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Suspecting Fraud, Zimbabwe Government Commissions Audit of National Oil Co.

  • Gibbs Dube

In May this year, government accused NOCZIM of failing to remit taxes to the revenue authority amounting to US$150 million

The government of Zimbabwe has commissioned an audit by an international firm to investigate the disappearance of US$35 million from the long-troubled National Oil Company of Zimbabwe or NOCZIM.

Energy and Power Development Minister Elton Mangoma said the auditors were called in last week after the state-controlled enterprise failed to remit taxes to the Zimbabwe Revenue Authority. He said the international accounting firm Ernst & Young will carry out a thorough forensic audit before reporting back to the government.

Mangoma told VOA Studio 7 reporter Gibbs Dube that at this point it is believed senior NOCZIM executives diverted funds set aside for taxes. The audit will focus on the period between February 2009 and March 2010.

In May this year, government accused NOCZIM of failing to remit taxes to the revenue authority amounting to US$150 million. The company management claimed it had used the money to service its US$300 million debt.

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