Auditor General Hussain Niyazi is scheduled to appear before the Public Accounts Committee of the Parliament to address concerns surrounding the flats of the Police Cooperative Society (Polco).
The appearance is part of the ongoing investigation into the financial mismanagement and discrepancies associated with the Polco housing project.
Niyazi is scheduled to appear before the committee tomorrow at 12:30 pm to provide further insights. The Auditor General's Office had previously filed a case with the Anti-Corruption Commission (ACC), which has already raided Polco's office and seized relevant documents related to the case.
The Public Accounts Committee has initiated its own investigation based on information gathered from the audit report issued by the Auditor General's Office. The report has revealed significant irregularities in the Blues Housing flat project in Hulhumale', specifically regarding the payment processes to contractors.
The project, which cost more than MVR 1 billion, resulted in a loss of MVR 355 million. The audit highlighted that contractors were paid in various forms instead of for the actual work completed, raising questions about the transparency of the financial transactions.
Furthermore, the audit report pointed out significant delays in the project, which ultimately benefitted the contractors while detracting from the state’s interests. The report also recommended holding the board of directors and executives of Polco accountable for their failure to take appropriate action during the course of the project.
The audit revealed that agreements with contractors were changed multiple times, and payments were made under different terms, rather than for completed work, suggesting possible financial mismanagement.
The investigation continues as the Public Accounts Committee seeks to understand the full extent of the situation and ensure that those responsible are held accountable.
The appearance is part of the ongoing investigation into the financial mismanagement and discrepancies associated with the Polco housing project.
Niyazi is scheduled to appear before the committee tomorrow at 12:30 pm to provide further insights. The Auditor General's Office had previously filed a case with the Anti-Corruption Commission (ACC), which has already raided Polco's office and seized relevant documents related to the case.
The Public Accounts Committee has initiated its own investigation based on information gathered from the audit report issued by the Auditor General's Office. The report has revealed significant irregularities in the Blues Housing flat project in Hulhumale', specifically regarding the payment processes to contractors.
The project, which cost more than MVR 1 billion, resulted in a loss of MVR 355 million. The audit highlighted that contractors were paid in various forms instead of for the actual work completed, raising questions about the transparency of the financial transactions.
Furthermore, the audit report pointed out significant delays in the project, which ultimately benefitted the contractors while detracting from the state’s interests. The report also recommended holding the board of directors and executives of Polco accountable for their failure to take appropriate action during the course of the project.
The audit revealed that agreements with contractors were changed multiple times, and payments were made under different terms, rather than for completed work, suggesting possible financial mismanagement.
The investigation continues as the Public Accounts Committee seeks to understand the full extent of the situation and ensure that those responsible are held accountable.
