Board cites financial ‘irregularities’ in the indefinite suspension of MD and General Manager-Finance
Lesotho Electricity Company (LEC) Managing Director Mbele Hoohlo and General Manager-Finance, ‘Masechaba Mantsoe, have been slapped with indefinite suspensions.
Ms Mantsoe’s suspension, which came into effect on 7 December 2015, was to allow investigations into “irregularities discovered in the Management Accounts, which may have a bearing on the Audited Financial Statements of the Company”, the LEC noted in a statement released yesterday and attributed to Board Chairperson, Batalatsang Kanetsi.
Mr Kanetsi further explained in the statement that Mr Hoohlo had been suspended on Monday while investigations into his oversight role were being conducted.
The investigations, he added, were expected to have been completed by the end of this month.
Asked by the Lesotho Times to shed more light on the issue, Mr Kanetsi said: “The Board is in the process of engaging a financial management expert to investigate Mr Hoohlo’s role in these financial irregularities.
“On the issue of Ms Mantsoe, we have already engaged a South African financial expert to investigate the charges levelled against her.
“They might or might not come back to the company as their fate will be decided by the outcome of the investigation.”
Mr Kanetsi further said he could be in a better position to go into details of the matter next month.
“However, these financial irregularities are mostly contained in the immediate past financial year but we suspect they might go as far as the other two previous financial years (2012/13 and 2013/14),” he said.
Mr Kanetsi reassured LEC clients that the suspensions would not affect the company’s operations.
“This will not, in any way, affect our daily operations as we have competent staff led by acting Managing Director Mr Tankiso Motšoikha, who is a long-serving General Manager-Engineering,” he said.