Category Archives: Finance

A matter of integrity and law

Express Editorial
March 14th 2009
Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Karen Nunez-TesheiraWith the charges and countercharges and demands for resignation, we remind readers that the core of the matter is law and the rule of law. It is quite irrelevant that Ms Nunez-Tesheira may not see a conflict of interest in participating in a decision-making of the Government bailout of CLICO and CL Financial. Nor are the views of Prime Minister Manning and of Mr Duprey that there is no conflict of interest. Nor can we accept Minister Enill’s advice to consider the bigger picture.

With the obvious conflict, Minister Mariano Browne should properly have been point man, and the finance minister should have stood down from the relevant Cabinet discussions. Whatever individual parties may consider of their preferred definition of a conflict of interest, we remind all that there is the Integrity in Public Life Act 2000 which is the law of the land. And there is no ambiguity in the wording of the law and the normal processes to be followed.
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PM’s mansion climbs to $244M

By Andre Bagoo Monday, March 2 2009
www.newsday.co.tt

Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Prime Ministers Residence
Prime Minister's Residence

FIRST it was estimated to cost $40 million. Later, that rose to $148 million. Last September, the figure was revised to $175.3 million. But Udecott documents obtained by Newsday reveal that the cost of the Prime Minister’s Residence and Diplomatic Centre as at December last year was an estimated $244 million. According to a dossier on the project which was submitted by Udecott lawyers to the Uff Commission of Inquiry, the cost estimate for the project, as at December 31, 2008, was $243,961,819.
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Taxing the million-dollar men

By Raffique Shah
March 01, 2009

Money MattersFOR too many years we have haggled over what the minimum wage should be in this country: should we pay the poor buggers $9 an hour, or $10? That would amount to less than $2,000 a month, but it’s worth fighting over. For those trapped in this gloomy underworld-not so hidden, since we shop at groceries and stores where they labour every day-it could mean being able to afford an extra “doubles” for lunch, or buying their children the toys they so covet. As far as I am concerned, what we call a minimum wage is in fact starvation wage, a kind of semi-slavery endured only by those who have no other options, except perhaps to turn to crime.
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Public relations goof

Newsday Editorial
Wednesday, February 11 2009

Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Hindu Credit UnionContrary to reports that had been bruited around that government while it had moved swiftly to bail out Clico and three other CL Financial subsidiaries had not moved to assist the Hindu Credit Union (HCU) it was revealed on Monday that Government had offered a bail out package similar to the one presented to Clico, but that this had been rejected.
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Central Bank Governor Williams Must Resign

By Stephen Kangal
February 10, 2009

Central Bank Governor Ewart WilliamsIt is patently clear to me that had not CL Financial magnate Lawrence Duprey made his pre-emptive approach to Government in mid-January to mobilize State injection of liquidity into his cash-strapped investment bank, CIB, CMMB and insurance giants CLICO and British American it would have been business as usual to date.

But within the passage of a short time these major financial institutions would have eventually collapsed with catastrophic consequences for the savings of policy holders and depositors as well as for the rest of the economy of Trinidad and Tobago and the Caribbean. The Central Bank has been failing us the people of T&T for a long while. That is why Mr. Duprey the avant garde, visionary indigenous industrialist has retained our admiration. But the Government wants to hoff his crown jewels.
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Beyond Duprey

By Raffique Shah
February 08, 2009
Trinidad and Tobago News Blog
www.trinidadandtobagonews.com/blog

Lawrence DupreyUP TO ten days ago, Lawrence Duprey was one of most admired businessmen in Trinidad and Tobago. He was not self-made, as some of his peers and predecessors were. He inherited the biggest and strongest insurance company in the country founded by his uncle Cyril. But having taken over the reins of CLICO, he quickly moved to diversify the insurance giant’s vast resources, to venture where no other local entrepreneur had, into the downstream energy sector.
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Tobago’s tourism on brink of collapse

By Pierre Small
January 30, 2009

Tobago TourismTobago’s tourism on brink of collapse: In light of all the latest developments internationally on the economic and tourism front, coupled with bad strategic planning from Trinidad’s Ministry Of Tourism and the Tourism Development Company, it appears imminent that Tobago’s tourism sector is heading for a collapse. With Tobago’s hotel occupancy rate now at 30%, and this is the peak of their tourism season, there is cause for severe alarm. Unless the financial stability of Tobago’s hotel owners and the tourism industry is as guaranteed as death, Tobagonians are headed for very hard times that will result in an uncomfortable pattern of lifestyle changes.
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Farmers Must Defend Their Living

Food and Fuel Forum
43 Fifth St., Barataria, Trinidad and Tobago
January 23, 2003

Food and Fuel ForumThe handing over of prime Caroni lands to selected companies certainly raises cause for concern about the government’s agricultural policy and who benefits from it.

Small farmers all over the country have been fighting for thirty, forty and even fifty years for security of tenure. It is the most crucial issue facing farmers today and is the main obstacle in farmers’ effort to produce abundant food for the nation.
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‘Udecott bigger than Cabinet’

Calder HartJanuary 24, 2009

HDC clears Rowley
In a written submission filed on Wednesday afternoon with the Uff Commission of Inquiry into Udecott and the construction sector, the HDC effectively cleared former planning and development minister Dr Keith Rowley of any wrongdoing in the Cleaver Heights project by attributing apparent million-dollar discrepancies, in the contract total for the project, to “{two errors” contained in a letter of award drawn up by the HDC and addressed to the project contractor, NH International Limited.
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Rally, rally ’round T&T

By Raffique Shah
January 18, 2009

Trini PeopleTHERE was a time when the moment things turned sour in this country, those who could afford it would simply flee to the USA, Canada or Europe. That happened mainly among professionals who were educated here at taxpayers’ expense, entrepreneurs who rose from running one-door shops to the multi-million-dollar enterprises. The one aberration to this pattern occurred in the late 1980s, when thousands of ordinary people, mainly Indians, fled to Canada as refugees, claiming they were oppressed by an African-dominated state machinery.
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