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Bank statements expose looting at Football HouseBy Joseph Mwenda on 1 Apr 2018
But U-20 champions remain unpaid
The Football Association of Zambia has recorded a loss of K6.6M in the financial year ending 31st December, 2017.
Mean while leaked documents show how hefty allowances were paid to FAZ Excom members in 2017. For the under-20 Africa Cup, Andrew Kamanga received K128, 100, his deputy Rix Mweemba was paid K103, 900, general secretary Ponga Liwewe netted K106, 100 with committee members getting as follows Joseph Mulenga (K60, 650), Kabaso Kapambwe (K80, 650) Elijah Chileshe (K80, 650), Brenda Kunda (K80, 650), Lee Kawanu (K64, 650) and Lombe Mbalashi (K99, 650).
The total payment of K805, 000 was effected on November 20, 2017.
Another block distribution of K600, 000 was made to nine officials as payment to the Local Organising Committee with Dr. Mulenga missing out.
Kamanga, Liwewe and Mweemba each got K100, 000 while others were apportioned as follows Kapambwe, David Tembo (K50, 000), Brenda Kunda (K50, 000), Lee Kawanu (K50, 000), Elijah Chileshe (K50, 000) and Lombe Mbalashi (K50, 000).
The total current assets as at 31st December stood at K16.3 while Current liabilities stood at a staggering K20.7m.
The recent dues as a result of default judgements from recent court rulings to the the tune of K5m have not been disclosed in the financials.
Current Liabilities (Inkongole) increased from by 300% from K7.7m in 2016 to K20.7 in 2017.
Of the K20.7m liabilities, FAZ disclosed K6.9m as Trade Liabilities while K13.8m couldn’t be explained/brocken down and was merely reported as Other Payables.
FAZ reported an exchange loss of K1m in 2017, shockingly the Dollar bank accounts as at year end 2017 stood at K460,000 while in 2016 the USD accounts stood at K239,000. How the K1m Exchange loss was recorded looking USD accounts involved can not be explained. Its most likely a description used to cover up some unholy expenditure.
The Excom and standing committees expenditure increased by K515,000, K1,028,117 in 2016 to K1,543,184 in 2017. The K515,000 increase in 2017 does not talk to the Mega allowances that FAZ Excom awarded themselves, K805,000 for Afcon 2017 Under 20. This may explain why the Exchange loss figure looks very suspicious (cooked figure)
Donations jumped from K89,500 to K1,766,612, 20 times greater, by 2000%. Can Kamanga and his Excom surely explain who the donations were made to for such an amount? Was procedure followed to come up with a list of who to receive the donation? Our prayer is that no one will say it relates to jerseys for clubs, we know the cost of those school jerseys that were distributed to a few chosen clubs.
Office Expenses jumped from K843,563 in 2016 to K2,834,556 in 2017. K2m increase-what triggered this increament?
With due respect to the Auditors, the Audit fee numbers look too flat. K120,000 and K150,000 in 2016 and 2017 respectively. The figures look low and too flat. When is FAZ changing auditors? We challenge Kamanga led executive committee to make public the management letter that the Auditors wrote to them highlighting issues that Management need tp address.
K2,769,455 prior year adjustments was made against accumulated funds (not current year) following the ommission of purchases invoices whose goods and services were enjoyed in 2016. In short 2016 profits were over stated by K2,769,455. How was K2.7m expenditure missed in 2016?
Regulatory income increased from K1,027,795 in 2016 to K1,447,576 in 2017, highest jump having been recorded on Fines, Protect and Appeals line. The Fines, Protest and Appeals line increased by K413,530, from K289,020 in 2016 to K702,550 in 2017. Why did the number of appeals/fines increase by more that 240%?
In the related party transactions note, No 15, there is no mention of dealings with the likes of Andrew Kamanga, yet one of the papers leaked on 31st March, clearly shows that a payment of $38,000 (K380,000) was paid to Enfin Solutions, a Co owned by Andrew Kamanga.
The recent court rulings against FAZ to the tune of K5m have not been factored in the financials presented to the AGM were a K6.6m loss was made. Note 18 in the financials read, No material adjusting events after the reporting date have occurred which are not already recognised in the financial statements.
About Joseph Mwenda
Joseph is experienced in political news writing, photography and video editing.
Email: joseph [at] diggers [dot] news
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