Idle assets from terminated joint venture
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has old equipment from a failed business deal that it can't sell.
Why It Matters
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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. Despite being put up for auction, no one bid on the equipment. The NHA is looking for other means to dispose of these assets."