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Bahamasair Performance Questioned

By DANA SMITH dsmith@tribunemedia.net TWO unions questioned the "fiscal performance" of Bahamasair during a protest on Friday morning. The Public Managers Union (PMU) and the Airport, Airline, and Allied Workers Union (AAAWU) told press they were "concerned" about Bahamasair's finances, including alleged "signs of gross revenue leakage." The unions stated they were "bewildered" by reports of financial insecurity, "considering that the board of our national airline includes persons with significant expertise in financial securities, trust management, and corporate governance". The unions claimed funds related to Altamar and Golden Eagle ticket sales were allegedly moved in "unorthodox and unsafe methods" rather than through standard banking practices. They also alleged Sabre Ticket Pricing protocols were allowed to "remain lax for years" resulting in a gross revenue leakage. "In a company whose losses exceed $20 million annually and that have yet to present a certified audited statement for 2010-2011, how come a financial internal auditor is not employed?" the unions asked. Leslie Munnings, the second vice president of the PMU, told press: "We've asked (Bahamasair) for audited financial statements but they seem unable to present that." Vincent Moss, the president of PMU, said he "understands the climate" with regard to the state of the economy, and is in favour of Bahamasair filing for bankruptcy. "There isn't an airline today that hasn't gone bankrupt," Mr Moss said. "Bahamasair had its debt for 25 years. We own the airline, why can't we decide this is a bankrupt, take our loss and start new?" he asked. Mr Moss claimed that although Bahamasair has been losing less money of late, it is still "in a hole and can't come out." Representatives for Bahamasair could not be reached for comment.

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