Gov't moves to improve CTL finances

The board of Caymanas Track limited (CTL) has appointed a Financial Controller and a Business Consultant to devise ways to stem the financial haemorrhage at the company.

A forensic audit on the operations of CTL has found that approximately $259 million held in short-term deposits was completely wiped out from 2008 to 2011.

The audit noted that this has catapulted the company into a perilous financial bind.

That finding was among a slew unearthed by Public Accountability Inspectorate Division of the Ministry of Finance and Planning which probed CTL's operations.

Yesterday, the finance ministry sought to distance the current administration and CTL board from the financial woes, stating that they had been inherited.

In a release, the ministry noted that the CTL directors acknowledge that the Company’s finances and structure are in very bad shape.

It said the Financial Controller and a Business Consultant employed for three months are working assiduously to stem the financial losses.

The ministry said the financial controller has already put in place several prudent financial and procurement procedures for the Company’s operation.

The Board has been tasked to have CTL achieve break-even on operating expenses as soon as possible.

According to the ministry, the board has expressed confidence that it can make this happen by the middle of 2013 and is to present a proposal to the government shortly.

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