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.