Indian International School asked to disclose financial status

Dubai, May 18 (UNI) Parents of students studying at cash-rich Indian International School in the Saudi Arabian city of Dammam have asked its managing committee to disclose and publish its financial status.

''The managing committee, since it assumed office in June last year, has not published an audited financial statement of the school, Abu Baker Kovalam, a parent said.

The chairman and members of the school managing committee must come out with a financial report to dismiss allegations of misuse or misappropriation of funds, Saudi Gazette quoted Mr Kovalam him as saying. The committee must come out with the financial reports, he added.

A spokesman of the school, the largest Indian school in the kingdom with 11,000 students, said it did not publish the financial statement because "parents could misuse the information." The last publicly available financial audit of 2005 revealed reserves and surplus funds amounting to 327 million Rupees.

Parents would like to know how this amount was used over the past year, he added.

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