PTSC disappointed with media for publishing fake news

PTSC disappointed with media for publishing fake news

Public Transport Service Corporation (PTSC) Chairman Edwin Gooding is claiming that the rumours that they auctioned company’s vehicles for a cheap price are untrue.

This morning, the PTSC issued a press release in which they expressed their grave disappointment with the local media for sensationalizing the purported auction of one of the Corporation’s buses valued at $1,000,000.00 for $9,500.00.

They said when assets of the Corporation are identified for disposal, the purchase price and residual value of the asset is then quantified and this listing is then verified by the Internal Audit Department. A recommendation is then made by management, an auctioneer is selected and advertisements of the auction are placed in the three (3) daily newspapers, with the auction being opened to the public for participation.

The Board of Directors and Management of the Corporation are opposed to the disposal of its revenue units by sale as is. Units are harvested for its salvageable/serviceable parts, cut into pieces and sold as scrap.

PTSC added that it is disappointed that a media house would blindly publish such a scandalous statement with no attempt to verify the facts with the PTSC before publishing. They added that beyond the simple fact that the statements have been easily shown to be entirely untrue, is the greater concern that once reputable media icons now appear to have transitioned into willing mouth-pieces for anyone who wishes to fan the public ire with lies for political gain.

The PTSC also reminds the public that the company’s books are audited by the Auditor General, annually, in keeping with the Act that governs the Corporation and in accordance for good corporate governance and transparency.