Auditors still reviewing NRA-Dart deal

| 04/05/2012

dartswbroad.JPG(CNS): Although government has already signed a deal between it, the Natinal Roads Authority (NRA) and Dart to begin work on the Esterely Tibbetts Highway extension and the proposed closure of the West Bay Road, a statement from the public works ministry has confirmed that the auditors are still in the process of reviewing the agreement. With the deal signed, the road works already started and some $5 milllion given to government, officials said the project could still be stopped depending on the findings of PwC, the audit firm conducting the review. If it is terminated, government said, Dart can recover its US$5m through development incentives.

“The NRA Agreement signing allowed preliminary works and employment to begin on the Esterley Tibbetts Highway extension," officials said in a statement from both PwC Corporate Finance and Recovery and the ministry with responsibility for roads.

"This work is being carried out under the regulatory supervision of the National Roads Authority. The continuation of the work will be subject to government’s assessment of the Independent Review findings. The signing also allowed for the release of USD $5M to the Cayman Islands Government for funding of various community investments. Should the NRA Agreement be terminated after the Independent Review, Dart Realty will be able to recover the USD$5M through development incentives,” the ststaement released by the ministry said.

PricewaterhouseCoopers (PwC) are now in the process of reviewing the controversial agreement, which was signed in December by the Cayman Islands Government, the NRA and Dart Realty. The Independent review is a required component of the NRA and will provide an “objective assessment of the value of the NRA Agreement to the Government and the people of the Cayman Islands", officials said.

The review is also meant to assess government’s compliance with its Framework for Fiscal Responsibility which the premier signed with the UK government last November.
Government is paying for the review and based on the findings it will make a decision on whether or not to proceed with the NRA Agreement, suggest changes to it or terminate the deal completely.

“The Terms of Reference, which were approved by Cabinet, require a value for money assessment on all aspects of the NRA Agreement.They include a value for money analysis of the Esterley Tibbetts Highway Extension, the vesting of the land relating to the West Bay Road Legal Closure, Government’s concessions to Dart, and Dart’s community funding allocation for Government programs,” officials stated..

Once PwC has completed the Independent Review, the results will be presented to Cabinet for review but government has not said when it anticipates that will happen.

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  1. Anonymous says:

    Thank you  NRA for signing that agreement, now lets get the audit completed. My heart glees when I see my caymanian truck drivers and heavy equipment operators at work. Now you can feed your children guys, and educated them also. Hats off to Kerry Lawrance. I would love to see the young women working on that site also. Kerry, maybe you can introduce a  training camp for the ladies.

  2. Civil dialogue says:

    The notion that our government would commit to such an arrangement is profoundly despicable.” Should the NRA Agreement be terminated after the Independent Review, Dart Realty will be able to recover the USD$5M through development incentives,” it is not a matter of them recovering the money but rather, why were they allowed to effect/change the landscape of our environment in such magnitude should the audit findings adversely effect the continuation of the project?

  3. Anonymous says:

    This weekend should be interesting for the WB corridor road users. With the ETH road works & the WB road closures for the parade, we should have a taste of how it will be with only a single route. Luckly now we still have two.

    • Anonymous says:

      Not to burst your bubble, but there is only a single route into west bay now.  Pick up a map.

      • Anonymous says:

        Does that mean that once you get there you can't come out again?

      • Anonymous says:

        Planning Department, you seriously need to look into this. What happens if there's a fire? Surely you understand that's where HELL is?

  4. Slowpoke says:

    Why are we paying PWC to do this review?  Doesn't Government have auditors on salary?

    • Anonymous says:

      The ONLY sensible review has to be one completely independent of our beloved gowerment.

    • Anonymous says:

      Government auditors are busy reviewing government accounts. Wait, government departments are NOT submitting accounts. Maybe you have a point, as there is precious little work for them to do…..

    • Anonymous says:

      Yes we have Public Servants that are capable of auditing,  but they can't be trusted, when considring that these same PS have held up progress and  projects, due to their political ideals, and affiliations.

    • Anonymous says:

      These deals are likely enormously complex and its not an audit as much as an economic/financial research project. A big four professional services or similar firm is needed to bring multi-disciplinary perspective (financial, economic, governance, and industry/sector specific advice). And frankly these deals (ForCayman, Port, Shetty, etc.) are looking bigger than anything the Government has undertaken before, and govt likely have no resources available to do the types of review the FFR requires, in a reasonable timeframe, without interference or impact on other govt projects.

    • Anon says:

      …because you want it done properly

    • Chris Johnson says:

      I think that the idea is that the auditors are independent. In any event they would be best auditing Stan Thomas and Bush rather than Dart.

      • Slowpoke says:

        This post (as well as the one about Ezzard apologizing) were actually for entertainment purposes only (everybody knows that Hazzard, MickeyMac and Aldiboy all have arrogant personality disorders, that prevent them from ever admitting errors and apologizing).  Maybe Wendy will now send me a “cease and desist” email?

        On a serious note though, I do agree with you that this money could be better spent on more serious issues and causes.  Why not simply send it over to the AG, he seems reasonably competent, and allow him to sub-contract specialists, if needed.  It would still be cheaper.

  5. Anonymous says:

    The outcome should be interesting.

    • Just Sayin' says:

      Not really. The outcome is blatantly obvious. Shame money needs to be wasted on such frivolity because it doesn’t matter what it says, the obstructionists minds will not be changed.