A recent audit found almost AED 60 million in financial irregularities in the UAE
5 November 2018| Last updated on 5 November 2018
A question of ‘where has all the money disappeared to’?
The UAE’s federal body, the State Audit Institution or SAI, has found a financial discrepancy of over AED60 million in payments announced on October 29, 2018.
Founded in 1976 to detect irregularities in federal money for the UAE, SAI has found a suspicion of misappropriation of public money.
The Anti-Corruption Department under the SAI has later confirmed that the discrepancies in finances were due to the failure to conclude several procurement contracts and service contracts, which were not properly concluded with the terms and conditions of their contracts.
Further investigation found that one employee was giving procurement contracts to his own company and was using forged documents – the suspect and his accomplices were illegal disbursing over AED60 million.
Legal actions have seen been taken against the suspect and the company in question and the money is scheduled to return to the public treasury after the completion of the trial.
“Every person charged with serving the public must perform the duties of his job and use his authority and his professional influence with integrity and sincerity, without asking for personal benefit for himself or others,” said Dr.Hareb Saeed Al Amimi, the presidents of the Anti-Corruption Department.
What is the UAE’s State Audit Institution?
It is a federal body that inspects all matters that are related to federal finances in the UAE – but specifically focuses on any financial irregularities found and investigates where the missing money might be within federal organisations.
The SAI can investigate and question federal staff on set issues and can even suspend them if suspicious activities are found – they review all documents, records and transactions to find any illegal funds.