Barbados Free Press reader “St. George’s Dragon” asks…
“The results of the Barbados National Oil Company are out (a year late) and scandalously show that they have lost $48 million in the year, and will presumably have lost another similar amount in the time since March 2009 year end.
I am not an accountant, but there must be some relevance in the fact that the profit from the up-stream side (is that oil production?) is $14.5 million, while the marketing side has lost $65 million.
How can you lose $65 million when the fuel prices are not subsidised by the Government any more?”
PWC Auditors say Barbados National Oil Company “not viable” – No kidding!
According to The Nation, the auditing firm of PricewaterhouseCoopers says that the Barbados National Oil Company is on a downward spiral and will crash and burn without more of your tax dollars. We don’t pretend to be financial wizards ’bout hey, but we’ve been thinking that decades of over-borrowing and over-spending by our leaders is all coming home to roost and before things get better it’s going to be a rougher ride than anyone anticipates.
Can we trust PricewaterhouseCoopers to tell the whole truth about the Barbados National Oil Company?
Has anyone noticed how intertwined the firm of PricewaterhouseCoopers seems to be with Barbados? I’m wondering why that is. I am naturally suspicious when our government and business elites primarily choose only one auditing company to look after everything – and every time when another disaster is announced we are supposed to believe it is a big surprise to everyone.
Remember that PWC are the auditors for CLICO and they have never had to account for their failings in that mess. Here’s what one BFP reader had to say about PWC and CLICO…
“No one is questioning the role of Pricewaterhouse Coopers in this Clico fiasco. PwC consistently signed clean Audit reports for Clico and CIB despite knowing about the inaccurate and fraudulent accounting. CIB’s accounts for the 2007 year end were signed off on December 3rd 2009, less that 45 days before the company crashed. There was no going concern qualification, or subsequent events note that should have been in the audit report. Surely PwC knew of the company’s predicament when they signed the accounts!”
“CIB’s accounts for the year ended December 31st 2007 were signed off on December 12th 2008 to be exact. PwC knew about CIBs predicament and still signed a clean audit report. We are a backward community if that firm is allowed to continue unscathed.”
… posted by BFP reader “Trini Whistleblower“
What do you think folks?
Why are the financial reports for the Barbados National Oil Company a year late? Do you think that PricewaterhouseCoopers has given Bajans the entire and accurate story? What about the oil terminal subsidiary? Are any of the CL Financial or CLICO companies involved in any way with the Barbados National Oil Company?
Do you trust our government and PricewaterhouseCoopers to tell taxpayers the entire truth?