOT hawasomi Business weekly, Financial Times or Economist (zinazolipiwa na jasho letu) kujua kuwa there was no such thing as Daimler Benz Corp. in 2005 but there was Daimler Chrysler Corp!
     
Loading...