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BL Premium reports that the CEO of the constitutional body tasked with advising the Treasury on its fiscal framework and with exercising oversight over government spending has been suspended amid allegations of misconduct.
The action is also pending the outcome of investigations into the financial irregularities that have plagued the organisation. The Financial and Fiscal Commission (FFC) should be an example of financial rectitude for the rest of government, but its 2020/2021 annual report shows that it has been beset by high levels of irregular, fruitless and wasteful expenditure, and has suffered from supply chain weaknesses. CEO Kay Brown was placed on precautionary suspension on 25 November. She was replaced in an acting capacity by the head of research, Chen Wei Tseng. Brown joined the FFC in April 2018 after working for about 16 years for the Treasury, where she was highly regarded. Tseng said there were a number of financial irregularities in the FFC that lay behind Brown’s suspension. One of the matters under forensic investigation is the possible misappropriation of assets related to a data warehouse project. The amount of fruitless and wasteful expenditure involved was R1.9m in the 2019/2020 financial year and arose because the value created was less than the amount paid.
- Read the full original of the report in the above regard by Linda Ensor at BusinessLive (subscriber access only)
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