‘HFC made R14m profit last year’


“The HFC would like to clarify certain issues regarding a recent article published in a local newspaper.

“First of all – contrary to what has been written – the HFC was not being operated at a loss. For the year 2011, the HFC’s audited profit was R14 million and we expect to make the same amount of profit this year,” said the statement, which stressed the company was audited by the BDO – “a reputable auditing firm”.

It added that the move to split company again into PMC (Property Management Company) and HFC “is a strategic one”.

“The HFC now being a financial institution is not allowed to engage itself in property management as per the Financial Institution Act. 

“The restructuring of the HFC will allow it to meet requirements set by the Central Bank of Seychelles and this will also allow for more transparency and accountability,” said the statement.