Follow financial regulations, indeni ordered
The Parliamentary Public Accounts Committee PAC has ordered Indeni Oil Refinery to start following the country's financial Regulations in it's operations.Committee Chairperson EMMANUEL HACHIPUKA says it is sad that Indeni flouted tender procedures in its operations just because it is a monopoly and the country needed fuel in 2007.
Mr HACHIPUKA who is also Mbabala UPND member of Parliament wondered why the 16 Billion Kwacha meant for recapitalising Indeni was not used for the intended purpose in 2006.
He was speaking when Ernegy Permanet Secretary TEDDY KASONSO appeared before the Committee in Lusaka this mnorning.
And Mr KASOSO promised the committee that now that the government had taken over 100 percent shares in the company, tender procedures would be followed.
He said some tender procedures were not being followed because Indeni was being run as a private company.
Meanwhile, Indeni made a profit of 54 Billion Kwacha as of December, 2009.
Indeni Chief Accountant THOMSON CHIKUMBI told the Committee that Zesco power failures had in the past contributed to the losses the company was making.
