AFL wipes out $10m properties.

By Anish Chand

Airports Fiji Limited demolished $10,339,655 (US$5.059m) worth of terminal assets during the Nadi International Airport Modernization Project.

The Auditor General in his latest report to parliament says the significant renovations commenced in October 2014.

“AFL Management indicated that they have performed an assessment of buildings, and plant and equipment which need to be disposed as a result of the demolition of the terminal building in April 2016,” says the audit.

The total written down value of the assets to be disposed of at the end of the project was assessed by management to be $18,069,612 (US$8,841m). Out of this $10,339,655 was recorded as loss on demolition of terminal assets for the year ended 31 December 2015.

Meanwhile, Airports Fiji Limited paid $199,050 (US$97,392) upfront to a contractor for the new Savusavu terminal building, but no work has been done to date.

AFL maintains a work in progress account and major item, amounting to $997,870 (US$488,240).

“This is in relation to the Nausori airport upgrade which is entirely dependent on the successful transfer of the land title to AFL,” says the OAG.

AFL management has noted the audit findings and has agreed to evaluate and take necessary steps to address the issues,

Share this article: