THE STANDARD
NEWS
Auditor General Nancy Gathungu. [David Njaaga, Standard]
A report by the Auditor General (AG) has revealed that Geothermal Development Company (GDC) spent more than Sh900 million in drilling unproductive wells, which it ended up abandoning.
According to a report for the year ended June 2019, the auditor general notes that the company, during the 2016/2017 fiscal period had significant expenses amounting to Sh1.7 billion, some of which could have been avoided.
“The statement of profit or loss and other comprehensive income reflect other expenses amounting to Sh1,703,973,000 out of which Sh917,002,000 relates to cost of unproductive and abandoned wells,” the report reads in part.
THE STANDARD
BUSINESS NEWS
Auditor General Nancy Gathungu. [David Njaaga, Standard]
A report by the Auditor General (AG) has revealed that Geothermal Development Company (GDC) spent more than Sh900 million in drilling unproductive wells, which it ended up abandoning.
According to a report for the year ended June 2019, the auditor general notes that the company, during the 2016/2017 fiscal period had significant expenses amounting to Sh1.7 billion, some of which could have been avoided.
“The statement of profit or loss and other comprehensive income reflect other expenses amounting to Sh1,703,973,000 out of which Sh917,002,000 relates to cost of unproductive and abandoned wells,” the report reads in part.