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AG’s report on FDC will only be issued on 21 November

───   PULANE CHOANE 16:30 Wed, 17 Oct 2018

AG’s report on FDC will only be issued on 21 November  | News Article

Exactly a month from now, the Auditor General of South Africa (AGSA) will be expected to deliver the audit outcomes of the Free State Development Corporation’s (FDC) annual reports.


This is according to AGSA spokesperson, Africa Boso, who told OFM News in a written response that the FDC, which was already audited earlier this year, was required to have already tabled their annual reports through the Free State Legislature by the end of last month. Boso said she expected that likewise, the FDC had already submitted its reports and these would then form part of the AG’s overall audit comes.


These outcomes will provide clarity in relation to the R104 million, the Corporation told OFM News yesterday, it received as a return on its initial R100 million investment from the VBS Bank. Boso also said the AG’s audit report would be based on the FDC’s annual report and would also provide an overview on general trends and the AG’s analysis through the general report process.


Meanwhile, Chairperson of the Corporation, Hantsie Matseke, told OFM News on Tuesday that the Corporation had earlier this week met with the provincial office of the AG and that the AG was satisfied with the entity’s financial statements on the matter, which clearly reflect the money going ‘in and out.’


The board members appeared before the Portfolio Committee on Public Accounts in the Free State Legislature (Scopa) on Tuesday in Bothaville to answer on what their involvement in the VBS mutual bank is. The FDC was named as one of the top three beneficiaries in the looting scandal, which also implicates four North West Municipalities and other persons of interest such as the King of VhaVenda, Toni Mphephu Ramabulana.


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