• TERMS OF USE
  • PRIVACY POLICY
  • ETHICS COMMITTEE
  • SUBMITTING AN ARTICLE
  • MANAGEMENT
Tuesday, August 17, 2021
Sudans Post
  • HOME
  • NEWS
    • SOUTH SUDAN
    • SUDAN
    • REGION
    • CORONAVIRUS PANDEMIC
  • EDUCATION
  • PRESS RELEASES
  • OPINIONS & ANALYSIS
  • CONTACT US
  • ABOUT US
  • عربي
No Result
View All Result
  • HOME
  • NEWS
    • SOUTH SUDAN
    • SUDAN
    • REGION
    • CORONAVIRUS PANDEMIC
  • EDUCATION
  • PRESS RELEASES
  • OPINIONS & ANALYSIS
  • CONTACT US
  • ABOUT US
  • عربي
No Result
View All Result
Sudans Post
No Result
View All Result

South Sudan losses $ 1 billion under 2012-2015 letter of credit project

The latest Auditor General’s report indicates that Letters of Credit (LC) issued by South Sudan’s government to various institutions to import commodities and try to stabilize prices were diverted to benefit some individuals.

STAFF WRITER by STAFF WRITER
August 16, 2021
Reading Time: 4 mins read

South Sudan president, Salva Kiir Mayardit [Photo by unknown]
South Sudan president, Salva Kiir Mayardit [Photo by unknown]
JUBA – South Sudan has lost nearly $1 billion under Letter of Credit project issued for imports between 2012 and 2015, the latest Audit Report said.

The latest Auditor General’s report indicates that Letters of Credit (LC) issued by South Sudan’s government to various institutions to import commodities and try to stabilize prices were diverted to benefit some individuals.

After the closure of oil production in 2012, the government negotiated dollar supply facilities from the Qatar National Bank and Stanbic CFC Bank to ensure the supply of strategic imports including, pharmaceuticals, fuel, food, building materials, and industrial inputs.

It aimed to empower South Sudanese citizens in the private sector through the affirmative action nature of this mechanism.

The ministerial committee blocks allocations to eligible agencies such as ministries of Petroleum, and Health.

“Some officials involved in the allocation processes report that they issued allocations, not in accordance with the prescribed procedures but due to strong-arm pressure, intimidation, threats, and blackmail by powerful and influential individuals in ‘the entire system,” the report said.

“These include some of the people who make the law, those who execute the law and those who enforce the law,” it added.

The evidence showed that most of the allocations were made, not for the purposes of importing goods to the country, but to give the ‘allotee’ access to dollars at the official rate.

It said that officials in authority took advantage of the systems’ failure and involvement of their superiors in the abuse and joined the illicit self-enrichment queue.

It reported urged the National Legislative Assembly to lift the corporate veil and ordered the Director of Public Prosecution to charge the individual owners of the offending business entities in courts of law.

“The National Legislative Assembly should introduce statutory safeguards giving the government the right and power to investigate and prosecute beneficiaries on undelivered orders,” it said.

It called upon the government to steer clear of technical commercial banking operations to avoid inevitable malpractices of patronage, corruption, politicization, and waste,” it said.

“Steps need to be taken at the executive level of government to find out who are the human beings behind the local and foreign beneficiary companies in this financial scandal,” it said.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

Related Posts

Stampede in Kabul airport as Afghans try to flee impending Taliban rule [Photo via Outlook India]

BREAKING | Uganda to host 2000 Afghan refugees on US request, first batch to arrive today

August 17, 2021
Chairman of the Red Army Foundation Deng Bol Arua (left) and President Salva Kiir Mayardit. [Photos via Facebook/Getty Images]

Kiir intervenes to address Red Army Foundation’s grievances

August 17, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT
Sudans Post

Sudans Post is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Sudan, South Sudan and East Africa, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the two countries and the region.

SUDANS POST

  • ABOUT US
  • CONTACT US
  • ETHICS COMMITTEE
  • MANAGEMENT
  • PRIVACY POLICY
  • SUBMITTING AN ARTICLE
  • TERMS OF USE

RECENT NEWS

  • BREAKING | Uganda to host 2000 Afghan refugees on US request, first batch to arrive today
  • Kiir intervenes to address Red Army Foundation’s grievances

SUBSCRIBE TO SUDANS POST

Get the news delivered right into your inbox and subscribe!

 

  • PRIVACY POLICY
  • TERMS OF USE
  • ETHICS COMMITTEE
  • SUBMITTING AN ARTICLE
  • MANAGEMENT

Copyright © 2019–2021 Sudans Post - All rights reserved.

No Result
View All Result
  • HOME
  • NEWS
    • SOUTH SUDAN
    • SUDAN
    • REGION
    • CORONAVIRUS PANDEMIC
  • EDUCATION
  • PRESS RELEASES
  • OPINIONS & ANALYSIS
  • CONTACT US
  • ABOUT US
  • عربي

Copyright © 2019–2021 Sudans Post - All rights reserved.