Thursday, November 24, 2011

Creative accounting to fund ANC centenary celebration

Below is an extract from a media statement issued on 23 November 2011 by Bobby Stevenson (MPL), DA Eastern Cape Provincial Legislature Leader and spokesperson on finance:

“The  R1, 683 billion Adjustments Appropriation Bill tabled in the Eastern Cape provincial legislature today (subs:  23 November) has an amount of R27,5 million for transfers to all political parties for the political party fund, constituency- and caucus funds. 

This Christmas bonus has come as a result of under expenditure in the legislature for the 2010/11 financial year.  This money is now being rolled over.

There is no doubt that this unexpected additional allocation is because of the ANC centenary celebration.  They will get the lion's share of the money and the bulk of this adjustment is nothing more than creative accounting to fund their celebrations through the party-political fund which is the mechanism by which the legislature legally distributes funds to political parties.”

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