160x600

Changes to come at Petrojam

Major changes to come with operation of Petrojam

Irina Mossi Love Detective

Changes to come at PetrojamA major transformation is to come, in relation to the operations at the state-owned oil refinery, Petrojam.

Prime Minister Andrew Holness gave the assurance to private sector stakeholders during a meeting, last Thursday.

The meeting came following the private sector’s concern and lack of clarity regarding the conclusions of the recent Auditor General’s report on the operations of Petrojam.

Mr. Holness told the stakeholders that he was moving on several fronts to improve the governance framework and operations.

He noted that steps have already been taken for the appointment of a new board, the implementation of new procedures for retainer contracts, and the implementation of new reporting procedures and scope of audits.

Additionally, the Prime Minister has accepted the private sectors’ recommendation that an independent review and certification mechanism be established in light of ongoing concerns regarding pricing mechanism employed by Petrojam.

He also advised that he has instructed the Minister of Finance and Public Service, Dr. Nigel Clarke, to move expeditiously to implement the protocols for the nomination, selection and appointment of directors to public boards by the beginning of the March 2019 fiscal year.

Meantime, the private sector stakeholders in a statement noted their support of demands that restitution is made with respect to ill-conceived expenditures and for the Petrojam board to bring civil actions where appropriate.

They added that they are awaiting the forensic audit on the oil losses as well as the findings from the Major Organised Crime and Anti-Corruption Agency (MOCA) which will determine if criminal charges are to be brought forward.

If You Enjoy Our Updates Please Make A Donation To Help Keep Our Site Going
You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More