Tag: EMBD

CL Financial bailout – the EFPA details part two

CL Financial bailout – the EFPA details part two

One of the more interesting issues emerging from these EFPA details is the extent to which companies invested in what was approved as an individual investment instrument.

In the previous article, I detailed the significant investments made by State Enterprises, which prompted questions on the governance arrangements applicable to those companies. We know that companies made the investments in the names of individuals, that much was clear from the JSC’s 5th June 2015 Report on the EMBD. Continue reading “CL Financial bailout – the EFPA details part two” →

Property Matters – Horses for Courses

horses for coursesAfter the imbroglio with NIDCO’s award last month of a $400M contract to KALLCO for a 5Km stretch of highway, we have once again been treated to a series of related high-profile announcements.

On Monday, 16 October 2017, Minister of Legal Affairs, Stuart Young MP, announced the counter-suit by State-owned Estate Management & Business Development Co (EMBD) against five contractors; former Minister of Housing and Urban Development, Dr Roodal Moonilal MP; and its former CEO, Gary Parmassar. The five contractors were:

  1. TN Ramnauth;
  2. Mootilal Ramhit and Sons;
  3. Namalco Construction Services Ltd;
  4. Fides Ltd; and
  5. Kallco.

According to Young, there was over 18 months of investigative work to ground those counter-claims which allege collusion and bid-rigging, resulting in over $200M defrauded from the State. The most decisive allegation seems to have been that then-Minister Moonilal was making the decisions on those contract awards. I have not yet been able to read the EMBD’s court filing.
Continue reading “Property Matters – Horses for Courses” →