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Loans a concern

ERIC SMITH, [email protected]

Loans a concern

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AUDITOR GENERAL LEIGH TROTMAN has again raised concerns over how Government is furnishing loans worth millions of dollars, in the absence of contracts.

In his recently released report for 2016, he highlighted six businesses in which there were no contractual agreements, yet Government had advanced them sums totalling $983.9 million at the end of March 31, 2016.

1. Barbados Tourism Investment Inc.

Trotman stated that Government’s advance to the BTII stood at $141.5 million, with accrued interest of $19.3 million, while no repayments were received from that agency during the year under review.

This amount had been recorded as owing within the accounting system since the financial year ending March 31, 2009. (ES)

Please read the full story in today’s Daily Nation, or in the eNATION edition.