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$18M burden

GERALYN EDWARD Business Editor

$18M burden

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AUDITORS FOR THE GOVERNMENT-OWNED NEEDHAM’S POINT DEVELOPMENT INC. fear that an $18 million debt burden could drag down the company.
The concern was outlined in the independent auditor’s report submitted by PricewaterhouseCoopers in the just released 2011 annual report of the company that was laid in Parliament last Tuesday.
According to the auditors’ opinion which was signed on May 4, 2012: “Without qualifying our opinion, we draw attention to Note 2 in the financial statements which indicates that as of December 31, 2011, the company continues to maintain an accumulated deficit. This condition indicates the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern.”
The financial condition of the company that has a major stake in Needham’s Point Holdings Ltd that owns the Hilton Hotel property and a small shareholding in Southern Golf and Country Club, is carrying an accumulated deficit of $17 999 206.