Finance Minister Davendranath Tancoo has accused the former administration of presiding over “criminal negligence” at Caribbean Airlines Ltd (CAL), revealing the airline spent more than $60 million on audits but failed to submit any audited financial statements for nearly a decade.

Speaking during his 2025/2026 budget presentation in Parliament on October 13, Tancoo said CAL had engaged international firms Ernst & Young and PriceWaterhouseCoopers (PwC) to conduct audits, yet no statements were ever filed.

“CAL’s management spent more than $60 million on audits from Ernst and Young and PwC but still failed to submit a single audited financial statement to the Ministry of Finance for over nine years,” he said.