SAKKU financial statements late
Darrell Greer
Northern News Services
Rankin Inlet (Nov 15/00) - The Kivalliq Inuit Association is trying to prevent a repeat of one of last year's financial headaches.
The KIA has delayed this year's annual general meeting to give its investment arm, Sakku Investments Corp., more time to prepare financial statements.
The KIA had to call a recess during last year's AGM when Sakku could not produce the statements.
KIA president Paul Kaludjak says the meeting, which was scheduled for last week, is tentatively set for December.
"That's what we're aiming for, but it will be up to the board of directors to decide an actual date, depending on how the auditors are doing with the Sakku Investment Corp. audit," says Kaludjak.
"The KIA and Kivalliq Partners in Development Ltd. are all ready to go, once again, but Sakku Investment Corp. has been slowed down somewhat by its temporary shortage of administrational manpower."
Kaludjak says in one way he is frustrated by Sakku not having its financial records prepared on time, but the association has to have a clear picture of the all financial activities before reporting to its beneficiaries.
He says that responsibility was one reason Sakku's chief executive officer, Warwick Wilkinson was dismissed in September.
"We have absolutely no regrets over the decision to let Mr. Wilkinson go. It was a necessary step in order to make Sakku stronger and more efficient. We want to be perfectly accountable and show our beneficiaries exactly where everything stands financially."
