Damning university foundation audit sent to Public Ministry

 AN AUDIT that covered only “ a short period’’ of time  has revealed nearly $500,000 of overspending  in the University of Panama Foundation, and The nation’s Comptroller has turned over the results to the Public Ministry which is responsible for criminal investigations.

Sources said the audit uncovered overspending amounting to $490,000. But the damage may be greater considering that the report covers only a small period of time.

The audit was ordered last year after allegations were made over the management of foundation funds, which are raised through revenue generated by the school from the private sector. The revenue comes from sources such as conducting studies.

The auditors pointed out that there are a number of facts that need to be clarified.

“Due to the total number of academic units that performed activities that generated income for the foundation, we recommend a more comprehensive audit be done,” the report stated.

University of Panama Rector Gustavo García de Paredes, who established the Foundation and ran it  as a fiefdom with a small group of trusted insiders while he clung to power  and had planned to run for-re-election this year  declined to comment on the report says La Prensa.