KINGSTON, Jamaica — Minister of Foreign Affairs and Foreign Trade Senator AJ Nicholson will be making a full statement on the discussion and decisions arrived at following a meeting with Trinidad and Tobago's Foreign Affairs Minister Winston Dookeran this week.
Nicholson made the disclosure while responding to ques ...more »
THE parlous state of Caymanas Track Limited's (CTL) financial position was confirmed by the Ministry of Finance in a release issued on Tuesday last.
The ministry admitted that the "company's finances and structure are in very bad shape and the company is dependent on support from the government".
The forensic audit at CTL was conducted by the Ministry's Public Accountability Inspectorate Division and covered the period up to financial year 2012. The audit report and its recommendations were sent to the CTL board, which has been given the task by the ministers to make the company achieve break-even on operating expenses as soon as possible; and as a result, the board will make proposals to the authorities shortly.
The release indicated that the newly appointed CTL board has subsequently appointed a financial controller, who along with the business consultant, employed for three months, are working assiduously to stem the financial haemorrhage and has already put in place several prudent financial and procurement procedures for the company's operation.
POST A COMMENT
1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.
2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
4. Please do not write in block capitals since this makes your comment hard to read.