Audit of ITD's spending in Dawei due soon: official
August 22, 2014 01:00 By Myanmar Eleven 2,386 Viewed
The financial audit on Italian-Thai Development's spending in the Dawei Special Economic Zone (SEZ) will be concluded by the end of this month, according to the Myanmar Transport Ministry.
A high-ranking official at the ministry said the global auditing firm Ernst & 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, surrendered its concession to develop and operate the SEZ late last year on the Thai government’s intervention. Because of delays in fund-raising, the governments of both Thailand and Myanmar wanted to rush the project – designed to complement the regional infrastructure. Both wanted other foreign investors to join the project, primarily those in Japan.
ITD has said it has invested about US$190 million (Bt6 billion) in Dawei and that it expects full reimbursement plus interest, according to media reports. The company said earlier that its direct involvement in the project would cover only the deep-sea port. Yet it did not rule out the possibility of joining other development projects.
Dawei SEZ, located south of Yangon, is planned to house a large-scale industrial area.
After the independent audit is analysed 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.