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Tuesday, December 16, 2014

CSOs on the Role of BOT in Handling ESCROW

"We have reviewed the National Audit Office (NAO) report to the Public Accounts Committee (PAC), PAC’s report to the National Assembly on November 26th 2014, and numerous related documents, and....WE ARE CONCERNED about the ease with which the [TEGETA ESCROW ACCOUNT (TEA)] funds were transferred from the Bank of Tanzania (BOT) to private banks, and subsequently to individual bank accounts. These acts manifest a lack of due diligence on the part of the parties concerned. We highlight below numerous related concerns....Although the Bank of Tanzania took steps to indemnify itself against potential legal challenges related to the TEA, it failed to undertake its own due diligence of the case, relying on guarantees by interested parties...." - Policy Forum, Tanzania Coalition on Debt and Development, ACTIVISTA, Tanzania Youth Vision Association, SIKIKA, Action Aid Tanzania, HakiElimu  &Youth Partnership Countrywide in a 'PRESS STATEMENT: Power sector fraud tests the Tanzanian government’s integrity and accountability.

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