Audit of Phikwe Co-operative underway
Pauline Dikuelo | Thursday March 9, 2017 15:26
Briefing parliamentarians this week, the Minister of Investment Trade and Industry, Vincent Seretse said the audit report has not yet been finalised pending the corrections of the 2014/15 audit report which is being done by independent auditors engaged by the management of the Co-operative Society.
“The report is still being verified by the Society’s management board. The report would provide recommendations which would be submitted to the members during their annual general meeting which is still to be convened,” he said.
The sanctioned audit was meant to establish the Society’s financial and liquidity status, the overall effect of the closure of BCL on the Society, establish the effect of the mine’s closure on the Selebi-Phikwe Miners SACCOS – Itshetseng Joint venture while protecting members interest.
In addition, Seretse said it is at that meeting where members would resolve on issues that concern their welfare and any other issues affecting the society’s operations.
He said the financial position of the cooperative for the interim period ended December 31 would also be made available upon completion of the audits.
According to Seretse, currently the society has a staff complement of 19 employees across its three branches at Selebi-Phikwe with 15 responsible for BCL Mine, which is also the Society’s head office. Palapye office has two servicing Morupule Mine and two other at Francistown servicing Tati Nickel Mine, Mupane Mines and Botash. From these, about 10 of them are permanent and pensionable while eight are on two year contracts and the remaining one is temporary.
“Currently all of the Society’s branches are operational, serving some members who seek various services. The Society’s management would take action as they consider appropriate in consultation with members after consideration of the findings and recommendations of the audits,” Seretse said.
The Society, which was established about 38 years ago, has an active membership of 2,897. About 1,960 are from BCL Mine, 429 from Tati Nickel, 347 from Morupule, 63 from Mupane Mine, 98 from Botash as well as from employees of the society and those of the Botswana Mine Workers Union.