NDC has not repaid a 1998 loan to Finance Ministry yet

27 Jun 2013 12:50
WINDHOEK, 27 JUN (NAMPA) - The Namibia Development Corporation (NDC) has not yet repaid a loan amounting to N.dollars 4,8 million acquired from the Ministry of Finance in 1998.
This came to light on Thursday when the Parliamentary Standing Committee on Public Accounts called NDC officials before a public hearing.
The corporation received the loan to acquire a stake in the Southern Africa Tractor Manufacturing (SATM).
According to the NDC?s Audit report, to date, there is no payment made to the government and the auditors could not obtain confirmation on this balance, and as a result were unable to verify the completeness, existence and valuation of the liability.
In response, NDC Finance Manager Samuel Maasdorp said the loan is not yet paid back because the people who signed the loan have since resigned from the Ministry of Finance.
?This is no reason to still hold public money in the account of the organisation,? said the chairperson of the Parliamentary Standing Committee on Public Accounts Usutuaije Maamberua.
He said there are new people in the Finance Ministry and a Permanent Secretary, and wanted to know why Maasdorp has not communicated with the Permanent Secretary Ericah Shafudah to find out where to deposit the loan money to.
Maamberua also wanted to know when last the NDC communicated with the Ministry of Finance about that loan.
Maasdorp responded that the last communications with the Ministry Finance on the repayment of the loan was between the year 2000 and 2005.
?I wish there were some officials from the Ministry of Finance to ask why are they are quiet on the repayment of this loan,? said the chairperson.
He then encouraged Maasdorp and his team to write a letter to the Finance Permanent Secretary to meet and discuss the issue on that loan, and report back to the Auditor-General?s office.
Currently, the loan stands at N.dollars 6,8 million, according to Maasdorp.