$200m CAL WRITE-OFF
May 13, 2013
PORT OF SPAIN, Trinidad - State carrier Caribbean Airlines (CAL) is facing a potential write-off of approximately $200 million in losses, including $60 million lost from what executives say could amount to credit card fraud related to airline ticket purchases.
More than $100 million has already had to be written off from the company’s cargo department.
A report submitted to the CAL board of directors recently stated the losses were incurred because there were no policies in place to ensure the enterprise got its earnings.
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