Georghadji: EAC is not even a going concern

Georghadji: EAC is not even a going concern

 

By George Psyllides

Private auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company.

Among other issues, Chrystalla Georghadji highlighted the EAC’s cash flow problem, the overdue electricity bills and the handsome employee allowances.

The auditor-general said she had been informed by the company’s director at the end of May that “following a preliminary examination of the EAC cash flow, private auditors expressed doubt whether the EAC can be considered a going concern and have asked the board to prepare and submit a credible plan to tackle the problem.”