By Ilhaam Hoosain
09 September 2007
A reply by the Minister of Agriculture and Land Affairs Lulu Xingwana to written parliamentary questions submitted by the DA on the forensic investigation into the financial affairs of the Land Bank, confirms suspicions of interference into the work of the independent auditors investigating the Land Bank and raises further questions.
The Land Bank appeared before Scopa in May of this year to account for the institution’s financial mismanagement and resultant negative audit report from the Auditor General.
As an urgent measure to save this once proud institution from financial ruin, the government provided a guarantee of R1,5 billion and gave a cash injection of R700 million to keep the Land Bank afloat.
The minister also seconded a team of experts to assist management, sent certain key executives on compulsory leave and finally ordered a forensic investigation by independent auditors into the financial affairs of the Bank.
The minister admits that there were “problems during the investigation”, but that “the investigators have had unhindered access to the files and information since the CEO had left in July”.
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