DRC: four truths around the « IGF » mission on the $ 15 million haircut!

[ANALYSIS] – The investigation by the Inspectorate General of Finance (IGF) is « irregular. » The transfer of the $ 15 million of the discount to be paid into the accounts of the Petroleum Products Price Monitoring Committee is « illegal. The financial advisor at the Ministry of the Economy and the Secretary General for the Economy are the only accountants to justify the funds collected. Finally, the chief adviser of the Head of State at the Economic College who supervised this mission did not have the quality to commit his hierarchy in this process of violation of procedures.

This is essentially what should be remembered in the process of control of payment of losses and shortfalls of oil companies made by the General Inspectorate of Finance (IGF) last July.

What about the $ 100 million credit?
Following the Government’s request made on 16 May 2019 by the outgoing Minister of National Economy in his attributions, by his letter of 16 May 2019, a credit line of 100 million USD was opened by the BCC at two commercial banks to disengage oil companies.

According to the report of the IGF, this down payment to be deducted from the overall envelope of their debts valued at 267 million USD is due to the tankers for losses and loss of profits. The latter result in particular from the non-actualization, at their actual values, of the main parameters of the fuel price structure. Added to this are the revenues collected from security stocks, products delivered to Transco, claims from oil-producing shipowners and deliveries to government services that have been included in cross-debts.

If the SEP could not provide clearing documents to verify these balances, the IGF inspectors found it difficult to confirm the amount certified by the Petroleum Products Price Monitoring Committee. .

Illegal transfer of 15% to the CSPPP
According to the IGF, the Petroleum Products Price Monitoring Committee has unduly benefited from the 15% of the amount granted to each mining company. If this share of the haircut fell to the public treasury under « Parafiscal », the CSPP was entitled to only 5% of the total receivables.

As a result, the inspectors found an irregularity that violates the legal and regulatory provisions governing public finances as long as there has been a change of destination of these funds comparable to the non-deduction of the discount in the credit granted by the Treasury. public.

« Given the discount obtained from the oil companies, the credit granted to the State should be 85 million USD corresponding to the net actually paid to tankers. State ownership of the haircut and the related interests entail a loss to the public treasury of about $ 18 million if the state credit was $ 85 million, « reads the report. report.

Two collectors of identified funds

The adviser in charge of financial affairs and strategic products at the Cabinet Ministry of Economy, Georges Yamba Ngoie and the Secretary General for the Economy, Célestin Twite Yamwebo are, according to the IGF the only accounting of the justification of funds collected on behalf of the said Committee.

Between May 26 and June 7, 2019, they made cash outflows of US $ 14,775,000 on behalf of the Petroleum Products Price Monitoring Committee.

This diverted money, reports the IGF, has landed respectively in two accounts (USD and CDF) of the Petroleum Products Price Monitoring Committee and in two other accounts (USD and CDF) of the Ministry of National Economy.

The said report indicates nowhere that the chief of staff of the Head of State, Vital Kamerhe, or the Congolese State Treasury or any member of the Presidency of the Republic has received this money after an approach begun since 2017.

Quality defect of the Senior Adviser
Experts in public finance are of the opinion that the IGF, as an instrument in the service of the Presidency of the Republic, can only seize a file with the express authorization of the Cabinet, on the instruction of the President of the Republic. In this case, the chief adviser of the Head of State at the Economic College who ordered this mission was not qualified.

This is a flagrant usurpation of power and a proven indiscipline in the head of Marcellin Bilomba, bordering his deliberate refusal to refer to his hierarchy to regularize the approach of the Inspectorate General of Finance.

Alas, deplore informed analysts, this adviser to the President of the Republic has obviously trained a whole body of trades to the commission of professional misconduct that discredits at the same time he improvised « inspector of finance. »

It is also he who would be singled out as the one who is keen to force Vital Kamerhre out of the office of the head of state’s cabinet. Hence, some analysts believe, the meaning of the series of cabals and the relentlessness that tend to make disturbing proposals.

In this regard, voices are raised to urge the head of state to get rid of such collaborators who tarnish the image of the Presidency of the Republic and desecrate the first institution of the country.

Therefore, it is time for him to restore discipline in his ranks.

Emilie MBOYO