The sale of Kauai Electric to the Kaua‘i Island Utility Cooperative late last year netted former KE parent company Citizens Communications almost $8.3 million in pre-tax gains. Included in the Citizens 2002 annual report is a reference to the $215
The sale of Kauai Electric to the Kaua‘i Island Utility Cooperative late last year netted former KE parent company Citizens Communications almost $8.3 million in pre-tax gains.
Included in the Citizens 2002 annual report is a reference to the $215 million sale of Kaua‘i’s electric utility company to KIUC: “The pre-tax gain on the sale recognized in 2002 was $8,273,000.”
Also included in the Citizens annual report is revelation that someone embezzled $7.8 million from the company last year. Some $6 million was recovered by agents of the federal government.
The embezzlement did not involve any Hawai‘i operations, according to the report.
Company representatives believe representatives of the federal government will turn over the $6 million to them, and that most of the remaining funds will be reimbursed by insurance.
