Maseru, March.17 — The Minister of Natural Resources and acting Minister of Energy Mr. Mohlomi Moleko says that the Lesotho Electricity Company (LEC) is the government’s biggest risk due to its low to none cost effective tariff reflections.
This, Mr. Moleko said at a press conference which was held at the company’s premises on Monday.
The briefing’s objective was to enlighten the media and the public at large of the new management appointment following the suspension of eight executive management members of the company due to an audit forensic process that is reported to be done within the electricity company,
In his remarks, the minister mentioned that the decision to suspend the executive members was not taken lightly as it is a result of a thorough review of findings from multiple sources including the external audit report which was submitted in January which revealed that LEC’s current liabilities exceeded its assets by M98.6 million while its cash reserves has declined by M145.8 million and the non-compliance with international financing reporting standards resulting in auditors issuing a Disclaimer Opinion due to the unverified financial accounts.
