The Tendai Biti chaired Public Accounts Committee (PAC) has summoned agricultural inputs supplier, Pedstock Investments (Pedstock), to explain to Parliament how it spent US$7 million it was allocated under government’s Command Agriculture Scheme last season.
This comes amid reports that the company which is a subsidiary of an Israeli company, Nikuv International Projects Limited misused the funds. Biti confirmed the development saying:
You remember they are administering public funds extended to them under the Command Agriculture scheme in which they are supposed to supply irrigation equipment. So basically, we want to understand the legal issues surrounding their deal; did they go to tender and how much was it worthy in total. We have also asked them to bring all necessary documents. They are definitely going to appear before the committee.
Zim Morning Post reports that Pedstock was through the Reserve Bank of Zimbabwe allocated US$6 907 927 to source and supply irrigation equipment to some farmers contracted by the government but did not satisfactorily deliver on its contractual obligation.
Meanwhile, Pedstock which has since applied for another allocation for the coming season says that it utilised the money as per the contract.
More: Zim Morning Post
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