ZC cleared

A FORENSIC audit has cleared Zimbabwe Cricket (ZC) of financial impropriety.

The International Cricket Council (ICC) was under pressure to expel Zimbabwe if the forensic audit, carried out by KPMG of South Africa, had nailed Peter Chingoka’s board for suspected corruption.
ICC chief executive Malcolm Speed had in a secret document leaked to the media suggested that ZC had covered up shady transactions in the union’s own audit.
Disgruntled former administrators had also been pressing for a probe into a raft of allegations claiming Chingoka and his board misappropriated ZC funds.
The ICC ordered the forensic audit covering the 2004-6 accounts.
“In its review of the ICC audit committee report, the ICC board accepted that the KPMG report had found no evidence of criminality and that no individuals had gained financially,” the ICC said in a statement yesterday.
“The board noted, however, that the report highlighted serious financial irregularities. ZC reported to the ICC board that it had taken substantial remedial action to correct these irregularities and would continue to do so.”
ZC was convicted by local courts of breaching Zimbabwe’s tough exchange control regulations.
The ICC has urged ZC to adopt Cricket South Africa’s accounting model in order to avoid the procedural irregularities that had been cited by KPMG.
“We accept that our accounting protocols at the material time — the period 2004 to 2006 — did not fully meet acceptable international accounting standards,” ZC spokesman Lovemore Banda said.
“The ICC and KPMG also accept that we have since instituted remedial measures. Cricket South Africa have agreed to our request to assist in ensuring further improvement of the accounting procedures to avoid the recurrence of such an issue.” — Staff Writer.

Comments are closed.

Top