News / Local
Bosso lose $265 000 to employee
22 Mar 2021 at 11:41hrs | Views
HIGHLANDERS FC lost $265 543 to their clubhouse manager Bonisani Mafela following a stock take and cash count conducted by the club's auditors PN and A Chartered Accountants.
Presenting the club's audited financial statement for the year ended December 31, 2020, Highlanders' treasurer Donald Ndebele said the club is in the process of recovering the missing funds, and Mafela is set to repay the club in six-months' time.
Ndebele said Mafela, who had been hired to supervise and turnaround the clubhouse's fortunes, signed an acknowledgement of debt and will in instalments of US$400.
"As at 31 December 2020, PN and A Chartered Accountants, (Ralph Bomment Greenaccre and Reynolds), conducted a stock count and a cash count at Highlanders Football Club. During the audit, it was noted that end of year cash count conducted independently by PN and A Chartered Accountants (Z) was understated by ZWL265 543 compared to the daily cash counts conducted by (the) manager.
"Management has since the year end cash count conducted an investigation, which resulted in the club house manager signing an acknowledgement of debt in admission of variance obtained and with guidance from the legal counsel management have opted to recover these funds. If management had carried out independent daily cash counts during the year the variance would have been detected earlier and the loss would have been averted," reads part of the financial statement.
Ndebele said according to the Highlanders' constitution, the vice-chairman of the club oversees the operations of the clubhouse.
Presenting the club's audited financial statement for the year ended December 31, 2020, Highlanders' treasurer Donald Ndebele said the club is in the process of recovering the missing funds, and Mafela is set to repay the club in six-months' time.
Ndebele said Mafela, who had been hired to supervise and turnaround the clubhouse's fortunes, signed an acknowledgement of debt and will in instalments of US$400.
"As at 31 December 2020, PN and A Chartered Accountants, (Ralph Bomment Greenaccre and Reynolds), conducted a stock count and a cash count at Highlanders Football Club. During the audit, it was noted that end of year cash count conducted independently by PN and A Chartered Accountants (Z) was understated by ZWL265 543 compared to the daily cash counts conducted by (the) manager.
"Management has since the year end cash count conducted an investigation, which resulted in the club house manager signing an acknowledgement of debt in admission of variance obtained and with guidance from the legal counsel management have opted to recover these funds. If management had carried out independent daily cash counts during the year the variance would have been detected earlier and the loss would have been averted," reads part of the financial statement.
Ndebele said according to the Highlanders' constitution, the vice-chairman of the club oversees the operations of the clubhouse.
Source - chronicle
