State broadcaster NCN paid over $7 million for broadcasting equipment from a foreign company in 2011 but despite the firm’s failure to deliver the equipment, management didn’t follow up on the matter, a forensic audit into the entity has found.
The company, Euro Broadcast Corporation, is now defunct and the auditor Parmesar Chartered Accountants, has recommended that disciplinary actions be taken against the officers who failed to carry out NCN procurement procedures.
In January 2014 the Board of Directors of NCN had appointed Parmesar Chartered Accountants to specifically investigate allegations of financial irregularity occurring from January 2011 to
September 2013 pertaining to the Euro Broadcast Corporation account.