Accounting for billion-dollar Carifesta X was ‘loose’

A forensic audit report on the billion-dollar Carifesta X, hosted here in 2008, has found that there was no budget, the accounting was badly handled, there were transactions without tender board input, controversial government holding company NICIL provided significant financing and $26m is still outstanding to various creditors.

Done by John H. Barnes, the audit was commissioned by the APNU+AFC government via an agreement on 10th June, 2015 as questions had persisted for years over the amount spent by the then Ministry of Culture, Youth and Sport (MCYS), then under the stewardship of Dr Frank Anthony, on the regional arts festival and whether there was adequate accounting and accountability for the funds.

Submitted to the Minis-try of Finance on Septem-ber 3rd, the report suggested a series of steps for better accounting and recommended that the Principal Assistant Secretary (PAS) (Finance) be replaced.

The report, seen by Stabroek News, said that Carifesta X was funded through two main sources: