Idle machinery and equipment from terminated joint venture
National Housing Authority · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Asset ManagementIssue: Non-complianceThe agency has old equipment from a business partnership that ended a long time ago. They tried to sell it but nobody wanted it, so it's just sitting there not being used.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Other assets include an investment of P35 million in a joint venture with a certain private company. Following the termination of the joint venture in CY 2005, the custody of idle machinery and equipment was transferred to NHA. The equipment had been offered for bids, but there were no takers. The NHA is looking for other means to dispose of these assets."