Local News

The losses of Yarmouk water reached 1017% of the company’s capital

Amman Today

publish date 2022-11-17 09:45:08

compass – monitor

The Audit Bureau report for the year 2021 revealed financial and administrative abuses in the Yarmouk Water Company, as the internal control unit that was created was not supplemented with qualified human cadres, in addition to the absence of a risk management and measurement unit.

According to the report, “there is no approved job description for all jobs to define the responsibilities and duties of each job in a way that enhances responsibility accountability,” in addition to the absence of performance indicators to measure the progress of the company’s work and identify deviations from the plan.

With regard to the company’s financial position, the report showed that the company’s accumulated losses amounted to (106,596,715) and (50,845,783) dinars for the years 2019-2020, respectively, i.e. 1017% of its registered capital as of December 31, 2020, without the company taking any action. The necessary procedures, as a decision was taken by the General Assembly and the Board of Directors to extinguish the balance of accumulated losses in the current account credited to the Water Authority.

According to the report, the company’s audited financial statements for the year 2020 were not approved before the end of the first quarter of the following year, contrary to the provisions of Article 62 of Companies Law No. 22 of 1997 and its amendments.

The report showed that the total amounts owed by subscribers on 12/31/2020 amounted to 55,725,866 dinars, and the total financial receivables for a period of more than one year amounted to 36,066,544 dinars, while the provision for expected credit losses (doubtful debts) amounted to 41,487,142 dinars, an increase of 6,559,612. Dinars for the year 2019.

#losses #Yarmouk #water #reached #companys #capital

Jordan News

Source : اخبار الاردن

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