Fri 24th Jul 2009

IADC 2006 audited financial statement rejected by Office of Registrar of Companies

SVG Green Party has been demanding audited financial statements for the Argyle military airport project for a long time. On 26th March 2009, the PM misled the House of Assembly and the people of SVG, saying that the IADC had filed audited financial statements for the period up to 2006. SVG Green Party stated in the media that this was untruthful.

On 2nd June 2009, the IADC filed audited financial statements for 2006 with the Registrar of companies. However, the 2006 financial statements were rejected by the Office of Registrar of Companies for serious wrong doings. The IADC listed Rochelle Forde as the secretary in place of PM Gonsalves’ son, Camillio Gonsalves. Camillo Gonsalves was corporate secretary and legal advisor to IADC. This constitutes a serious conflict of interest.

The 2006 audited financial statement was signed by chairman, secretary and a director of IADC. They were being fraudulent and misleading the public. SVG Green Party is very concerned that the Minister of Finance, the Board of Directors of the IADC, the Auditing Firm PKF Ltd and Rochelle Ford, have all approved this wrong doing in substituting her as a surrogate Secretary.

The Leader of SVG Green Party, Ivan O’Neal, queried this serious wrong doing with the Office of Registrar on Friday 17th July 2009. As a result, the 2006 audited financial statement was rejected and removed from the IADC file 121/2004. The 2006 IADC audited financial statement clearly did not comply with international standards and was rightfully rejected.

It seems that the ULP regime’s leadership continues to be fraudulent and mislead the nation, purposely doing things which they feel they can get away with, because the constitutionally appointed Director of Audit has been kept out of the financial affairs of the Argyle airport project.

This is a very serious issue. The people of SVG are protected under the constitution by unimpeded intervention by the Director of Audit in all financial affairs of the State. Had it not been for the civic and social consciousness of SVG Green Party, these wrong doings would have gone unnoticed, with serious long term implications.

In light of these fraudulent acts, SVG Green Party is calling for the resignation of the Minister of Finance Dr. Ralph Gonsalves, Senator Rochelle Ford, Ambassador Camillio Gonsalves and the Directors of the IADC, Rudolph Mathias, Christian Martin, Maurice Edwards, Victor Hadley, Garth Saunders, Godfred Pompey, Adolpus Ollivierre, Sir Vincent Beache, Everette Best and Robert Hewitt.

The auditing firm PKF should be removed from carrying out further auditing of the IADC financial statements. Who in their right mind would donate money to the airport project when there are concerns about how the money is being used!

The Argyle military airport was never brought to the SVG parliament. There has not been an economic impact analysis, a financial cost benefit analysis, a youth employment analysis nor an opportunity cost analysis of SVG’s scarce resources. But most seriously, this highly controversial misfit project was never put to a national referendum. SVG Green Party highly commends the Office of the Registrar of Companies for upholding its integrity.

SVG needs a Green government - a government with morals.

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