LEC loses M1 billion in three years
The Lesotho Electricity Company (LEC) has lost more than M1 billion over three years due to alleged mismanagement by suspended executives, according to a letter from the Principal Secretary of the Ministry of Energy and Mining directing the board to institute disciplinary proceedings. The forensic investigation and external audit revealed systemic governance failures, material weaknesses in internal controls, financial mismanagement including unrecorded tax penalties, revenue underreporting, procurement fraud, and irregular journal entries totaling over M408 million.
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