Audit of ITD’s spending in Dawei due this month: official

19 August 2014 | Eleven

Source: http://www.elevenmyanmar.com/index.php?option=com_content&view=article&i...

A financial audit on Italian-Thai Development Plc’s spending in the Dawei Special Economic Zone (SEZ) will be concluded by the end of this month, according to the transport ministry.

A high-ranking official at the ministry said the global auditing firm Ernst and Young would submit its final report on ITD’s investment in the SEZ this month. Officials previously said the report would be finished in April.

The report was commissioned after ITD, Thailand’s largest construction firm, lost its concession to develop and operate the SEZ late last year. Myanmar officials publicly cast doubt on ITD’s ability to develop the massive, and strategically located, SEZ. They said they wanted other foreign investors to join the project.

ITD has said it has invested about US$190 million in Dawei and that it expects full reimbursement plus interest, according to media reports.

After the independent audit is anaylsed by Myanmar officials to determine how much Ital-Thai invested in the project other international firms will be invited to invest in the SEZ, the transport ministry official said.