By Tesfaye Getnet |

The Ministry of Urban Development, Housing and Construction (MUDHCo) is preparing a point of reference  for auditing Access Real Estate S.C. The audit report is anticipated to render crucial information whether financial statements of Access Real Estate are sound and in harmony with its by-laws.

MUDHCo, that oversee of the developer’s financial record to spot out snags and resolve the real estate developer’s squabbling with home buyers and shareholders, said the audit will start shortly after the particulars are fully enumerated.

The audit is expected to bring transparency into the investigation and to allow for remedial measures to be taken in case irregularities are uncovered in the financial statement.

Kassahun Goffa, Public Relation Head of MUDHCo told Capital that the audit will start shortly.“The audit might look delayed but the technical committee had taken enough time to prepare the  document carefully. We are almost through with the preparation, and Audit Service Corporation the audit firm appointed will do the checking guided by the instruction we prepared’’ he added.

Demsash Getachew, General Manager of Audit Service Corporation, an organization under the Federal Auditor General, said two months have passed since they received a letter that notified them to audit Access Real Estate, from Federal Auditor General.

Demsash said, the General Auditor wrote the letter to the Audit Service Corporation to investigate Access’ financial health based on the company’s internal regulation. However, the corporation is waiting  the green light from MUDHCo to hand them a point of reference.

Access Real Estate S.C. was established in 2008 with a capital of 35 million birr by 652 shareholders. The real estate developer had received partial and full payments from over 2,700 home buyers. The developer promised it would build the houses in different sites around the city including CMC, Ayat, Lafto, Gerji, Bole, Lebu, Alem Bank and Betel. However, the company did not handover a single house for buyers in the past five years. Majority of the 652 shareholders bought a share after the company was formed.

Hailemicheal Misikir, Acting Head of Access Real Estate, said the audit will clear up things that were wrongly interpreted by clients and shareholders. “External auditors didn’t find any defect because we strictly abide by the provisions stated in our internal policy. We’re ready for audit by the government,” he said. Hailemicheal added, Access Real Estate is currently working with officials of Bole Sub City Trade Bureau to renew its license.

Source: Capital Ethiopia

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