This is my interview with Rennie Bishop on 107.7 FM on Sunday 16 July 2017 to discuss the Eden Gardens debacle now come to light and continuing CL Financial bailout. Part 1 and Part 2. Video courtesy TTRN -Trinidad and Tobago Radio Network Limited.
TSTT’s share purchase agreement, announced on 2 May 2017, to buy Massy Communications Ltd has provoked a great deal of sceptical or negative public comment. I will not attempt a critique of that deal since it is well beyond my scope: in any case, the basic details have not been disclosed. We have been told that the price is $255M and that the deal is conditional upon the approval of the Telecommunications Authority of T&T (TATT).
The furore over this huge deal seems to be fueled by these three statements emerging from TSTT –
Transparency – TSTT cannot reveal the details of the deal to the Parliament’s Public Accounts Enterprises Committee (PAEC) since it is not obliged to follow either the Integrity in Public Life Act or the Freedom of Information Act. Further, TSTT is required, as a listed entity, to follow the provisions of the 2012 Securities Act in regard to the secrecy of pending transactions. What is more, TSTT and Massy Communications Ltd are both bound by a Non-Disclosure Agreement.
Accountability – The $255M purchase price is funded by $1.9Bn which TSTT raised from private lenders, so that money is presumed to be outside the definition of Public Money. One assumes, from the tone of those statements, that TSTT did not require a guarantee or letter of comfort from the State.
Good Governance – TSTT stated that the first time the Cabinet would have been aware of this transaction is via the press. This returns to the issue of just where is the lawful and proper boundary between the Cabinet and the various State Enterprises for which it is responsible. This again sparks the debate as to whether TSTT is really a State Enterprise.
One of the major issues facing the country as this recession unfolds is the pressing need to review the State Enterprise sector. A Cabinet-appointed committee, chaired by Dr Terrence Farrell, was established to examine the SOE sector, but we have no idea yet as to their recommendations.
One of the hugest State Enterprises is Petrotrin, a major player in the national economy, with the immense influence of the OWTU on the side of its workers. A great deal of discussion is now emerging on whether or how Petrotrin could be restructured or privatised.
On 9th October 2015, the newly-installed Petrotrin Board issued a Press Release under the rubric “Facing and Overcoming Our Current reality” – the primary challenge was said to be ‘high and increasing debt’. Continue reading “Bond issues”→
This is my 12th April 2016 ‘Morning Brew’ interview with CNC3’s Hema Ramkissoon on the Invaders’ Bay matter…it is also the first time I made public comments on the JCC imbroglio, albeit after a sneaky series of questions from Hema…I guess that’s what crafty interviewers do, eh? As it happens, the questions remain outstanding on both those issues.
Programme Date: 12 April 2016 Programme Length: 00:22:32
This issue examines the long-awaited Public Procurement and Disposal of Public Property Act and makes important points about the central role of the President in its implementation. (Recorded – Saturday 1st October 2016)