Auditors still reviewing NRA-Dart deal
(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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