Assets worth R1 billion missing from Madibeng municipality register
12:14 (GMT+2) Sun, 21 Apr 2013
Assets worth R1 billion missing from Madibeng municipality register | News Article
Two wooden poles which cost the North West Madibeng Municipality over R3 million have gone missing. The poles were listed on the municipality's asset register, but Auditor General Terence Nombembe and his team could not find them when they audited the municipality last year.

The asset register reportedly recorded the cost of an 11 metre pole as R1.2m, and that of a nine metre pole as R1.85m. However, a leading electricity industry source said the average price of an 11 metre wooden pole was R1000, and that of a nine metre wooden pole was R550.

According to the AG's interim management report, the poles were just two items on the asset register which could not be located by auditors. The total value of items missing or unaccounted for by the municipality was R1 billion.

The municipality said the figures did not relate to just two poles, but to all the poles purchased for an electrification project.

- Sapa

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