$4.1M unaccounted for: Not included in Treasury’s record- AG Report
In the report, she noted that her “verification of the cash balances revealed accounts held at three local commercial banks totaling $4.1 million that were not included in the Treasury’s records.”
According to Ms Webster, these amounts represented transfer of balances from dormant private accounts in keeping with the Dormant Account Act 2011.
We need to know what the Government owns
She further stated that a valuation exercise is required to ensure that there is full accounting for government’s assets.
Unrecorded assets comprise office buildings, schools community centers, machinery, equipment, vehicles and infrastructure assets such as roads, bridges, ghuts and retaining walls, etc.
The 2013 report noted too, that the Asset register implemented in 2013 for Central Government’s property, plant and equipment, requires additional details to allow for accurate identification of the assets recorded for verification purposes and for more effective central asset management.
.png)
.png)
.png)
Follow Us On
16 Responses to “$4.1M unaccounted for: Not included in Treasury’s record- AG Report ”
These man go away to Universities I swear to learn FRAUD and THIEVING! The can't do it in the US or Europe cause its under the jail they going. They come back to their homeland to LOOT and PLUNDER our resources and tax dollars. That's why when they get sick and dementia etc laugh at their wicked a$$es.
Further, how does government know what assets it owns, their value, their material condition if it does not conduct initial and periodic facility inventory. There should be master account for all assets at above a certain capital value, ie, $5K. And the assets should be subcustody to ministeries/departments leaders. A leader coming into a department should inventory and signed for assigned assets; when the leader leaves, he/she should turn over assets to relief/successor. Leaders must account for missing, lost, damaged or stolen assets.
The money is IN the banks because of the mentioned Dormant Account Act but not recorded in the ledgers of Government (Treasury). The question is: what procedures are in place for the banks to notify Treasury of amounts from dormant bank accounts being transferred to the BVI Government? Should not a quarterlyif not monthly reporting of such amounts by the banks to government be made mandatory / be in accordance with the Act. Government cannot record if the information is not supplied to them. On the other hand, Government should be proactive and request these reports regularly when not provided.