MVIL probe reveals K24.8m withdrawal

INVESTIGATIONS revealed that K24.8 million was withdrawn in a single day from a Motor Vehicle Insurance Ltd account held in Australia, chairman Bonny Igime said.
The withdrawal was made on Sept 15 last year, a day after the termination of the former chief executive officer.
Another K2.8 million was withdrawn between September last year and January, he said.
Igime said the investigations, in a questionable investment of K100 million of MVIL investment in Australia, had revealed that corporate funds were utilised as if they were “petty cash for individuals”.
Following investigations into the MVIL investment in 2009 through an Australian investment company, Igime said numerous unexplained
withdrawals were made on the K100 million over the entire period of the investment from July 2009 to as recent as January this year.   
He gave the following details, for instance, of withdrawals which were made on MVIL accounts in Australia last year and early this year (see table).
“Our lawyers and forensic accountants are following the money trail and we will
get to the bottom of the
missing K41 million.
“The nation will know about it,” Igime said.