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Auditor General Uncovers $332 Billion Debt At NROCC

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  • #1

    Auditor General Uncovers $332 Billion Debt At NROCC

    In her report, the auditor general raised concern about the financial health of NROCC, the dangers faced in fulfilling its obligations and potential risks to the government.

    Monroe Ellis said the company is heavily indebted after accumulating approximately $332 billion in debt between 2009 and 2015.

    http://jamaica-gleaner.com/article/n...ion-debt-nrocc


    BLACK LIVES MATTER
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  • #2
    There must be a little typo here.


    BLACK LIVES MATTER

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    • #3
      LOl!!!
      • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

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      • #4
        A wonder if that debt was suppose to be part of the IMF tests caclulations? Anyone here understands such matters?
        The same type of thinking that created a problem cannot be used to solve the problem.

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        • #5
          Wrong number per Phillips. I am an auditor by trade who manages audits globally. Why the hell would audit results be shared with the public before being presented to who is being audited for them to comment / provide feedback?


          Jamaica Gleaner Story:
          Auditor General was wrong on NROCC's $332b debt, figure is really $71b, says finance minister
          ..








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          Published:Thursday | November 12, 2015




















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          Speaking this morning on Cliff Hughes Online on Power 106FM, Finance Minister, Dr Peter Phillips said the correct figure is about $71 billion.
          ..bananabanana


          ...








          .




          The Government says the Auditor General Pamela Monroe Ellis made a mistake in reporting that the National Road Operating and Constructing Company (NROCC) racked up approximately $332 billion in debt in the past six years.

          Speaking this morning on Cliff Hughes Online on Power 106FM, Finance Minister, Dr Peter Phillips said the correct figure is about $71 billion.

          He says the the Auditor General will be issuing a formal correction.



          Audio: Finance Minister Dr Peter Phillips


          The Auditor General had made the claim in a report tabled in the House of Representatives on Tuesday.

          READ: NROCC racks up $300b in debt

          She conducted an assessment of NROCC's financial statements for financial years 2009/2010 to 2014/2015.

          Monroe Ellis said the $332-billion debt exposed the government to financial risks and threatened Jamaica's fiscal and debt targets.

          NROCC was established in 2002 and is the government company responsible for ensuring the implementation of the Highway 2000 project.

          It represents the interest of the government under a concession agreement with the developers of the Highway 2000 project.

          Under the concession agreement, the project will revert to the government at no cost, after 35 years.
          Last edited by Plush; November 12, 2015, 04:01 PM. Reason: added source

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          • #6
            That's a huge "mistake" to have made... on of those things that make you
            Peter R

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            • #7
              The (attractive) auditor general doesn't usually err like this. A wonder if she a Labourite?


              BLACK LIVES MATTER

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