DUSHANBE, June 26, 2010, Asia-Plus — The International Monetary Fund (IMF) is interested in conducting audit at TALCO Management Ltd, which is an offshore partner of the Tajikistan Aluminum Company (TALCO).
The IMF Resident Representative in Tajikistan, Mr. Luc Moers, told journalists in Dushanbe on June 25 that there is permanent flow of funds between these companies and therefore, an audit of this offshore company is necessary. “We were promised that a tender for conducting audit at TALCO Management Ltd will be announced in late July this year,” Mr. Moers noted.
He added that the audit of financial activity of TALCO for 2008 had practically been completed. According to him, delay in publication of the audit has been caused by revaluation of the fixed assets of the company. “TALCO has published the revaluation results on its website and auditor is now including the revaluation results into its report,” the IMF resident representative in Tajikistan said, adding that the IMF Executive Board expects the report to be published soon.
Mr. Moers stressed that IMF does not seek any scandals and it just wants to impartially estimate the audit results. The report has not yet been published and I consider that TALCO’s activity is not transparent enough, the IMF resident representative said.
We will recall that in accordance with an agreement reached between the Government of Tajikistan and IMF, the results of the audit conducted at TALCO by Moore Stephens last year were supposed to be published in late December 2009. However, they have not yet been published. The TALCO representative say the audit was conducted with regard to revaluation of assets of the company prepared by American Appraisal (AAR) Inc and it will be published after auditors compare all findings of the audit and revaluation of assets of the enterprise for three years – from 2006 to 2008.
