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ERA Managing Director Suspended

The Board of Directors of the Electricity Regulatory Authority (ERA) announced today the suspension of Managing Director, Mr. Joseph Ebanks as a result of findings from an audit of the Office of the Auditor General.

The Office of the Auditor General had been performing the audit of the financial statements of the ERA for 30 June 2013 when it came to the attention of the auditors that there were some irregular financial transactions. The Board of Directors was notified of the findings on 28 February 2013 and action was taken to protect the assets of the ERA.

It is the Authority’s responsibility to refer these matters to enforcement agencies such as the Financial Crimes Unit of the Royal Cayman Islands Police Service.

The Office of the Auditor General will assess the impact of these matters on the current audit of the ERA as they develop.

For more information, please contact Martin Ruben at 244-3206.