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Tanesco 280 bn loan scam fired two seniors

Discussion in 'Jukwaa la Siasa' started by Msharika, Mar 7, 2010.

  1. M

    Msharika JF-Expert Member

    Mar 7, 2010
    Joined: May 15, 2009
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    Tanesco bosses fired over Sh280 billion loan scam

    Former Tanesco Managing Director Dr Idris Rashidi.

    Two top directors of the cash strapped power utility firm have been suspended in connection with the Sh280 billion loan that the company borrowed from a consortium of local banks about three years ago.
    Just three years ago, the company borrowed $300m from the consortium at 10 percent interest per annum, but almost 80 percent of that money went straight to settling outstanding debts.
    The officers have been suspended following the comprehensive audit report compiled by the Controller and Auditor General (CAG) office, after an alarm was raised last year on how the billions were spent.
    According to inside sources, the suspended officers are Jamhuri Ngelime who was the Chief Finance Officer and Nicholas Suke, who was the Director of Procurement.
    They were suspended on Thursday this week pending thorough investigations to be carried out per the Board’s recommendations.
    A senior official within the financially troubled State power firm told The Guardian on Sunday that the suspension was reached after a two-day Board meeting that took place between Wednesday and Thursday this week.
    During the meeting, the Board among other things also reviewed and discussed the CAG findings on the allegations of Tanesco’s housing scam that was revealed for the first time in parliament by Sumve legislator, Richard Mganga Ndassa.
    According to leaked information from the Board’s meeting, the CAG report on the housing scam has strongly damaged the reputation of the former Tanesco Managing Director Dr Idris Rashidi.
    The CAG report has painted a bleak future for Dr Rashidi, for whom some top Tanesco officers as well as politicians had been campaigning to have his tenure as MD renewed.
    “The CAG report has directly linked the former MD with the housing scam reports…This gives him very slim chance to be re-appointed, although his name was on the short list of candidates, ” our source who spoke under the conditions of anonymity said yesterday.
    Tanesco’s housing scam came into the spotlight for the first time on July, last year during the Parliamentary budget after Ndassa told the House that the company spent over Sh1.4 billion on the repair of seven residential houses occupied by its directors.
    Contributing to the budget of the ministry of Energy and Minerals, the legislator from the ruling Chama Cha Mapinduzi said the staggering expenditure was approved by the management without the knowledge of the board of directors.
    He told the National Assembly that a top Tanesco official was already preparing to buy one of the houses repaired at a cost of Sh600 million for a mere Sh60 million. “Is this how public money should be spent? Is this what we call good governance ?” Ndassa was quoted as querying in House.
    According to Ndassa, the seven houses, all in Dar es Salaam, were refurbished using part of the Sh300 billion that the power utility had borrowed from local banks in 2007 to revamp its operations.
    Giving details, the MP listed the houses, including House No.13 located at Oysterbay. He said the house was occupied by the former MD and was repaired at the cost of Sh 600 million.
    Others are house No.89 on Guinea Road (Sh250.4 million), house No.65 on Laibon Road (Sh190.4 million), and house No.459 on Mawenzi Road (Sh130 million).
    Also on the list is house No.93, also on Guinea Road (Sh88.5 million), house No.315 on Toure Drive (Sh79 million) and house No.98 on Uganda Lane, which cost Sh73 million.
    After MP demanded thorough explanation from the government, Minister for Energy and Minerals William Ngeleja formed a special task force to investigate the allegations.
    When contacted yesterday to confirm the reports, the Minister for Energy and Minerals, William Ngeleja, didn’t deny or confirm, directing our staff writer to contact the Tanesco Acting Managing Director.
    “Just contact the Acting MD, I don’t want to be their spokesperson.” The Minister told The Guardian on Sunday.
    When contacted, the Acting MD, Stephen Madaba, declined to comment, saying he hasn’t received any official report about the Board’s decisions.

  2. Kinyambiss

    Kinyambiss JF-Expert Member

    Mar 7, 2010
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    So nyumba ya 600m ilikua auziwe Rashid for 60m plus the plot worth over 1billion mitaa ya Obay.. Mmmh this sh*t is good business. Aisee this is crazy, Rashid Kushnee big time.. Hii plus radar, lazima JK atoe watu kafara kidogo.
  3. Wacha1

    Wacha1 JF-Expert Member

    Mar 8, 2010
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    Huo ubavu anao?
  4. Wacha1

    Wacha1 JF-Expert Member

    Mar 8, 2010
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    Nyumba inafanyiwa repair ya 600 million shs approx US $400,000.00 hii inawezekana Tanzania tu. Vifaa na mafundi walitoka jehanam kwa hiyo kulikuwa na gharama kubwa ili watinge bongo.
  5. taffu69

    taffu69 JF-Expert Member

    Mar 8, 2010
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    Wakishajiuzia kwa bei ya malapulapu baadae wanajipangishia wenyewe kwa bei ya kidari ama fillet. Hii ndiyo bongo, wachache mno ndiyo wanaoijulia!
  6. J

    Jasusi JF-Expert Member

    Mar 8, 2010
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    Hata akipewa hizo taarifa hatashangaa kwa sababu hii ndio imekuwa modus operandi
    tangu enzi za fisadi Mkapa.
  7. Jayfour_King

    Jayfour_King JF-Expert Member

    Mar 8, 2010
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    Wasionee hawa once walimshindwa Ndullu hawa wanaiga tu kama gavana hajakosea wao ndio hawajakosea kabsaaaaaa.Wawaache tu tuendelee kuijenga nchi yetu.
  8. DMussa

    DMussa JF-Expert Member

    Mar 8, 2010
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    what was their involvement? CFO na DP walihusika kwa kiwango gani? Je ni kwamba walikosea sheria ya PPRA au walitumia fedha za mkopnMpaka sasao vbaya? nahisi kuna mambo mengine zaidi ya 280bn loan scam. Naskia toka Idris atoke vishoka wameongezeka fasta!! Swali ni nani anawachunguza? wasituletee vituko vya akina jery muro 2!