The Somali government has accused Turkish companies, Favori LLC and Albeyrak, which manage Aden Adde Airport and Mogadishu Port, of not following revenue verification procedures outlined in the FAA agreement.
The Auditor General’s report from Somalia’s National Auditor General has raised concerns about two Turkish companies, Favori LLC and Albayrak, managing Mogadishu’s airport and main port.
They are alleged to have provided inaccurate income information to reduce the government’s share of profits after the mandated 90-day timeframe, leading to transparency issues in their financial dealings with the Somali government.
“We were not able to confirm that the £32.4 million mutual benefit fee is accurately calculated based on the revenue generated by the two companies and the government’s share of that income.”
The Auditor General said on Monday.
“None of the two companies have shared with the government’s accountant general their audited financial reports,” Mr Gutale said.
According to the agreement, the Auditor General said that the government is entitled to 25% of Favori LLC’s income and 62.17% of Albayrak’s income as per the agreement. The government received $32,442,286.00 in total revenue from these companies in the fiscal year 2022, lower than anticipated. The Auditor General emphasizes the need for transparency in the financial dealings of these companies, even though they play a crucial role in developing services at the airport and port.
