This report covers lec loses m1 billion with key details and context.
The Lesotho Electricity Company (LEC) has lost more than M1 billion over the past three years due to alleged mismanagement by its suspended executive management, according to a letter from Principal Secretary Tankiso Phapano. The letter, addressed to LEC Board Chairperson Thabo Khasipe, directs the board to institute disciplinary proceedings against the suspended executives.
Phapano stated that the losses were caused by outdated policies, weak internal controls, and widespread governance failures. He noted that external audit and forensic investigations revealed systemic issues, including financial mismanagement and exposure to losses.
The letter also highlighted a M96 million discrepancy in the fixed assets register and unrecorded tax penalties totaling M14.5 million. Additionally, the forensic report alleged procurement fraud in the Ha Belo Electrification Project, where a tender was awarded to a higher bidder.
Efforts to obtain comment from Khasipe were unsuccessful. LEC’s entire executive management, led by Managing Director Mohlomi Seitlheko, was suspended in March 2025 pending investigations.
Article source: lestimes.com | Image credit: Newsdayonline
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