The new board of VMCOTT has acknowledged serious operational and financial challenges as it works to stabilize to company.
Appearing before a parliament committee, VMCOTT Chairman Amrall Mohammed said the new board inherited a company plagued by weak internal controls, procurement gaps and no audited financial statements for several years.
“Suffice it to say that the audited statements were not provided for the past six years,” Mohammed said, “There are a number of issues that the Board found with respect to internal controls, related to finance and accounting.”
“So we have entailed on an exercise to correct a few of the wrongs with respect to mangment of the organization as we go forward.”
Mohammed, however, believes VMCOTT can be stabilised through improved governance, procurement reform and debt collection.
“We were able to collect $900,000-plus from the Police—recently we got two cheques,” he said.
“There is room to take our head above the water but it will take some work. But we are getting there. Rome wasn’t built in a day. We have people who are committed to the organization, and once we get the support, we will try and do our best to ensure our head remains above water,” said Mohammed.
VMCOTT relies on an annual government subvention of about $10 million.
For 2025, revenue was approximately $8.7 million, with additional income of about $0.9 million.
