Fraud, mismanagement and a lack of funds is driving the Fisheries Harbour Corporation to the brink of extinction. rnrn
The Corporations financial statements for 2002 reveal that it is struggling to generate even up to 50 percent of its recurrent expenditure from its operations. rn
rnIn addition, gross misappropriation of funds, other irregularities in its accounts added up into the hundreds of millions, as revealed by the National Review Committee on Tuesday.rn
rnThe Corporation is also slow in initiating action against fraudsters and defaulters, with one case where a cashier accused of embezzlement over ten months ago continues his duties. rn
rnOfficials say they are awaiting a report from the inquiry officer, but add that the inquiry officer has vacated his post during the year. rn
rnDefending the Corporations decisions, its new Chairman, A J M Muzammil says he has initiated a number of tasked intended to help make its harbours profitable. rn
rnMuzammil, who took up his post over a month ag