The affair stems from the requirement on the Minister for Finance to seek C&AG authorisation for the release of funds once the Government has spent a sum equivalent to 80 per cent of the money spent the previous year.
“It is a matter of serious concern that the Department of Finance issued a payment request to the Central Bank for which there was insufficient credit in place,” said the C&AG’s draft report. The department acknowledged a breach of process, saying it fully accepted responsibility for its role. “The Central Bank subsequently processed this payment. The Central Bank identified the breach later that day, and informed the Department of Finance, who in turn informed the Comptroller and Auditor General on the next business day.”The Central Bank said it recognised the significance of its role in the exchequer control process. “Following this incident we have put additional controls in place and will work with the Department of Finance to ensure such a breach does not happen again.
What's 3/4s of a billion of tax payers money between friends?