Dear Editor,
Your article ‘Berbice Bridge Co unable to pay dividends to NIS’ of January 30, 2015 refers. In it, you reported on BBCI CEO Omadat Samaroo’s statement that “BBCI’s statement of income was affected by the application of the IFRIC 12 Service Concession Agreement, part of the International Financial Reporting Standards” but that he “did not elaborate on this.” Allow me to point out that IFRIC 12 came into effect in 2008, a whole seven years ago and the same year the Berbice Bridge was formally opened.
A copy is available for download here:
http://www.ifrs.org/IFRSs/Pages/IFRS.aspx
The public deserves a clearer explanation on how IFRIC 12 affects the ability of the bridge to pay a dividend in 2015.
Yours faithfully,
(Name and address provided)
