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Article: Mumtalakat denies audit report claims.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- November 8, 2009
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Mumtalakat Holding Company has hit back at the National Audit Court report for 2008, which revealed serious administrative and financial irregularities at ministries, government departments and state-owned companies.
Money injected into Gulf Air and Bahrain International Circuit (BIC) was approved by the board following an exhaustive study by the company's investment specialists, Mumtalakat said.
It injected BD302 million in Gulf Air in light of the approved budget for the period from June 2006 to December 2008.
To redress the national carrier's financial situation, a restructuring plan was mapped out in co-operation with new Chief Executive ...