MK 577 Billion Cash Gate Audit Report Reveals MK 350 Billion Looted In 2013 During Joyce Banda’s Era

In what can be described as twist of events and misinformation regarding the famous MK 577 billion cash gate scandal with the former ruling Peoples Party having failed to convince Malawians in the run to 2014 elections as not having a hand in the looting of public coffers.

A comprehensive financial investigation report that could form the basis of a thorough forensic audit,  established that during the last quarter of the rule of former president Joyce Banda’s People’s Party (PP), more transactions amounting to about K350 billion  were made and this money remains unaccounted for till the present day.

According to PricewaterhouseCoopers Advisory Services (Pty) Limited (PwC) which was  contracted by the Auditor General to open over public financial undertakings that took place between January 2009 and December 2014 , there has never been looting of MK 577 billion Kwacha which occurred during the DPP era but it  established that at least over K577 billion cannot be accounted for from which MK 350 billion kwacha was lost at  capitol hill mess which Joyce Banda orchestrated  to source funds for her 2014 campaign in a systematic and a coordinated fashion  which involved former Budget Director Paul Mpwiyo, her close Peoples Party loyalists, Cash gate convict and PP financier Osward Lutepo ,some authorizing officers like Leonard Kalonga  and Peoples Party errand boys such as Caroline Savala, Ephraim Chivunde and Stanford  Mpoola among others.

An extract of  table showing cheques that matched between cheque counterfoil table and bank statement, it is on record that between September and December 2013  when the Peoples Party  Government was in power , cheque counterfoils of close to K350 billion was transacted and was only matched with less than K50 billion in the bank statements.

“The majority of entries on cheque stub table were effected in the fourth quarter of 2013 with the second highest number of payments on the bank statement, agreeing to this criteria, occurred in the first quarter of 2014 when Joyce Banda was ruling ,” the report observes.

As that is not enough, the majority of entries on the Cheque stub table were effected in the fourth quarter 2012 whilst the second highest number of payments occurred in the first quarter of 2014,” it states.

Since cash gate scandal broke loose at capitol hill. Several arrests have been made and on numerous occasions. About 7 cash gate suspects and convicts mentioned Joyce Banda as having knowledge of cash gate scandal to the tune that some wanted her to testify in their cases.

Among others, Former Minister of Justice and Peoples party legal advisor Ralph Kasambara wanted Banda to testify in his case. Convicted Osward Lutepo also said Banda is responsible for cash gate and so Pika Manondo.

When Former Budget Director Paul Mpwiyo was shot at his house entrance in 2013, Joyce Banda went to town saying she knew of who had shot Mpwiyo and why, vindicating her further that she new something on cash gate.

Banda left Malawi in 2013 after suffering an election loss and now she has been in a self-imposed exile for over two years.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s