Up Front
CAL Under Review
Mr. Naul Bodden
Leading Financial Consultant, Naul Boddento undertake independent
study of the airline
Minister for Planning, Communications andWorks, the Hon. Kurt Tibbetts has ordered an independent reviewof the operations of the National Flag Carrier, Cayman Airways.
The Minister, under whose portfolio CAL falls, met with the staffof the airline on Monday night, 11th December and disclosed thatthe review will be carried out by Financial Consultant, Mr. NaulBodden, principal of NCB Consulting.
Reliable sources have indicated to Cayman Net News that Mr. Boddencould also play a leading role in the direction of the airline,following the review.
"I have been asked to carry out an independent review ofCayman Airways and report to the Governor-in -Council," Mr.Bodden confirmed to Cayman Net News. "I'm hoping to achievethis, perhaps in two to three months."
He said that his task is to examine the financial position andthe overall operations of the company, following which, "afull report" will be given.
In a release issued to Cayman Net News, Mr. Mike Adam, ActingCEO of Cayman Airways Limited confirmed Mr. Tibbetts' meetingwith the staff.
According to Mr. Adam, the Minister told the employees "thathis goal was to share the general views of the government regardingCayman Airways, explaining that it was too early into the newadministrationís familiarisation with the airline to discussspecific problems."
Mr. Adam further stated that, "Mr. Tibbetts confirmed toemployees that it was the goal of the Government to find the bestway forward for Cayman Airways, one that would not only be inthe best interest of the airline, but equally, in the best interestof the country as a whole."
Audited financial statements for the airline for 1999 showed ayear-end net loss of US$80,463 after subsidy, compared to a netprofit of US $201,972 in 1998.
During the 1999 fiscal year, two airplanes previously owned bythe Government leasing companies were transferred to Cayman AirwaysLimited, by merging the leasing companies into CAL, thus makingCAL the owner of the assets. At the end of 1999, Cayman Airwayshad assets of US$35,439,832 and liabilities of US$29,249,908.
Cayman Airways, with a staff complement of 300, is reported tobe subsidised by Government to the tune of $4 million annually.