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Wednesday, 05 November 2008 | Administrator

 Monday, November 2, 2009: Dart will likely finance the downtown port. Look for Decco, Dart's construction company, to head up the project . . . 

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$1.5 billion in inadequately accounted-for expenditures PDF Print E-mail
Written by Administrator   
Tuesday, 05 August 2008 19:00

Friday, November 7, 2008, Update: As of today, the Public Accounts Committee has yet to hold hearings on delinquent departmental and authority financial statements. PAC Chairman Osbourne Bodden announced in August that extensive hearings would be held in September. They weren't. Then it was re-announced the hearings would be held in October. They weren't. Now it's November and they still aren't scheduled. And, so far, nothing but silence from Governor Jack who, after all, is charged with the "good governance" of the Island. Readers may have interest in re-reading the article below which was first posted in early August.

 

The Governor today (August 5, 2008) issued a brief statement regarding the unaudited government accounts that date back as far as 2003. They involve every statutory authority, every government-owned business, and every Cabinet ministry and portfolio, and total at least $1.5 billion in inadequately accounted-for expenditures.
The statement, while welcome, is woefully incomplete and does not go nearly far enough.

It acknowledges that "audited financial statements are important for the accountability of government and hence for good governance."  This is conceding the obvious.
This language is relevant because the Governor is responsible in his appointed role for the "good governance of the Cayman Islands." The Leader of the Opposition, the Hon. McKeeva Bush, has publicly raised questions about the Governor's performance in executing his "good governance" responsibilities. Thus, the question:

Why has this state of affairs been allowed to continue since this issue has been known to the Governor, and to the elected representatives of the C aymanian people, for years—if only because the Auditor General, Dan Duguay, has been screaming about it for that long.  Especially concerning (and disconcerting) to the Govern or should be the initial response of Financial Secretary Ken Jefferson to the Auditor General's Report. Mr. Jefferson "pooh-poohed" its facts and, in fact, castigated the Auditor General for making the report public. We now know that the release of the report was delayed by weeks because the Financial Secretary repeatedly  missed the deadlines (multiple) he himself had committed to. 

The Governor's statement continues, "The Governor has carefully considered the issues raised in the Auditor General's Special Report and has discussed them with the Financial Secretary."

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