Business Psychology

Lao NEWS On LNTV: Auditors uncover 118 unapproved state investment projects.25/12/2015

Lao NEWS On LNTV: Auditors uncover 118 unapproved state investment projects.25/12/2015, VO Auditors uncover 118 unapproved state investment projects
INTRO: Auditors have uncovered 118 state investment projects amounting to more than 1.146 trillion kip, which were carried out without approval from the National Assembly (NA), following auditing of the 2013-2014 budget plan.
STORY: President of the State Auditing Organisation (SAO) Dr Viengthong Siphandone presented findings of the audit to the NA ordinary session, which ends on Friday the 25th of December. The auditors also found 58 approved and 43 unapproved projects were implemented without undergoing a proper bidding process. These projects were prior invested by private companies with the government’s relevant sectors to repay the companies at later dates.
Dr Viengthong Siphandone urged the Ministry of Planning and Investment to re-inspect budgetary units that implemented projects not approved by the National Assembly, and re-inspect the state investment projects which failed to conduct bidding processes.
She also urged the Ministry of Natural Resources and Environment and the Ministry of Energy and Mines to develop mechanisms of land management for the purposes of agriculture, energy production and mining.
She called on commercial banks including the Agricultural Promotion Bank, the Lao Development Bank, the Nayobay Bank and the Banque Pour Le Commeree Exterieur Lao (BCEL) to be sure that borrowers of loans meet established requirements.
She requested Nayobay Bank re-examine the rules that determine requirements for the provision of loans to districts where the three-build directive is being implemented in order to promote access to low interest loans in remote communities.,

About the author