Auditor hid $31m. loss
PORT OF SPAIN — Auditor Chanka Seeterram yesterday testified that he doctored the Hindu Credit Union’s financial statements in order to hide a $31 million loss and buy the cash-strapped credit union some time.
Seeterram said the decision which was made behind closed doors was for the greater good.
Seeterram made the statements as he took the witness stand at the enquiry for the second consecutive day.
The $31 million loss was as a result of the revaluation of property.
During cross-examination by commission junior counsel Marion Smith, Seeterram said he believed announcing the multi-million-dollar loss would have caused a financial crisis in the cash-strapped credit union, so he opted to help the HCU buy some time to get their act together. (Express)