CVG reviews books of subsidiaries

Wednesday, June 25, 2003

The board of Venezuelan state heavy industry holding company CVG has revised the first half financial statements of its 12 subsidiaries with a view to tidying up their books, the company said in a press release.

The units concerned are: Alunasa, Venalum, Alcasa, Carbonorca, Bauxilum, Ferrominera Orinoco, Edelca, Proforca, Conacal, CVG Internacional, Minerven and Tecmin. Venalum and Alcasa are CVG's aluminum smelters, Bauxilum its bauxite-alumina producer and Minerven its gold mining subsidiary. Ferrominera Orinoco produces iron ore.

Just three of the 12 posted a loss, according to CVG, which has been trying to bring their finances up to date for the last three years. The review process is part of a real time effort to sort out the finances of the companies concerned, to which end CVG has named auditors who provide monthly reports.

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"This allows us to take timely decisions, as previously it was almost the end of the following year when the previous year's statements were approved, and by that stage there was nothing that could be done about them," said CVG president Francisco Rangel.

He said there is still much to be done at the units, "as they've been engaging in irregularities for more than 15 years, especially with collective agreements, but the results of this process are already beginning to show."