•KGOSI INSTRUCTED TRANSFER OF P250 FROM NPF – PS >FUNDS TRANSFERRED WITHOUT WRITTEN APPROVAL FROM THE MINISTER >P1. 4 billion boost to the fund needed to avoid fuel price increase
The Permanent Secretary (PS) in the Ministry of Mineral Resources, Green Technology and Energy Security, Obolokile Obakeng has blamed the National Petroleum Fund looting on external forces amongst them the Director General of The Directorate on Intelligence and Security Services (DISS), Isaac Kgosi.
This came to light yesterday at a charged Parliamentary Accounts Committee (PAC) seating when Obakeng was called to account for the missing millions from the NPF.
First to fire shots at the PS was Tati East legislator, Samson Guma Moyo.
Moyo forced the PS to read out a letter that was sent by Kgosi directing the transfer of P 250 million from the NPF to a Khulaco fund management account.
Asked if it was legal for Kgosi to “instruct” the transfer of funds from NPF Obakeng responded: “I am the custodian of the funds as the accounting officer. I have not been able to access the purpose of the transaction because I did not know.”
Moyo then put it to the PS that there was in fact a letter written from the same Khulaco fund management company requesting for a meeting with the Ministry and the DISS.
In the letter the fund managers, requested for a meeting with the ministry and DIS to find out how exactly would they (fund managers) be disbursing the transferred funds, where they would be transferring the money to and why?
The PS responded, “I was never a part of any meeting. So I do not know.”
The PS in his summary to the PAC stated that some of the functions of the NPF could not be met because of the ‘external influences.’
The challenges he faced by the NPF were such that “there is internal overriding acting alone or in cohort with third parties,”Obakeng stated
The PS also shockingly revealed that there is no written approval from the Minister Sadique Kebonang to appoint a fund management company, as is the law.
“There is no written approval from the Minister for management of the fund. I searched and looked as far as I could for a written approval as per the law and I have not found one,” he said.
Still at the PAC seating it came to light that the Ministry has also not been able to submit its financial statement for the past two years.
This, the PS said was caused by the P 2. 2 million owed to them by Stanlib, the former fund manager of the NPF.
The PS further revealed that the NPF at the moment needs an additional 1. 4 billion to sustain itself or the country would face fuel price hike. Obakeng said this is because of the mismanagement of the fund.
The NPF saga came to the fore when three accused persons, Bakang Seretse,(former Khuluco director) Botho Leburu and Kenneth Kerekang were charged with laundering of money looted from the NPF
Outgoing President Ian Khama, Incoming President Mokgweetsi Masisi, Minister of Youth Empowerment, Sports and Culture Development Thapelo Olopeng have also been fingered in court as having benefited from the proceeds of ill gotten gains from the NPF, allegations they have since refuted.