NMC ALLEGED FRAUD: ACC ROPED IN

LOBAMBA – A forensic report confirmed that there was mismanagement and fraudulent activities at the National Maize Corporation.

As a result, the matter was referred to the Anti-Corruption Commission (ACC) to initiate the necessary processes and hold people accountable. This was revealed by the Ministry of Agriculture Controlling Officer, Sydney Simelane and NMC Chief Executive Officer (CEO), Mavela Vilane. Vilane said the forensic audit had been handed over to the ACC and it confirmed a number of irregular activities at the parastatal. “We are hoping that after all consultations and investigations by the ACC, the law will take its course,” he said.

MP Manzi Zwane asked an ACC officer, Mahlasela Mamba, who was part of the PAC, to confirm if they received the forensic report. Mamba responded: “I can confirm that we are busy with the investigations. Simelane also gave an update on a turnaround strategy that was promised in the previous Parliaments, which the NMC was implementing.

He said there had been financial improvement since they discovered that there were activities that were bringing in much revenue. He said one of the setbacks in the turnaround strategy was the passing of their chief financial officer. Simelane added that when some workers of the Ministry of Agriculture were moved to NMC, to carry out the seed subsidy programme, a budget for personnel costs had not been drawn. “The government allocated us E11 million for the subsidy programme. It said there were issues with the release of the programme,” he said.

Vilane added that they were slowly recovering after the challenges of the previous years. “Since 2018, the company has been making losses. In the 2022/2023 financial year we made an E8 million loss,” he said. Vilane told PAC that in the financial year ended March 31, 2024, the company made a profit of E28 million. Despite the profit, he said they found the organisation in a high debt-debit ratio. “We found a bank overdraft with EswatiniBank of E35 million,” he said. He said they split the loan into two, a mid-term loan and a bank overdraft. Vilane said there were a number of implemented strategies to revive the organisation.

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