“BOBOL FUH SO” Part 1.
‘MILLIONS BEING WASTED’
STEELFESTT 2013
How could any organization receive over two million dollars in donations and sponsorship [$2,834,565 to be exact], to run an event [stated above], and end up with a deficit [in the red] of nearly one million dollars [$985,670 to be exact]?
The grandeur of the 2012 edition of SteelfesTT, which celebrated the nation’s 50th anniversary of Independence, including performances by foreign artistes, realized a surplus of over one million dollars [$1,155,904 to be exact].
The audited 2013 financial report distributed by Pan Trinbago shows significant increases in expenditure from 2012 to 2013 that are MIND BOGGLING. Moreso, since the 2013 event was a scaled down version of 2012, consisting mainly of a parade of Steelband floats.
1. Advertising & Promotions: a staggering increase of over nine hundred thousand dollars [$903,628 to be exact].
2. Stage Management Production: a staggering increase of over one million dollars [$1,385,305 to be exact].
3. Honorarium: an increase of over seventy six thousand dollars [$76,200 to be exact]. Who were the beneficiaries of this honorarium? How much was paid to persons individually? What was the nature of work done that demands such a payment?
4. Performance Fees: an increase of over two hundred and fifty thousand dollars [$268,705 to be exact]. To whom were these fees paid? How many steel bands were involved? How much were the bands paid individually?
5. Sound System: an increase of almost four hundred thousand dollars [$382,245 to be exact].
When the above increases are added, the total increase in expenditures is well over three million dollars [$3,016,083 to be exact].
Members of the New Visionaries Pan Foundation have spent hours going through the 2013 audited financials document presented. In almost every event, we have noted with awe, similar mind blowing and MIND BOGGLING increases in expenditures, so much so, that the organization is currently operating on a deficit basis. This deficit as @ June 30th 2013 is as follows:
Bank Overdraft: the official limit is three hundred thousand dollars; it currently stands at four hundred and seventy thousand and ninety four dollars [$470,094]
Overdrawn Current Bank Account: this currently stands at four hundred and fourteen thousand, three hundred and ninety eight dollars [$414,398]
Liabilities exceeding current assets: this currently stands at two million, five hundred and eighteen thousand, two hundred and seventy four dollars [$2,518,274]
Owing PANVESCO: this currently stands at two million, five hundred and twenty seven thousand, six hundred and fifty one dollars [$2,527,651]
The TOTAL INDEBTEDNESS amounts to five million, nine hundred and thirty thousand, four hundred and seventeen dollars [$5,930,417]
Where have all the profits of the Greens in 2012 and 2013 gone? Pan Trinbago received an increase of over seven million dollars [$7,344,142 to be exact] from the Government in 2013 [$32,118,099] over 2012 [$24,773,957]. What has been done with this increase in allocation? How could the organization be in such a staggering debt?
We anxiously and eagerly await the meeting scheduled for Sunday May 25th 2014 [venue to be given] when we expect the organization to provide answers for these excessive expenditures.
The New Visionaries Pan Foundation.
Replies
ask the steelfest committee what dey do with d money..ah bunch of crooks!!!!
Players need to boycott Pantrinbago and the band managements.
What shit? Corruption?? The synonym for 'corruption' is T&T. How do you propose to change that?
It's time to end the gravy train... we've had enough. A forensic audit should be called for and let all who is responsible face the music.
.....and another "gravy train" waiting to come into the station. All aboard!!!!!!!!!
It is time someone call for an investigation into the personal finances of the pres.of PT.