18 September, 2008

More on CMTC's fake financial reports.

Commenting on yesterday's post, which was a quoted economic analysis made by Mr Hasan Al-Shobakee, from Alghad newspaper about the financial situation of the CMTC (The Comprehensive Multiple Transportation Company), the major urban public transportation operator in the capital Amman, and which was branded lately as “autobus”. And no, i didnt forget to link it to autobus.jo, its just that the domain name advertised on the buses never was and still, a domain without an operating website.

A lot of financial issues were published in the article, summarizing here in English (since the article was in Arabic) some of the facts that the company's financial report, made by Amwal invest, was a complete fake out for the actual company situation, the entire set of numbers was different in the Social Security Dept's assessment report according to which the Social Security Dept withdrew from the company (considering the tight relations between Amwal Invest and the major owners in CMTC – Abu Khader Automotive).

So, from personal loans thrown on the company's budget, even to loans taken for buses maintenance and rehabilitation (which wasn't even used), to the “Convema” (a non existing brand) buses that where but from another company by AK automotive which has build the buses at the Free Zone upon Mitsubishi Canter pickups chases and engine with over 71,000 JD bus each, with a total of 1.07 Million JD, financed in leasing by AK automotive's own leasing company. Even though those buses dont even cost 40,000 JD (a number estimated by the Social Security Dept in their report apparently), especially since we are talking about low quality materials, plastic windows, and no safety dotations (not even ABS, a fact that those buses were made by the company at the free zone in 2004, and not allowed to be soled inside Jordan because of this fact!). And finally to the fact that the CMTC acquisition of Asia Transport Co was made with 18.9 million JD, which the actual amount didn't exceed 7.7 million JD!

With an end of the story regarding the introduction of CMTC in the Amman Stock Exchange earlier this year, where it was said that stocks were sold with 18 million JD in this introduction, while the actual amount was 8 million JD. That is after both, their attempt of faking out financial reports as above failed in attracting people to buy the company's stocks, as well as the image makeover of their buses and branding them as “autobus” didn't get that much success, a an external makeover in which they attempted to hide the bad quality of service and miserable situation of the buses.

Since about the bad quality service i have already talked several times and can keep on talking. This time i want to give out a small random sample of observations on what is more hidden and away from the eyes of my dear luxury car drivers and riders.

Photos are from my own collection, as well as courtesy of Ehab Hakawati and Ro'a Eliwat. and those are just a small sample of what our eyes catch daily!

The marked is the convema buses mentioned above

Most of the buses have tight spaces for passengers, due to the fact that the company squeezes more rows of seats than the actual number

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and of course, in a rush hour, where the bus is almost full on feet as well, imagine standing beside a door with a broken window!

Some Digital displays are not working at all

while others are broken despite being new! and you can only guess on what route this bus is moving, and talk with the driver sign language!

and lets not forget the miserable hygienic situation inside the buses

1 comment:

Basem Narmok said...

I was searching for "autobus Jordan" but no luck, as I found that they don't have a web site! ... a dream: "I dreamed that they have a website giving information about their lines of service ... etc, with Google maps, and that I can know how to go form A to B in Amman ..." just a dream until I found your post!
Anyways it was a nice dream :)

Thank you Nasim