Bahamasair implemented stricter controls at its headquarters after executives uncovered at least two discrepancies involving $66,600 in total, according to Paul Major, managing director of the airline.
Mr. Major told The Bahama Journal Thursday that in addition to $65,000 in missing funds, approximately $1,600 remains unaccounted for, after an overnight deposit was allegedly made at a Royal Bank of Canada a few months ago.
“We do have a $1,600 deposit discrepancy which we are investigating with our bankers right now, but other than that in recent years there hasn’t been any major incidents of that nature,” Mr. Major said.
But officials have launched an investigation into another matter where $65,000 went missing in cash and cheques from the company’s treasury department. An employee was suspended in that matter.
“As it turns out $20,000 of the $65,000 was cash which is insured and the other $45,000 is in cheques which I am sure we will recover,” Mr. Major said. “So it doesn’t represent a loss to the airline but it is an unfortunate event.”
Mr. Major maintained that proper and sufficient measures are in place at the airline to deter theft, and pointed out that officials have and are continuing to create a positive image for the airline.
“We have been working hard to try and keep Bahamasair out of the limelight with respect to fraud and -theft and that kind of thing,” he said.
“I think we have done a pretty good job of it but unfortunately it happens in almost every institution in this country. So all we have to do is tighten down the control- and take the appropriate action [when necessary],” he added.
The government recently spent $1 million to hire the consultancy firm McKinsey and Co. to prepare the airline for privatization by the end of this summer.
Officials have admitted that Bahamasair has long been plagued with chronic deficiencies and was heavily subsidized by the government.
But despite the recent losses Mr. Major pointed out that airline executives are focusing on generating even more income for the airline.
“The more seats we sell the more revenue we make,” Mr. Major said. “It is only passengers and cargo that we make money off and we are certainly doing that this summer season,” he said. ” We have more aircraft, more capacity we are trying to fill the aircraft up to generate more revenue while we try to contain the cost.”
By: Royanne Forbes, The Bahama Journal
