Montano dismisses UNC Nedco claims

Mark first made the allegations at a UNC public meeting in Rio Claro on Monday night. When contacted yesterday by Newsday, Mark explained that his allegations were based on NEDCO’s audited financial reports for the period 2002 to 2004, which were done by Pannell Kerr Foster. Mark said he received those reports two weeks ago.

He claimed those reports showed NEDCO registering financial losses of $2 million and $7.6 million in 2002 and 2003 respectively, and no figures were submitted for 2004. Mark claimed that NEDCO’s alleged losses for 2002 and 2003 exceeded the quantum of loans it provided to persons during each of those years and the whole situation suggests to him that the company is bankrupt.

Alleging that Government has used its parliamentary majority in the House of Representatives to exempt NEDCO and other entities from the provisions of the Freedom of Information Act, Mark said NEDCO was being propped up by taxpayers’ monies and the majority of persons receiving loans from the company were PNM supporters.

When Newsday contacted Montano yesterday, he described Mark’s allegations as “absolute rubbish.” Montano said Mark had not spoken with him about the matter. The minister further indicated that the statements which Mark referred to had been submitted to Parliament and were now a matter of public record.

Senior NEDCO officials also dismissed Mark’s claims as baseless. They told Newsday that all of the company’s accounts had been fully audited for the period which Mark referred to, were published, approved and have met all proper accounting standards.