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UK: MoD ‘can’t account for assets worth £6.3 bn’

British MPs said auditors had raised concerns about inventory accounts, warehouse systems in 2008-9.

London: British MPs have branded an auditor’s report, which found that the Ministry of Defence (MoD) lost track of assets worth GBP 6.3 billion, as "alarming".

The BBC quoted the defence select committee as saying that it is "worrying" that in its efforts to find out more information the MoD had just found more problems.

The MoD was accused of losing track of assets, including GBP 184 million worth of Bowman battlefield radios.

The MPs said that auditors had raised concerns about inventory accounts and warehouse systems in 2008-09, and it was revealed that the inventory recorded did not match the stock count at 29 percent of locations.

The defence committee said that there were also "significant levels both of stock recorded on the system that could not be found on the shelves, and stock on the shelves that was unrecorded".

"The more digging that is done the more significant and intractable the problem appears to be," it added.

Meanwhile, the MoD`s director general of finance, Jon Thompson, told the committee that it could be some years before the problem was resolved because of the scale of the MoD`s "845,000 lines of stock, spread across 78 IT systems, covering anywhere in the world we currently have bases".

The MPs, however, raised concerns that it was unacceptable that the department was unaware of the “location, usability or indeed the continued existence of assets to a total value of GBP 6.3 billion, including radios worth GBP 184 million."



From Zee News

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