Venture Fund Loses 50 Per Cent of Value

Friday 23rd, July 2010 / 03:00 Published by

The Government-sponsored venture capital fund has lost an estimated 50 per cent of its $4 million value since it was incorporated five years ago, its administrator has revealed, saying that “with hindsight a lot of the” 56 projects it has financed should never have obtained funding.

Addressing a Nassau Institute seminar on Wednesday night, Jerome Gomez, of the Baker, Tilly Gomez accounting firm, said the Bahamas Entrepreneurial Venture Fund, while awaiting an audit to bring its accounts up to date, was estimated to be sitting on a $1.5 million “paper loss” as a result of the various equity investments it had made, in addition to …

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