BMC in precarious financial position

Botswana Meat Commission is in bad shape, the latest Auditor General's report indicates. The report covers the year ending March 31, 2011 and takes a dim view of the beef parastatal's weak finances, mysterious bank accounts, questionable accounting practices and major oversight in the BMC's strategic direction.According to the report, the BMC is not in the healthiest of financial positions, having accrued losses over the last few years.

The BMC incurred losses of P87.82m in the financial year under review.  Although the figure is down from P115.13m in 2010 and P107.39m in 2009, the financial position remains critical. "This indicates the existence of material uncertainty over the group's and commission's ability to continue as a going concern," the Auditor General warns.