Local May 24, 2018 | 3:23 pm

diseño web vender carro

Audit reveals fast-n-loose handling of US$38.0M from mines

Xtrata Nickel Falcondo

Santo Domingo.- Failure to comply with the legal and regulatory provisions in the handling of over RD$1.9 billion (US$38.0 million) received from Falcondo Xstrata Nickel or Falconbridge Dominicana, SA, were some of the deficiencies or irregularities that an audit made from January 1, 2004 to December 31, 2014 to the Dominican Conglomerate of State Businesses (Corde).

An audit dated February 16, 2015, determined that Corde failed to transfer its 285,982 shares in Falconbridge Dominicana, S.A., to the municipalities in Monseñor Noel, La Vega and Sánchez Ramírez provinces.

The Accounts Chamber document quoted by acento.com.co says that the corresponding officials didn’t comply with the provisions Executive Order 152-94 or Law 507-05, dated November 22, 2005.

The Executive Order calls for the transfer of the company’s dividends to Monseñor Noel province, including the RD$10.7 million received by Corde on December 4.

And in April 1994, as an advance on dividends for fiscal year 1993, Corde had to distribute 50% for Bonao, 25% for Maimon and the remaining 25% for Piedra Blanca.

Moreover, Law 507-05 stipulates that the dividends from Corde’s shares in Falconbridge Dominicana, should be transferred to the cities in Monseñor Noel, La Vega and Sánchez Ramírez provinces,

The audit also notes that the handling of the dividends from the shares should be under the three Provincial Development councils and the Mining Fund Administration Council.

Nonetheless, the RD$1.98 billion in dividends obtained by Corde from 2004 to 2007 were distributed “without observing the established percentages, since only 55.29% of said funds were granted to the Monseñor Noel province, 10.45% to La Vega province and 4.95% to Sánchez Ramírez province.”

Comments are closed.