The CEO of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal has rejected claims by the State Interests and Governance Authority (SIGA) that it made a loss of GHC400 million.
Provencal said per the auditor’s report, BOST made about GHC10 million profit before tax in 2020, the first time since 2016.
“Every time I’ve made an emphatic statement that BOST has made a profit, I always say that it is profit before tax. And I also go-ahead to add that there are some extraneous activities for example; the tax component with respect to asset revaluation, the accelerated depreciation then also we have some investment with some other companies and if the company’s shares lose value obviously, they’ll impact the bottom line.
“So, I always go ahead and put in a caveat that if we’ve made a profit before tax and specifically what I’ve said was that we estimated to make a profit before tax of GHC30 million, but the audited account revealed GHC10 million before tax. However, the other extra item like the tax component of revaluation, capital loss and investment into securities etc., they’ll come and wipe away all the profits we have made,” Provencal told Asaase Business.
