Botswana Oil pre-empts corruption possibility
Tsaone Basimanebotlhe | Tuesday December 1, 2015 17:54
The deputy director general –operations at DCEC, Gaofenngwe Wasetso yesterday said this at Gaborone International Convention Centre (GICC) during the launch of the Botswana Oil Limited (BOL) tip off anonymous programme.
“Let me point out that research has shown that 40% of fraud and corruption is detected from tip offs and anonymous facilities. In fact according to DCEC records, an average of its information is from anonymous sources. This therefore further indicates the relevance of the initiative we are launching today,” Wasetso said.
He said the programme would promote zero tolerance against corruption.
Wasetso said by launching the programme, BOL shows that it had taken a principled stand for good governance, a key factor against corruption.
A senior officer for Deloitte and Torche, Albert Einstein which has also joined hands with BOL for fighting crime said approximately five percent of turnover is lost to fraud and unethical practice.
He said 10 percent of fraud cases are also discovered and disclosed.
Eistein further revealed that internal audit is already stretched for resources.
Meanwhile, the BOL member Mbako Mbo said BOL tips offs programme mission is to assist the board of directors in discharging its corporate governance responsibilities relative to financial reporting, risk management and regulatory conformance.
He said the committee has authority to obtain outside legal or independent professional advice to ensure that it meets its
objectives.
Mbo said BOL is committed to high standards of ethical, moral and legal business conduct.
“This whistleblowing service is intended to offer protection for any person who raises concerns regarding BOL, such concerns regarding but not limited to incorrect financial reporting, unlawful activity, a danger to public health or safety, gross mismanagement, substantial waste of funds, or clear abuse of authority,” Mbo said.