Dear Editor – The controversial issue that hits the mainstream media in the last few months has taken a new twist.
The popular social media platform FSII has exposed the lucrative salary paid to the current CEO despite poor performance of Solomon Airlines.
The Solomon Airlines Board Chairman has defended the CEO saying “We are shocked that fellow Solomon Islanders would become so critical on what is clearly ill-founded assertions and assumptions to a person who has actually done the country a fine and just service,” Mr Rarawa said.
He said Captain Sumsum, a Ni-Vanuatu, has made a number of significant achievements during his last two terms.
But the Audit report obtained from the AGs office revealed that the Solomon Airlines Board particularly the Chairman was lying.
The report revealed that Solomon Airlines has incurred consecutive losses in recent years.
According to the audit report, “Trading results shows that the net loss for the year after income tax benefit of $3,120,132 in 2012 amounted to $7,274,788 (2012: net loss of $35,203) end quote.
The auditor has expressed going concerns for the company incurred a loss after tax of $7, 27,788 and had a deficiency working capital.
The auditors also recommended against declaring and paying out dividend to shareholders.
The report further highlighted going concerns for insufficient working capital.
It is surprising that the Board, which comprises of four Finance people cannot even notice the poor performance and taken the auditor’s report seriously.