The answer on the highlight is BOTH.
It does not make any sense kuwa to act on instructions from your superior makes you an accomplice or suspect!
He Ballali, acted on instructions (speculation and that is why he said he did not steal a penny).
If the scenario is that Ikulu and Hazina vauched for those company same way they (Ikulu) vauched for Meremeta and Tangold and instruct BOT to execute payments to these company as part of EPA settlement, then BOT and Ballali are free of being part of conspiracy to sabotage or steal.
The only thing you can hold BOT and late Ballali (which he had already faced by being fired) is negligence and failure to refuse to accept Ikulu orders to execute payments to these companies.
If you have read responses from those Banks which opened accounts and received these payments to these accounts, they stated that they made payments and deposits to these accounts in good faith after receiving an Okay from BOT who is the regulator of banks in Tanzania and guardians of Bank laws and principles.
Same logic applies to Ballali and BOT acting on Hazina and Ikulu Memo.
Same logic that put Lowassa as irresponsible leader on Richmond saga than a corrupt and an accomplice.
Same will be applied on Mkapa and Yona on Kiwira, no malicious intent to under bid and award the process but simple irreularities that are punishable by a slap on a hand!
Mchezo uliofanyika ni mchafu, kila kitu ni under uzembe and you can not catch anyone except to take a win win approach ya Kikwete.
We are not dealing with amateurs, we have proffesionals who have used the laws and books to validate their actions.
Ballali is gone, he can not testify or give an account or provide proof that he was acting on Ikulu memo (remember how Zakhia Meghji acted quickly on Kagoda after she was told the payment was about Usalama wa Taifa?)
That is the reality and let us enjoy the popcorn in sadness, anger and tears!