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Fri 4th Nov 2016

IADC Directors fees - 42 cents a day?

According to the International Airport Development Company (IADC) Limited Financial Statement for year ended December 31, 2010, the Directors fees for 2010 were EC$2,565 and for 2009 were EC$2,132. It is very hard to believe that this financial statement is true!
IADC has 14 directors. Therefore, according to this financial statement the directors were paid about EC$183 in 2010, which is about 50 cents a day. In 2009, according to this financial statement, the directors were paid EC$152, which is about 42 cents a day.

It is hard to believe that the IADC financial statement is a true reflection of IADC’s financial circumstances. It seems like there is a blatant understating of the cost of construction of the unusable Argyle airport. Are IADC trying to fool the people with its financial reports?

The Leader of SVG Green Party, Mr Ivan O’Neal, who has a BSc (Hons.) in Accounting and Finance from Oxford Brookes University, believes that the IADC financial statement for 2010 misleads the public about the actual cost of construction of the unusable Argyle airport.

An external audit of IADC’s Financial Statements is urgently needed so that the public can see the true cost of the Argyle airport.

There is something dubious going on with the financial statements of IADC. No photocopying is allowed of the IADC financial statements for 2011, 2012 and 2013. Also, the IADC financial statements for 2014 and 2015 are mysteriously not available for public scrutiny. Why are these financial statements being hidden from the public?

Another example of hard to believe figures in the financial statement is IADC’s utilities costs. For 2010, IADC paid EC$4,593 for utilities which is about EC$383 a month. For 2009, IADC paid EC$2,748 for utilities, which is about EC$229 a month. IADC’s costs for water and electricity for the construction of the Argyle airport are less than many households.

SVG Green Party is making a very strong call on fellow Vincentians to pay serious attention to the lack of integrity and credibility of the ULP regime as outlined in the SVG Audit Report for 2009 and 2010 and the questionable 42 cents per day paid to the 14 IADC directors.

The SVG 1979 constitutionally appointed Director of Audit reports said ‘Because of the significance of the matters described above, and comments mentioned otherwise in this report, I am of the opinion that the financial statements presented for audit did not in all material respects fairly represent the financial position of the Government of St Vincent and the Grenadines as at 31st December 2009 and 31st December 2010’.

It is hard to believe that the IADC financial statements presented for audit fairly represent the financial position of IADC too.

SVG Green Party calls for the resignation of SVG Minister of Finance Gonsalves and the IADC directors for the ridiculous statement that the 14 Directors of IADC are paid 42 cents per day to manage the construction of the misfit Argyle airport.

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