The Tribune

EDITOR, The Tribune.

Delaporte Point Limited (DPL) has for years been plagued with the questionable handling of company finances and the inability to release financial statements on time.

A recent Auditor’s report claims DPL can’t support about $307,000 due to owners, and in 2010 over $300,000 was reported missing. Despite these serious financial issues, the Directors consistently fail to release audited financial statements on time.

To date, audited financial statements for the year ending June 2015, which should have been released last year, have not yet been released. The audited financial statements for 2012 and 2013 were late, and the audited financial statements for 2014 were not released until November 2015! This was over a year late and contravenes DPL Articles of Association.

The 2014 financials also show that the Auditor issued another qualified opinion that states: “We were not able to obtain evidence to support the Due to Owners and Tenants account reported at $307,106 - the balances reported in the Statement of Financial Position was not reconciled to client account bank balances.”

Despite the Auditor’s report, and the fact that some owners are trying to reconcile large sums of money owing to them, Directors signed the financials and along with other Directors used proxies to approve them at a meeting on November 25, 2015.

Year after year, requests for information to reconcile accounts have been denied. For example, on October 2, 2014, DPL Directors, under pressure from owners to account for missing funds, losses of revenue from rental accounts, funds owing to owners from a painting fund and unexplained spending on cars, legal fees and other items, sent this notice to Delaporte Point owners: “DPL is not in a position nor authorised to divulge information pertaining to Delaporte Point Ltd. to unnamed persons/parties.”

After Directors organised an EGM to stop recovery of $300,000 unaccounted for funds, and despite a 2014 Auditor’s Report questioning $307,000 due to Owners, and despite a petition by owners not to issue a Special Assessment until DPL accounts were accurately reconciled, the Directors proceeded to charge owners with a $600,000 Special Assessment (over $6,000 per owner) without a vote of the members.

DPL Directors should immediately provide a detailed breakdown of $307,000 due to owners and show proof the cash is available (not from Special Assessment funds) to reimburse owners.

Delaporte Point Owners Have a Right To Know!

Nassau,

August, 2016.