Trinidad & Tobago
Duprey: Govt wants to destroy Clico
Port-of-Spain – Former chairman of collapsed CL Financial and majority shareholder Lawrence Duprey has accused the government of unlawful control of CL Financial and CLICO and seeking to destroy them out of “spite.”
In a media release last week by an associate Brian Heeraman, Duprey said Finance Minister Colm Imbert has said the government is protecting taxpayers by seeking to wind up CL Financial.
“If they wanted to do that they would have let CLF repay CLICO’s debts years ago,” Duprey said.
“The country would have been better off without this money outstanding. The company would have been better off returning to generating more foreign exchange and profits than any other local company outside of the state sector. The government was only given control of CLF in order to ensure that debts owed by CLICO were repaid. They seem to have moved on to assuming ownership,” he said.
Duprey said the government could have worked with CLF shareholders over the years “to firstly protect the value of CLF and CLICO for the national good, and secondly to steadily pay back the amounts outstanding over a period of not more than five years”.
He added: “Instead they rode roughshod over the rights of taxpayers, policyholders and shareholders. To support that, they have refused to disclose any meaningful financial data, even to the company’s ultimate owners. What have they got to hide? Why can’t we find out how this vast sum of money has been spent?”
He claimed the attempt to shut down CLF, and ultimately CLICO was not about protecting taxpayers in the slightest.
“Instead, it is a continuation on of the unlawful control of CLF and CLICO and a spiteful decision to destroy them rather than seeing taxpayers and policyholders repaid and shareholders having their very valuable company returned,” he said.
Duprey added: “Not only must we all stand and fight for the rights of taxpayers and shareholders. We should also remember that the legal basis for this entire exercise was the protection of policyholders and depositors on the one hand, and elimination of the risk of contagion in the economy on the other. This action by the government goes directly against that.”
Duprey said shareholders now have common cause with taxpayers and policyholders in blocking this “desperate act” by the government.
“Despite any personal differences, we must all now support any action that parties take to truly defend the interests of taxpayers. I’m already speaking with representatives of all affected groups and look forward to assisting in any tangible way that I can,” he said.
US currency shortage
Port-of-Spain – Booksellers have given the assurance the availability of primary and secondary school textbooks will not be affected by the shortage of US dollars on the local market.
One manager at Nigel R Khan in Port-of-Spain explained because the education system is based on the British system, 95 percent of secondary school textbooks came from the UK.
However, she said some US suppliers, especially the small ones, require prepayment rather than credit, and so the book store had not received some tertiary level and music books.
“It’s a small problem with secondary school books but we can’t just close the doors of the store. We bought the books on credit and will worry about payment later. We’re doing our best,” said a manager at Ishmael M Khan & Sons Ltd. She added there was no problem acquiring primary school books because most were published locally.
In agreement was Vivek Charran, managing director of Charran’s book stores, who said very few books were imported from the US, so the shortage of foreign exchange was not a problem.
“We have been running smoothly, and things will run smoothly for those compliant with the banks,” he said.
Charran said if there was any shortage, it would possibly be with the local books since some publishers arrange smaller print runs due to not wanting extra books left on the shelves.
One manager at Nigel R Khan in Port-of-Spain explained because the education system is based on the British system, 95 percent of secondary school textbooks came from the UK.
However, she said some US suppliers, especially the small ones, require prepayment rather than credit, and so the book store had not received some tertiary level and music books.
“It’s a small problem with secondary school books but we can’t just close the doors of the store. We bought the books on credit and will worry about payment later. We’re doing our best,” said a manager at Ishmael M Khan & Sons Ltd. She added there was no problem acquiring primary school books because most were published locally.
In agreement was Vivek Charran, managing director of Charran’s book stores, who said very few books were imported from the US, so the shortage of foreign exchange was not a problem.
“We have been running smoothly, and things will run smoothly for those compliant with the banks,” he said.
Charran said if there was any shortage, it would possibly be with the local books since some publishers arrange smaller print runs due to not wanting extra books left on the shelves.
Penny Commissiong
Port-of-Spain – The Port-of-Spain City Corporation has taken the decision to rename one of its busiest streets after this country’s first Miss Universe competition winner, Janelle Penny Commissiong.
Deputy Mayor Hillan Morean said the decision to rename Queen Street was discussed with the stakeholders of the city, including the Downtown Owners and Merchants Association and others.
Morean said discussions are underway to ensure proper consultation is done, but that city council had agreed to show their love and appreciation by honouring Commissiong.
Last week Commissiong marked the 40th anniversary since being crowned Miss Universe in 1977.
“The city council of the Port-of-Spain Corporation along with the burgesses of the city remain very proud of Penny, our very own queen. We commend her for her many accomplishments, national contributions, her legacy and the work she continues to do with excellence,” Morean said.
Prior to being called Queen Street, during the time of no footpaths when the streets were paved with limestone from the Laventille hills, the street was called “Calle de San Luis”. It will now be renamed Queen Janelle Commissiong Street.
Morean said currently, general rehabilitation works were being scheduled in consultation with stakeholders and that some areas of works earmarked for restructuring were the sidewalks, drainage works and road infrastructure in and around Queen Street.
He said it was the intention of the city council to continue to recognise national icons who continue to make the country proud.
“It is with great anticipation that the Port-of-Spain Corporation look forward to the upgrade of the general infrastructure of the central business district area,” Morean said.
In response Commissiong said 40 years seemed such a long time, but that those years seemed to have gone by quickly.
“I’m now having a renewed appreciation for the title in the context of being the first person of colour to win that title and the relevance it has in today’s world. I really must thank the loyal Trinidad public both here and in the diaspora for their love and support over the years,” she said.
Deputy Mayor Hillan Morean said the decision to rename Queen Street was discussed with the stakeholders of the city, including the Downtown Owners and Merchants Association and others.
Morean said discussions are underway to ensure proper consultation is done, but that city council had agreed to show their love and appreciation by honouring Commissiong.
Last week Commissiong marked the 40th anniversary since being crowned Miss Universe in 1977.
“The city council of the Port-of-Spain Corporation along with the burgesses of the city remain very proud of Penny, our very own queen. We commend her for her many accomplishments, national contributions, her legacy and the work she continues to do with excellence,” Morean said.
Prior to being called Queen Street, during the time of no footpaths when the streets were paved with limestone from the Laventille hills, the street was called “Calle de San Luis”. It will now be renamed Queen Janelle Commissiong Street.
Morean said currently, general rehabilitation works were being scheduled in consultation with stakeholders and that some areas of works earmarked for restructuring were the sidewalks, drainage works and road infrastructure in and around Queen Street.
He said it was the intention of the city council to continue to recognise national icons who continue to make the country proud.
“It is with great anticipation that the Port-of-Spain Corporation look forward to the upgrade of the general infrastructure of the central business district area,” Morean said.
In response Commissiong said 40 years seemed such a long time, but that those years seemed to have gone by quickly.
“I’m now having a renewed appreciation for the title in the context of being the first person of colour to win that title and the relevance it has in today’s world. I really must thank the loyal Trinidad public both here and in the diaspora for their love and support over the years,” she said.
Port-of-Spain – President of the Public Services Association Watson Duke says he is taking "very seriously" the Prime Minister’s comments that have hinted at lay-offs to come in the public sector.
Duke said the union viewed the comments as a "veiled threat" to public officers.
"We are saying to the Prime Minister, when coming to negotiations it is not something for him and his shadow, Colm Imbert, to decide on secretly," he said.
"They must come around the table and negotiate. Do not negotiate with us in the public," he added.
During the "Conversations with the Prime Minister" in Point Fortin last week, Rowley noted that according to information from the Ministry of Labour, there were 50,000 public servants on the government's payroll. He said 19,000 were daily paid and 13,800 were contract workers.
Duke criticised the Prime Minister for providing incorrect figures to the public, saying there were 80,000 public officers and not 50,000.
"Today I come here as the president of the PSA on behalf of the 80,000 public officers to serve notice to the Prime Minister and to let the Prime Minister know that in no uncertain way will we allow him to get away with mischief," he said.
"Since he has entered office he has not offered one positive word of hope to public officers who have been genuflecting, submitting and trying to cooperate. Now he has offered another threat. We are not taking that," Duke declared.
He said the PSA still expects the salaries of public officers to be increased as they have been "living on 2013 salaries in the year 2017".
Responding to the Prime Minister's statement, economist Indera Sagewan-Alli said jobs cuts were already taking place in the public sector.
"In a number of programmes we have seen where people have contracts not being renewed, where people who have short term contracts, for example. We are seeing some of the special purpose vehicles where quite a significant number of people were sent home," she said.
"If things are going as they are going with respect to the revenue, the government will have very little wiggle room," she added.
She said the country could not continue with the current model where the economy is dependent on the State as a major generator of revenue.
It should instead become an economy where the productive sectors are the ones creating job opportunities.
"But the government is placing very little emphasis on doing what is necessary to help that industry to be able to be the entity that is picking up the slack, and that really is where the priority has to be. That's where the Prime Minister needs to speak to us on, so that people would not just go into fear mode because they are simply waiting on their jobs to get cut," Sagewan-Alli said.
Duke said the union viewed the comments as a "veiled threat" to public officers.
"We are saying to the Prime Minister, when coming to negotiations it is not something for him and his shadow, Colm Imbert, to decide on secretly," he said.
"They must come around the table and negotiate. Do not negotiate with us in the public," he added.
During the "Conversations with the Prime Minister" in Point Fortin last week, Rowley noted that according to information from the Ministry of Labour, there were 50,000 public servants on the government's payroll. He said 19,000 were daily paid and 13,800 were contract workers.
Duke criticised the Prime Minister for providing incorrect figures to the public, saying there were 80,000 public officers and not 50,000.
"Today I come here as the president of the PSA on behalf of the 80,000 public officers to serve notice to the Prime Minister and to let the Prime Minister know that in no uncertain way will we allow him to get away with mischief," he said.
"Since he has entered office he has not offered one positive word of hope to public officers who have been genuflecting, submitting and trying to cooperate. Now he has offered another threat. We are not taking that," Duke declared.
He said the PSA still expects the salaries of public officers to be increased as they have been "living on 2013 salaries in the year 2017".
Responding to the Prime Minister's statement, economist Indera Sagewan-Alli said jobs cuts were already taking place in the public sector.
"In a number of programmes we have seen where people have contracts not being renewed, where people who have short term contracts, for example. We are seeing some of the special purpose vehicles where quite a significant number of people were sent home," she said.
"If things are going as they are going with respect to the revenue, the government will have very little wiggle room," she added.
She said the country could not continue with the current model where the economy is dependent on the State as a major generator of revenue.
It should instead become an economy where the productive sectors are the ones creating job opportunities.
"But the government is placing very little emphasis on doing what is necessary to help that industry to be able to be the entity that is picking up the slack, and that really is where the priority has to be. That's where the Prime Minister needs to speak to us on, so that people would not just go into fear mode because they are simply waiting on their jobs to get cut," Sagewan-Alli said.
addressing crime
Port-of-Spain – As the government crafts solutions to keep State-owned Petrotrin afloat, every stakeholder will be called upon to make a sacrifice, says Energy Minister Franklin Khan.
He said the government was now coming to terms with the challenges at the oil company.
Khan was addressing the issue during "Conversations with the Prime Minister" last week.
"As a Government we are going to craft solutions for Petrotrin in the best possible way to keep that company afloat, to keep it alive for everybody. But every single stakeholder, from the trade union, management, from the residents of Point Fortin has to make sacrifice. I say no more," Khan said.
Khan noted that Petrotrin had made some fundamental investment errors in the past decade.
He questioned how (TT) $6 billion was spent on a refinery upgrade, the condition at the company's Trinmar operations.
"Petrotrin's biggest assets is right offshore Point Fortin, Trinmar. Nothing has been done in Trinmar for almost a decade. Petrotrin made some fundamental investment errors. I don't want to go into details but how can you spend over $6 billion on a refinery upgrade and didn't spend a cent on Trinmar to upgrade platform, infrastructure, compressor station and pipelines? Point Fortin has a vested interest in Petrotrin and I ask the people of Point Fortin in particular to work with us because we are now coming to terms with the challenges that Petrotrin faced," he said.
Prime Minister Dr Keith Rowley said the fate of Petrotrin was extremely important to the Trinidad and Tobago economy.
He said the government had established a committee to conduct a comprehensive review of Petrotrin and to advise Cabinet on the way forward.
"One of the major things we have to face is the whole question of Petrotrin which is very important in the economy. It is owned 100 percent by the State but right now owes billions of dollars that they can't pay," he said.
Rowley said there has not been much investment in the upstream sector in the oil and gas industry.
He said the significant decline in the government’s revenue came from the energy sector, declining production in gas and oil and also falling prices.
"We are price takers, nothing Trinidad and Tobago could do on the international market to influence price. Prices are influenced by other factors. So we have to structure an industry and structure the cost of an industry that can live on soft prices and that is the challenge we face now," he said.
He asked Point Fortin residents not to feel disheartened over BP's decision to not construct the Angelin platform in Trinidad.
He said there were plans for the construction of other platforms and it is likely that Trinidad and Tobago will be chosen for these projects.
"Our southwest peninsula must be known as a location that will do a world class job in constructing platforms. I have every confidence that the next BP platform is likely to be built here. But this is only possible if the offerings here can be better than those in Louisiana and elsewhere," he said.
He said the government was now coming to terms with the challenges at the oil company.
Khan was addressing the issue during "Conversations with the Prime Minister" last week.
"As a Government we are going to craft solutions for Petrotrin in the best possible way to keep that company afloat, to keep it alive for everybody. But every single stakeholder, from the trade union, management, from the residents of Point Fortin has to make sacrifice. I say no more," Khan said.
Khan noted that Petrotrin had made some fundamental investment errors in the past decade.
He questioned how (TT) $6 billion was spent on a refinery upgrade, the condition at the company's Trinmar operations.
"Petrotrin's biggest assets is right offshore Point Fortin, Trinmar. Nothing has been done in Trinmar for almost a decade. Petrotrin made some fundamental investment errors. I don't want to go into details but how can you spend over $6 billion on a refinery upgrade and didn't spend a cent on Trinmar to upgrade platform, infrastructure, compressor station and pipelines? Point Fortin has a vested interest in Petrotrin and I ask the people of Point Fortin in particular to work with us because we are now coming to terms with the challenges that Petrotrin faced," he said.
Prime Minister Dr Keith Rowley said the fate of Petrotrin was extremely important to the Trinidad and Tobago economy.
He said the government had established a committee to conduct a comprehensive review of Petrotrin and to advise Cabinet on the way forward.
"One of the major things we have to face is the whole question of Petrotrin which is very important in the economy. It is owned 100 percent by the State but right now owes billions of dollars that they can't pay," he said.
Rowley said there has not been much investment in the upstream sector in the oil and gas industry.
He said the significant decline in the government’s revenue came from the energy sector, declining production in gas and oil and also falling prices.
"We are price takers, nothing Trinidad and Tobago could do on the international market to influence price. Prices are influenced by other factors. So we have to structure an industry and structure the cost of an industry that can live on soft prices and that is the challenge we face now," he said.
He asked Point Fortin residents not to feel disheartened over BP's decision to not construct the Angelin platform in Trinidad.
He said there were plans for the construction of other platforms and it is likely that Trinidad and Tobago will be chosen for these projects.
"Our southwest peninsula must be known as a location that will do a world class job in constructing platforms. I have every confidence that the next BP platform is likely to be built here. But this is only possible if the offerings here can be better than those in Louisiana and elsewhere," he said.
Port-of-Spain – Oropouche East MP Dr Roodal Moonilal has questioned why the Defence Force asked for an extension of time to provide to former chief of defence staff Kenrick Maharaj a copy of a report arising out of an investigation into who authorised Attorney General Faris Al-Rawi’s children to handle military weapons at Camp Cumuto last year. He said the report has already been compiled.
Moonilal was addressing a UNC Monday Night Forum at Bamboo Presbyterian Primary School. The investigation centres on allegations that the authorisation came from Maharaj, but he has denied this and has called for a retraction and a copy of the report.
Moonilal said two officials linked to the probe are beneficiaries of Housing Development Corporation units. He said HDC units are not meant for any person who already owns properties.
“How come you give them access to HDC housing? Was that also part of an inducement?” Moonilal wondered.
He also accused Stuart Young, Minister in the Office of the Prime Minister, of going beyond his powers to recommend to the Public Service Transport Corporation to pay four contractors who, Moonilal alleged, had not tendered for their jobs.
In response, Young said: “My legal advice, dated April 25 to the chairman of the PTSC is straightforward and self-explanatory. Anyone reading the legal advice would appreciate the content of same and immediately discern that to suggest that there is anything untoward with the advice is misleading. I have nothing further to add.”
Moonilal was addressing a UNC Monday Night Forum at Bamboo Presbyterian Primary School. The investigation centres on allegations that the authorisation came from Maharaj, but he has denied this and has called for a retraction and a copy of the report.
Moonilal said two officials linked to the probe are beneficiaries of Housing Development Corporation units. He said HDC units are not meant for any person who already owns properties.
“How come you give them access to HDC housing? Was that also part of an inducement?” Moonilal wondered.
He also accused Stuart Young, Minister in the Office of the Prime Minister, of going beyond his powers to recommend to the Public Service Transport Corporation to pay four contractors who, Moonilal alleged, had not tendered for their jobs.
In response, Young said: “My legal advice, dated April 25 to the chairman of the PTSC is straightforward and self-explanatory. Anyone reading the legal advice would appreciate the content of same and immediately discern that to suggest that there is anything untoward with the advice is misleading. I have nothing further to add.”
