The Auditor General's Department has revealed that tenants continue to rack up millions of dollars in unpaid rent for premises owned by the state run Urban Development Corporation (UDC).
In its 2013 annual report the Auditor General pointed out that as of February, rent and lease receivable amounted to J$184 million and 73 per cent or J$135 million was outstanding over 120 days.
It also pointed to the failure by the UDC's management to clear up outstanding liabilities to the National Housing Trust (NHT) and that statutory deductions of J$242 million remained outstanding.
A further breakdown showed overdue NHT and National Insurance Service deductions for January to February amounting to J$6. 24 million and J$4. 25 million.
And while the Auditor General has commended the UDC for its progress in adopting some of the recommendations made in a previous performance audit report concerns remain about areas of investment.
The agency had formalised its risk management framework, however up to the time of the AG's report, the post of Risk Manager to oversee the process remained vacant.
The AG noted that in light of investment losses, the UDC should adopt a robust investment management strategy, to better guide future decisions and conduct a rigorous assessment of its portfolio.
And the AG's report revealed that the UDC wound up five of six dormant companies. It indicated that the process would be completed next year.
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