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Finance and National Planning Minister Situmbeko Musokotwane on Tuesday presented before Parliament documents depicting the transmission of the K65 Million forfeited to the state by Faith Musonda.
Musokotwane said the documents of transmission transcript involves for both the funds transferred on March 3, 2022 in Kwacha and Dollar, which are irrefutable proof of transfer of funds to the Consolidated Fund Accounts.
He said the Ministry issued an instruction to the ACC on February 25, 2022, in which it requested for the transfer of the forfeited funds into the consolidated accounts Control 99 for the Zambian Kwacha and United States Dollars, respectively held at the Bank of Zambia.
“In line with the request from the Ministry, the ACC accordingly transferred the forfeited funds on 3rd March, 2022 into the Consolidated Fund Control 99 in line with this Directive and the Public Finance Management Act No.1 of 2018,” Musokotwane said.
He further said the Ministry of Education applied for a supplementary provision of K73,172,516.00million under a budget line called “University Education 3 Provision” which included the total forfeited funds amounting to K66,368,812.21million and K6,803,703.79million which was provided from the general revenues to meet the Supplementary requirement for the Ministry of Education.
Musokotwane said further, an amount of USD57, 950.00 was transferred from ACC Asset Forfeiture USD Holding Account at Bank of Zambia to Ministry of Finance and National Planning Dollar Account No. 0011000371614 (Main Control 99 USD) on 3rd March 2022.
He said the two transfers were the funds which were forfeited to the State by Ms. Musonda as per the provision of Section 80 of the ACC Act of 2012.
“In this regard, the total amount transferred in Kwacha equivalent was K66, 368,812.21 i.e. K65, 332,446.00 and K1, 036,366.21 which was the equivalent of USD57, 950.00 at the exchange rate of ZMW17.8883/USD,” Musokotwane said.
He said the Supplementary was presented to the National Assembly and was duly approved and the Supplementary Appropriation Bill in respect of the approved supplementary estimate of expenditure was assented to by the President of the Republic of Zambia on 3rd August 2022.
Musokotwane also presented a copy of the approved Supplementary for Ministry of Education under University Education Provision amounting to K73, 172,516.00, which included the forfeited funds amounting to K66, 368,812.21.
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