Return of the Great Gatsby

Critics of Hollywood's latest rendition of Fitzgerald Scott's The Great Gatsby directed by Australian Baz Luhrmann and featuring Leonardo DiCaprio, Tobey McGuire, Carey Mulligan and Joel Edgerton with a brief appearance by Amitabh Bachchan might have to eat their words yet. The film's achievement, if not in Hollywood standard box office success, is exactly that which it is criticised for - its glitzy representation of the Roaring 20s exactly captures Fitzgerald Scott's novel giving a crossover Broadway Moulin Rouge theatrical crossover over to the silver screen in a superb blend of theatrical forms to deliver a contemporary message of the dualism of corruptibility and idealism of the American Dream.
Precariously poised as it is on the fiscal cliff, America, as indeed Europe in the grip of its debt crisis, and indeed much of the developed world in its continuing spiral of economic depression, the new production resounds with the relevance of the social repercussions of mismanagement of economic excess to our times.    Kris Rampersad Website
     

What we can fix with $10m.!... UTT in $10M car rental spree

Karim: UTT in $10M car rental spree

by

20110910

Shaliza Hassanali

An investigation conducted by Ernst and Young Services Ltd has unearthed a $10 million transportation scam for 130 "high performing athlete" students on scholarship at the University of T&T (UTT). The scope of the investigation-which included all transportation transactions during the period October 2007 to June 2011-has uncovered major irregularities with regards to over-invoicing of a Port-of-Spain unregistered car rental company and possible collaboration with UTT staff. The students representing 12 sporting disciplines fell under the programme of Academy of Sports and Leisure Studies. The fraud is just one of the many of irregularities uncovered at UTT following poor financial practices and management in the past.

In delivering his presentation on two motions to increase this country's borrowing capacity by over $26 billion through two specific pieces of legislation on Friday in the Senate, Minister of Science, Technology and Tertiary Education Fazal Karim questioned the transportation arrangements with the company, which he said was the subject of an investigative audit by Ernst and Young. Karim stated that the company provided transportation to students involved in UTT's High Performing Athletes Programmes. The Minister explained that the company provided for the students who were housed at Olera Heights, Vistabella to be transported anywhere they wished by this car rental agency.

Karim questioned who were the high performing athletes and the process under which they were selected by UTT. "The bottom line is that over the last few years this agency has billed for just under a whopping $10 million, of which $7 million has been paid." There are claims for just under $3 million, Karim revealed. This has been the subject of an investigation by Ernst and Young. "The audit has turned up major irregularities suggesting over invoicing and possible collaboration with UTT staff."

Major discrepancies in paper trail

Major disrepancies, Karim said, have been discovered in the paper trail. Batches of documents between May 2010 to November 2010, Karim said, cannot be found. "There has been a pattern of invoices being signed off, 18 months after payment." Karim said the Ernst and Young management letter in respect of 2008 to 2009 audits of UTT indicated weak internal control and poor management practices. He also said there was major financial issues regarding the Tamana project.

"Multi-million dollar changes were made without proper documentation, which are causing major delays. The bottom line is that despite the high profiles of people that held positions there, UTT is in a mess from an administrative and financial point of view." The report received by the Sunday Guardian showed several irregularities, including:

• Non-compliance with UTT's policies and procedures which resulted in procuring of services from a supplier without the guidance of the procurement department.

• No audit trail to ascertain the engagement of the (company) as the original request for quotation or evidence of the evaluation of the quotations could not be provided.

• No material requisition to initiate supply of quotations for the provision of transportation services.

• The use of UTT's service contract authorisation template without consent and knowledge of the procurement department.

• UTT was over invoiced by $456,500 and under invoiced by $27,300.

• 97 per cent of purchase orders generated by the (company) were done after the provision of the service and receipts of invoices from the supplier.

Probe revealed

The investigation revealed that the total value of invoices submitted by the company over the period October 2007 to May 2011 amounted to $9,908,450.

• Invoices processed and paid $7,129,050;

• cheques not issued $331,500; and

• invoices submitted but not paid, $ 2,447, 900.

The audit also revealed that six out of the 39 cheques, totalling $2,488,300 issued by UTT to (name called) were made payable to the company. A UTT source stated that the investigation would form part of UTT's forensic audit, which Attorney General Anand Ramlogan had requested upon taking up office in May 2010.

Karim: UTT in $10M car rental spree | The Trinidad Guardian

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