US$23 Million Recorded In NRZ Books For A Non Existent Asset - Report

Documents seen by The Standard, are showing that auditors engaged by parastatal National Railways Of Zimbabwe NRZ, indicate that there is a hanging balance of US$22 800 192,45 and the publication is claiming that it indicates that acting finance director Mthandazo Mlotshwa could have “helped himself” to the “hanging” funds.

This was revealed in a report prepared for NRZ acting general manager Joseph Musika which stated that:

Some time in 2019, whilst reviewing the work done by the year end team in preparation for the 2018 financial statements audit, we discovered that there were two amounts hived in the general ledger 197000 and 197001. Closer scrutiny revealed that these amounts were carried as an asset (receivable)

(The entry) was made by Mr Mlotshwa sometime in 2014 on the migration to the SAP systemAt the time, we were having external auditors, we then advised the team to search for the information, which could remedy the situation.

The data is nowhere to be found. We would like to bring to your attention that there is an amount of US$22 800 192,45, which is ‘hanging’ in the books representing an asset, which is non-existent.

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It is sad to note that over the years 2014 to date, the NRZ has been facing financial challenges whilst someone, for reasons best known to them, has been concealing such an amount.

Commenting on the issue, NRZ spokesperson Nyasha Maravanyika said they are still investigating the matter:

As we speak, the board is acting in a vigorous manner to carry out the mandate given to it by the government and all I can say is that the board is seized with this and other matters such as space barons that had been milking the NRZ of resources.

Meanwhile, 3 outgoing directors at NRZ are demanding hefty exit packages that included USD$80 000 each and the vehicles they were using.

More: The Standard