By Matṧeliso Phulane
Local lobby group SECTION 2 has called on the Lesotho Electricity Company (LEC) to urgently release its audited financial statements for the year ended March, 31 2023, in compliance with statutory timeliness.
The organisation said timely disclosure of financial information is essential to ensure transparency and facilitate meaningful stakeholder engagement in the consultation process.
According to SECTION 2’s presentation to the Lesotho Electricity and Water Authority (LEWA), LEC submitted its Multi-Year Tariff Application for the financial years 2023/24 and 2025/26 accompanied by audited financial statements for the year up to March 31, 2022.
The non-governmental noted that for it to provide a thorough analysis of the reasonableness of the application, it is imperative that it first reviews the most recent audited financial statement of LEC, which should pertain to year ended March 31, 2023.
“It is inappropriate to expect informed participation in the tariff consultation process based on outdated financial information, especially when statutory obligations dictate timely auditing and disclosure of financial statement.
“We urge LEWA and LEC to prioritise the timely release of audited financial statements and commit to a collaborative and transparent consultation process that safeguards the interests of stakeholders and promotes the long-term viability of the electricity sector in Lesotho,” SECTION 2 added.
