Comptroller monitors forty heavily indebted companies
Forty Jordanian companies which have been encountering financial difficulties and heavy debts are now subjected to intensive surveillance and monitoring by the companies comptroller at the Ministry of Trade and Industry in order to help them overcome their difficulties.
Salem Khazaaleh, the companies comptroller who made the announcement, said he has called on the boards of directors of these firms to provide him with facts and detailed information about their respective firms and ideas of how to remedy their situations and meet their commitments.
Khazaaleh said under the surveillance system his office will be regularly monitoring the performance of these firms to help avert further difficulties.
As a preliminary measure the comptroller's office has embarked on financial and analytical studies of these firms' annual balance sheets as approved by their respective general assemblies.
The studies have resulted in classifying these companies sectorally and on the basis of profit and loss and shareholders equity.
The firms' losses, some of which reached 99 percent, prompted the office to study their financial situations.
Khazaaleh pointed out that under this program he will be holding periodic meetings with the chairman of the board of directors of these companies to explore the best ways of addressing their respective companies situations.
The purpose of these stringent measures he said is to help these firms to over come their problems and guarantee their survival.
According to Khazaaleh companies which have suffered losses of 10 percent or more of their capital will be subjected to surveillance and follow up measures by his office in accordance with the program which will be immediately put into play.
Khazaaleh said that the companies under the surveillance program have incurred losses estimated at hundreds of millions of dinars, prompting his office to intervene to help remedy the situation and protect shareholders equity and public interest. — (Jordan Times)
By Mahmoud Masharqah
© 2000 Mena Report (www.menareport.com)