Tag: transparency

VIDEO: “Bussin’ Files” at The Big Black Box on Wednesday 11 October 2017

This is the talk I did at the inaugural edition of the “Bussin’ Files” series at The Big Black Box in Port of Spain on Wednesday 11 October 2017. I discussed, the importance of information; our attitude to the truth; the deliberate concealment of facts; the Bernard and Uff Reports into construction sector misconduct; the CL Financial bailout; our false sense of superiority and some other matters. Video courtesy PixelPlay Media Limited.

 

Board Games Redux – the NIDCO matter

Board Games Redux – the NIDCO matter

These recommendations are from the 2010 Uff Report into the Construction Sector.

“…39. The reviewing of tenders and the making of decisions upon the award of contracts should be undertaken in as transparent a manner as possible, including demonstrating clear compliance with procurement rules, so as to allay suspicion of improper actions or potential corrupt influences…”
(The emphasis is mine)

“…54. There should be no doubt (as there presently is) as to the power of Ministers to give instructions to Government agency companies on any matter within the Minister’s remit, including compliance with rules, regulations and procedures. If this cannot be achieved by voluntary means, consideration should be given to creating the agency as a statutory corporation incorporating such powers…”

It is unacceptable that Cabinet is still making decisions on the award of large-scale contracts. What is more, this procedure continues to be the norm, so this week I am deferring any budget commentary to deal with this issue.

chremI am referring to the recent imbroglio emerging from the award of a $400M contract to KALLCO for a 5-Km (about 3 miles) stretch of the Toco to Manzanilla highway. Minister of Works & Transport, Rohan Sinanan, is related to KALLCO and he declared that he had recused himself from both the discussion and the decision made by Cabinet.

My concern is not Sinanan’s relationships, or indeed, whether or not he recused himself from both the discussion and decision stages of the Cabinet process. I have no good reason to doubt the Minister’s statement, my only point on that issue is that the continuing tradition of Cabinet secrecy has made it impossible to verify Sinanan’s assertions.
Continue reading “Board Games Redux – the NIDCO matter” →

Property Matters – Tobago Sandals part three

Last week’s article outlined the research I have been conducting, with the support of my colleagues from Disclosure Today, into the ‘Underlying Commercial Arrangements‘ of the State-owned hotels in this country. Those are the decisive details which drive projects of this nature and from which the substantial public benefits ought to flow.

Details of the unhelpful responses from the various agencies with whom we engaged via the Freedom of Information Act only went to show that the actual conduct of these large-scale public private partnerships were virtually opposite to the repeated statements about openness and having nothing to hide. The Ministry of Finance was the only public authority to give a prompt and clear response.

SIDEBAR: Public Money

As I stated in ‘Everything but the Truth‘, published in this space on 10 June 2014, in relation to Public Money –

“The leading learning from which we have drawn serious lessons is Lord Sharman’s 2001 Report to the British Parliament ‘Holding to Account‘, which was a thorough examination of the definition, role and need for control of ‘Public Money‘. We expanded on Sharman’s definition of ‘Public Money‘ so as to capture the full range of possibilities, but we have accepted his key finding as to the requirement that ‘Public Money‘ is to be managed to a higher standard of Accountability and Transparency than Private Money – see 2.23 on pg 15. The contemporary, best-practice position in respect of the management of and accountability of Public Money being that the private sector rules are the bare minimum.”

This proposed large-scale investment would require significant sums of Public Money to be committed to the project. That commitment would be via direct investment or lease rentals; tax/duty concessions and expensive externalities such as improvements in the water/sewerage and electricity services or the expansion of the Crown Point Airport facilities. Continue reading “Property Matters – Tobago Sandals part three” →

AUDIO: Interview on Power Breakfast on CL Financial bailout 31 July 2017

power102fmThis is my interview with Rhoda Bharath & Richard Ragoobarsingh on the CL Financial bailout on the Power Breakfast Show where we discussed the bailout, the lack of transparency and the debacle of its handling. Audio courtesy Power 102 FM.

Programme Date: 31 July 2017
Programme Length: 00:57:39

Joint Media Statement on the lack of Transparency in the CL Financial Bailout

Dear Collegues

Please see attached a Joint Media statement from Mr Afra Raymond (www.afraraymond.net), Mr David Walker and myself Rishi Maharaj (CEO Disclosure Today). “The more you know, the more you know you don’t know.” This quote seems to epitomize the current scenario the country is facing regarding the CL Financial fiasco. Over the past eight and a half years each of us in our own capacity have made several requests for financial information regarding the bailout.

Additionally The Prime Minister’s recent statement on the CLF legal actions also raises some interesting questions. There now seem to be more questions than answers after the Prime Minister’s statement but at least we have made a start.

It is therefore our view that in the best interests of protecting taxpayers, it is clear that the government should immediately lift the veil that they erected and be open with the public.
Regards,
—
Rishi Maharaj
Chief Executive Officer
Disclosure Today
http://www.disclosure.today | rishi@disclosure.today
120 Abercromby Street
Port of Spain, Trinidad and Tobago

TSTT Matters – How the MASSY-TSTT Merger Affects Us

I: Transparency issues

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 –

  1. 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.
  2. 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.
  3. 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.

The second and third points will be covered in the next section. Continue reading “TSTT Matters – How the MASSY-TSTT Merger Affects Us” →

Open letter to Central Bank Governor on CL Financial bailout

dr-hilaire-photo-2
Central Bank Governor, Dr Alvin Hilaire

30th January is the anniversary of the infamous 2009 CL Financial bailout, so I collaborated on this open letter to the Central Bank Governor, Dr Alvin Hilaire, to raise some urgent and important questions on the Central Bank’s management of this situation.

Our letter was sent on 31st January 2017 and was signed by David Walker, Disclosure Today and I.

Please read this and spread the word…

Remember that –

Silence is the Enemy of Progress!