There is “significant doubt” about Pan Trinbago’s ability to continue as a “going concern” in the light of a $34.5 million debt facing the organisation, PKF Chartered Accountants and Business Advisors has stated in its latest independent auditors’ report of the organisation.
Bryon Serrette, who earlier this week resigned as the vice president of Pan Trinbago, is now calling on the entire executive to step down with immediate effect.
Serrette is also calling for the launch of an investigation into the organisation.
Last Saturday PKF delivered its independent auditors’ report of Pan Trinbago.
“We draw attention to Note 2 in the financial statements which discloses that the Organisation has an Accumulated Deficit of $10,485,685 as at 30 June 2016 and its liabilities exceed its current assets and investments by $14,954,960 as at the year end. Additionally, International Conference and Panorama, a subsidiary of Pan Trinbago, has outstanding liabilities totalling $9,081,621 which the Organisation may be liable to pay in the near future,” PKF stated in the Emphasis of Matter section of the report.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Organisation’s ability to continue as a going concern. Our opinion was not qualified in respect of this matter,” PKF stated.
PKF Independent auditors’ report came out at a time when the operations of Pan Trinbago are being questioned.
Serrette resigned from the Pan Trinbago executive on Tuesday, having served in the position since 2009.
“Recently, I have had cause to do some investigation into aspects of our operations. This became necessary because of a patent lack of communication and information at the Central Executive. What I have unearthed is a trail of questionable financial transactions and a large and growing debt,” Serrette stated in his resignation letter.
Among those questionable transactions Serrette raised was the issue of the alleged purchase of two cars, a BMW X5 and an Audi Q7, by Pan Trinbago’s president Keith Diaz.
A release from Pan Trinbago described Serrette’s claims as “erroneous”.
“It has been said in some quarters that Mr Serrette’s ambition is to be President of Pan Trinbago. We have no quarrel with this but we continue to be a democratic organisation and we strive always to do the best for our membership,” Pan Trinbago stated.
Speaking to the Sunday Guardian, Serrette said during a retreat of Pan Trinbago’s central executive in June he attempted to highlight areas of concern that he felt needed to be addressed.
“I just wish that the executive will resign, that a meeting will be called with the general body and we try to deal with this as clean as possible. At the end of the day the organisation and pan will be the loser, so it will be better that it is not long and protracted,” Serrette said.
“I don’t know what is the burden of proof for fraud, I don’t know what is the burden of proof for embezzlement. I am in this for the steel band movement. I am retired and I want to give some of my life’s service to improve the steel band movement. I did not come to take anything from it, I came to try to give and improve it and to make it a better place for those young people when I leave. There is a great potential in steelpan and we have to try and lift it up and I don’t think that is what is happening now,” he said.