Technical Entrepreneurial Vocational and Education Training Authority (Teveta) has said the audit exercise by the National Audit Office (Nao) on three of its directors alleged to have misappropriated K2.4 billion belonging to the institution is going on well.
The Teveta board sent three of its directors on forced leave from January 24 to February 23, to pave the way for the investigations on the matter.
Responding to a questionnaire, Teveta’s Head of Corporate Affairs, Lewis Msasa, said the audit is at an advanced stage.
“As you are aware, the audit started in January and we expect the results to be out by end this month. Once the results are out, we will surely let the public know of the outcome,” Msasa said.
He, however, explained that the K2.4 billion that is said to have been misappropriated at Teveta is intact as it is part of the levy arrears which the government paid to the institution.
“In August 2016, the government honoured its obligations by paying Teveta K2.4 billion levy arrears in Promissory Notes which were to be redeemed at a discounted rate if this was done before they matured.
“Currently, the authority is yet to spend the K2.4 billion worthy of promissory notes on Technical, Entrepreneurial and Vocational Education and Training (Tevet) related programmes which will go a long way in ensuring that Malawians especially the youth have access to Tevet,” he said.
Msasa said at its recent sitting, Teveta Board provided guidance on how the K2.4 billion would be used.
“Among others, the funds will be used towards supporting the community colleges programme and other Tevet related programmes.
“Teveta is among the government Ministries, Departments and Agencies (MDAs) that are audited every year by external auditors and that its audited accounts are dully published in local dailies. As such, we wish to assure the nation that such funds are going to be used prudently,” he said.
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