Thursday, May 16, 2013

Moonan: No crisis at CAL; CEO to present report to board on losses

“No crisis at CAL” - Chairman Rabindra Moonan 
The chairman of Caribbean Airlines (CAL) told the Express newspaper on Wednesday there is no crisis in the national airline.

Rabindra Moonan also told the paper that the CAL board has asked acting chief executive Robert Corbie to provide a report on why the company has to potentially write off $200 million in cargo revenue and credit card fraud.

The matter was discussed at a CAL board meeting at the company’s head offices in Piarco Wednesday.

Finance Minister Larry Howai told the Senate on Tuesday the unaudited accounts for the airline for 2012 show a loss of $704 million. That figure does not include the potential loss of $200 million.

Moonan told the Express it is premature to determine who would be held accountable for the state of the airline's financial affairs. 

“We are looking at it from a Human Resource and a legal perspective. We do not want to take a knee-jerk reaction. That was within the remit of the management and it was not attended to for years before it as red-flagged by the chief financial officer,” Moonan told the paper.

He also stated that the board has taken action to fix the cargo and credit card problems, which he said have existed for the past two years. He the board has accepted the recommendations of the chief financial officer to implement new systems to ensure greater accountability.

Moonan assured the Express that there is “no crisis at CAL.”

He said the figures presented in the Senate represent "historical news" that dones not reflect the present state of the company.

"I am not involved in crisis management. We had a meeting today (Wednesday) to go through a plan to take the company forward and we are ahead of the target we have set for ourselves with a hope of breaking even by 2014,” he told the Express.

Moonan said Minister in the Ministry of Finance and Trade Minister Vassant Bharath would head a team to Jamaica on June 4 to meet with Jamaican Transport Minister Dr Omar Davies and other officials to discuss the company plans for AJ moving forward. The T&T delegation would include himself, 
Corbie and CFO Shiva Ramnarine.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai