Tweet
Thwaites against Cricket World Cup debt write-off
Published: Thursday | June 4, 2009
DESCRIBING JAMAICA Cricket World Cup 2007 Limited as a financial disaster, Central Kingston member of parliament and member of the Public Accounts Committee, Ronald Thwaites, yesterday took issue with a proposal to write off debt to the tune of US$4.2 million (J$373.8 million) to the Government.
At Tuesday's meeting of the PAC, Deputy Financial Secretary Rolda Grey told committee members that attempts were being made to finalise the accounts of the company and to get them signed so that a Cabinet
submission could be prepared.
She said the document would outline the circumstances which led to the inability of the company to repay the balance owed and request a debt write-off so that the company could be wound up.
However, Thwaites told members of the committee that Jamaica Cricket World Cup 2007 Limited was a financial disaster to the country.
Financial failure
He said the then Government was warned that it would have been a financial failure.
"Some of us said so from the start, and we were assured that this was going to be one of the finest investments we could ever make with public funds," he said.
The company, which was responsible for staging the opening ceremony and warm-up matches for the Cricket World Cup Tournament in Jamaica, had received two loans in 2006 amounting to US$8 million. Both loans should have been repaid on January 31, 2007 and July 31, 2007.
The deputy financial secretary said the company made a payment in February 2007 in the sum of US$3.7 million.
On February 15, she said the company indicated that it would not be able to pay the balance.
According to Grey, the Ministry of Finance and the Public Service had been trying to get audited financial statements from the company to establish its true status.
Ceased operations
"This would have assisted in determining Jamaica Cricket 2007 Limited's ability or inability to service the loans," she added.
She said the company had ceased operations without completing the final accounts.
However, Auditor General Pamela Monroe Ellis said the final accounts were completed but not signed.
The committee was informed that the chairman of the company should have signed the financial statement. edmond.campbell@gleanerjm.com
Published: Thursday | June 4, 2009
DESCRIBING JAMAICA Cricket World Cup 2007 Limited as a financial disaster, Central Kingston member of parliament and member of the Public Accounts Committee, Ronald Thwaites, yesterday took issue with a proposal to write off debt to the tune of US$4.2 million (J$373.8 million) to the Government.
At Tuesday's meeting of the PAC, Deputy Financial Secretary Rolda Grey told committee members that attempts were being made to finalise the accounts of the company and to get them signed so that a Cabinet
submission could be prepared.
She said the document would outline the circumstances which led to the inability of the company to repay the balance owed and request a debt write-off so that the company could be wound up.
However, Thwaites told members of the committee that Jamaica Cricket World Cup 2007 Limited was a financial disaster to the country.
Financial failure
He said the then Government was warned that it would have been a financial failure.
"Some of us said so from the start, and we were assured that this was going to be one of the finest investments we could ever make with public funds," he said.
The company, which was responsible for staging the opening ceremony and warm-up matches for the Cricket World Cup Tournament in Jamaica, had received two loans in 2006 amounting to US$8 million. Both loans should have been repaid on January 31, 2007 and July 31, 2007.
The deputy financial secretary said the company made a payment in February 2007 in the sum of US$3.7 million.
On February 15, she said the company indicated that it would not be able to pay the balance.
According to Grey, the Ministry of Finance and the Public Service had been trying to get audited financial statements from the company to establish its true status.
Ceased operations
"This would have assisted in determining Jamaica Cricket 2007 Limited's ability or inability to service the loans," she added.
She said the company had ceased operations without completing the final accounts.
However, Auditor General Pamela Monroe Ellis said the final accounts were completed but not signed.
The committee was informed that the chairman of the company should have signed the financial statement. edmond.campbell@gleanerjm.com