THE Ministry of Finance and Planning is working closely with Caymanas Track Limited (CTL) and other stakeholders to keep Caymanas Park racetrack opened, Minister without Portfolio in the ministry Horace Dalley told the House of Representatives last week.
Dalley said he had been working with the Jamaica Racing Commission (JRC), the Betting Gaming and Lotteries Commission (BGLC), bookmakers, owners, and trainers to keep the track going until its divestment is completed.At a recent summit at the Conference Centre, Dalley said, stakeholders had presented a number of initiatives aimed at increasing revenues, which the ministry was currently examining.“In the meantime, there are encouraging signs. For example, on Derby day this year, CTL had record sales of $43 million, the highest ever for a local programme,” Dalley reported.However, he admitted that CTL, the promoting company of horse racing in Jamaica, had been going through “extremely challenging financial times” and that their 2012 financial report showed losses of $149 million.He said that, on assuming office, the administration appointed a new board of directors in April 2012, chaired by Joseph A Matalon, who resigned in June. The directives given to the board were to stem the losses, achieve viability, and prepare the company for divestment.“One of the first instructions I gave was for an investigation and report on CTL, by the Public Accountability Inspectorate of the Ministry of Finance and Planning. The report found a cesspool of corruption, ineptitude, nepotism and incompetence,” he told the House.“The report also found a company close to bankruptcy, owing suppliers over $400 million and operating with a bank overdraft of $18 million,” he added.Dalley said that the administration had put in place “strong and decisive leadership and management”, resulting in the audited statements for the Financial Year ending March 2013, showing a much improved situation.According to him, CTL losses had been reduced to $68 million, an improvement of $81 million over the previous year. The company also improved its cash position to a positive $36 million, and was now better able to pay down on its high debt.View the original article here
Dalley alleges "cesspool of corruption, nepotism, incompetence" at CTL
