Abbey directors to resign over handling of financial crisis
21/07/2005 - 07:43:24The Abbey Theatre's board of directors has agreed to step down following criticism of the way it has handled the financial crisis facing the company.
A report by independent consultants has found that accounting errors, misreporting of revenue and poor financial controls had led to significant under-recording of losses last year.
The consultants found that the theatre lost €1.85m in 2004, twice the original estimate, while financial information provided for the first four months of this year was "incomplete and unreliable".
Minister for the Arts John O'Donoghue has announced plans to completely restructure the theatre and appoint a new board before September of this year.
