News

SODELPA finances cast doubt on future

June 15, 2023 4:45 pm

[File Photo]

Auditors have found that the Social Democratic Liberal Party’s (SODELPA) ability to continue in the future is a major concern.

The financial report ending 31st December 2022 has been submitted to the Fijian Elections Office.

I.Naiveli & Co says as of December 31st, 2022, total liabilities exceeded total assets resulting in a net deficiency of $251, 685 and current liabilities exceed current assets by $312, 997.

It has been noted that the party may require funding to meet its working capital and capital expenditure requirements.

The auditors say these figures indicate the existence of a material uncertainty that may cast significant doubt about the party’s ability to continue.

They go on to say that the appropriateness of the going concern assumption on which the financial statements are prepared is critically dependent on the party’s support.

It adds that it also means that it is dependent on the ability to secure adequate financial backing without violating the regulations that govern the party.

We have sent questions to SODELPA on the matter.

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