PAC says excess subsidy of Le2.6bn to Limkokwing was due to currency depreciation

The Auditor General’s Report 2017 stated that Limkokwing University received overpayment of Le2.6 billion (Le2,632,139,660) from the Ministry of Education for the payments of fees for 1,200 sponsored students. According to the auditors, the Ministry received invoice for fees of Le9.8 billion (Le9, 877,400,000), dated 27th October, 2016 for the 1st cohort of 1,200 government sponsored students (i.e. for 600 students) studying at the University for the first academic year – 2016/2017. From the review of first installment payment cost summary, it was observed that government paid Le10bn which resulted in an overpayment of Le122, 600,000. A further review of the University’s installment payment cost summary revealed that a balance 50 percent owed by government amounted to Le9,670,570,760 and the overpayment of Le122,600,000 on the first payment was set-off against this amount which resulted in a revised unpaid fees of Le9,547,970,760. From the review of the Ministry’s payment analysis for the balance 50 percent payments done by the former Acting Principal Accountant, it was observed that the Ministry paid Le12,180,110,420 to the University, resulting in  an overpayment of Le2,632,139,660 (Le12,180,110,420 – Le9,547,970,760) to the University. The Committee’s discussions with officials of the Ministry revealed that the depreciating value of the Leones resulted in the overpayment in order to get the same amount as stated in the MOU.

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