7 Mar 2007

Cooks tug boat sale queried

1:33 pm on 7 March 2007

A Cook Islands audit office report has questioned why a tug boat, sold far below its value, was not offered for sale to other South Pacific ports.

The Cook Islands Herald reports that the Aitutaki tug boat was sold locally by the ports authority for 4,700 US dollars despite carrying a value of 47,000 dollars.

The newspaper says this is one of a continuing number of audit office queries about the management of the ports authority.

It also says there has been a failure on the part of the authority to seek the best return from its assets.

The authority had budgeted to receive nearly 60,000 US dollars from rentals of its property, including office buildings, shed space and wharf area, but its income was only 11,000 dollars.