British Virgin Islands

Saturday, Jan 29, 2022

Regular accountability needed for Prospect Reef operations - Audit

Regular accountability needed for Prospect Reef operations - Audit

An audit report of Prospect Reef Management Company Limited has suggested that the government should insist on having full and regular accountability of the entity’s operations.
The report which was posted on the Commission of Inquiry’s website, also recommended that steps be taken to introduce improved controls and transparency especially in the management of the entities income, expenditure, and bank accounts.

According to the report by Auditor General Sonia Webster, the acquisition of the Prospect properties was viewed by the government as an opportunity to advance culinary arts and hospitality training in the territory on an expedited basis and at a lower cost.

The framework established for managing the properties was designed to provide autonomy in operations and encourage a business approach in moving the project forward.

The Auditor General said this may have resulted in efforts focused on redeveloping and upgrading the property rather than on facilitating and preparing the resort to accommodate training, in the first instance; followed by a phased development plan.

In the end, the report said the government lost the opportunity to provide for, and build on its hospitality/tourism industry in a significant way by making available broad-based training in its second-largest revenue earning sector.

The report said a forensic examination should be commissioned on the activity of the resort for the period 2007 to 2015 and efforts should continue to secure an investor/developer for the properties.

She also said greater flexibility may be required to secure interest, and if possible, the negotiations should include a liaison with the H Lavity Stoutt Community College for collaboration, in the short or medium term, to facilitate hospitality training or internships.

The audit examination further said attempts should be made to recruit a manager for the property to improve the conditions and standards, address issues with staffing delinquency and arrest the constant decline of the government’s investment.
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