Reports have surfaced indicating that Turkish companies operating Mogadishu’s port and airport have failed to present audited financial statements.
The firms in question are Favori and Albayrak.
Favori operates the Aden Adde International Airport while Albayrak is in charge of the Port of Mogadishu.
According to the Office of the Auditor General, both firms failed to present audited financial statements as required by law.
Consequently, the Auditor General has been unable to verify the accuracy of concession fees amounting to $34.26 million, which was to be paid to the federal government.
This has raised concerns regarding transparency and accountability in managing these critical infrastructures, which are vital to Somalia’s economy.
The lack of audited accounts could hinder proper financial oversight and may complicate the government’s efforts to ensure that revenue from these operations is appropriately accounted for and used to benefit the Somali people.
Further details about the government’s response or any potential consequences are not yet available.