The General Reserve Fund usually has between $8m to $10m.
Auditors are also trying to establish whether $2m was removed from the EAC account in Eco Bank to pay membership fee for Burundi.
If confirmed, the development could put the Secretary General, Liberat Mfumukeko in the spotlight.
“Preliminary findings are very strange. We suspect co-mingling of funds by the Secretary General’s office,” a source, who preferred anonymity so as to speak freely, revealed.
“Could it be that last year’s Burundi contribution to EAC of $2m was originated from that General Reserve?” a source told ChimpReports.
The Audit was initiated by the Council of Ministers following complaints of misuse of EAC resources.
ChimpReports understands Burundi didn’t send its representatives to participate in the first round of investigations.
This drama comes high on the heels of Dr. Enos S. Bukuku’s memo dated April 3, 2017, accusing the top leadership of the EAC of mismanagement of funds, abuse of procurement rules and mishandling of official vehicles.
Bukuku also stunned the EAC leadership by disclosing that Mfumukeko has surrounded himself with a “mafia type clique” bent on finding as many ways and loopholes of “eating money” and “offering” job contracts, some of which never pass through the Human Resource Advisory Committee (HRAC).
ChimpReports has also seen a memo where Bukuku was urging an “audit exercise to be carried out to ascertain how money moves from partner states to banks and to the EAC and EAC Institutions.”
He gave the example of “transfer of $206,000 requested but not effected and transfer of $426,000 EASTECO to EAC General Reserve.”