Finance Minister Colm Imbert yesterday dismissed claims by Opposition Leader Kamla Persad-Bissessar that the proposed sale of shares at Trinidad and Tobago Natural Gas Liquids Ltd (TTNGL) was intended to benefit National Gas Company (NGC) chairman Gerry Brooks.
Persad-Bissessar made the claim during her response to the budget presentation yesterday. She said the NGC was one of the shareholders of TTNGL and Brooks was also a director at that company.
But during the tea break Imbert told reporters Persad-Bissessar got it wrong and her allegations were just a “figment of her imagination” and “all nonsense.”
Imbert said the offer for sale would result in a certain percentage of the respective companies’ shares being offered for “various groups and individuals, companies and pension funds, etc.”
Asked if Persad-Bissessar’s claim that the shares were to be offered to existing shareholders only, Imbert responded: “That is a figment of her imagination.”
Imbert said in his budget presentation last week, he said “arrangements will be made for them (existing shareholders) to get access to the public offering.” He said existing shareholders might get about ten per cent.
He also dismissed claims that there was a conflict of interest in the proposed share issue.
“There is none. It is a complete figment of her imagination. There is nothing in my (budget) speech that will give any indication that shares are going to be given (only) to existing shareholders. It is only a small percentage (and) the general public will be able to access the balance. It is a complete figment of her imagination.”
Imbert also dismissed another claim by Persad-Bissessar that the proposed sale of shares was part of an “interlocking directorate.”
He denied a similar claim for the proposed sale of shares at First Citizens Holdings Ltd (FCHL), adding that it was “scandalous” for Persad-Bissessar to make allegations about corruption in the proposed IPO after what happened when she was prime minister with an FCB IPO.
He noted that the Director of Public Prosecutions was now looking “o see whether there should be criminal charges laid against (former) directors at FCB, appointed by the (former) UNC (government)” following that IPO.
He said Persad-Bissessar’s allegations were “politically hypocritical and shocking. I am shocked.”
Imbert said the shares to existing shareholders would also be limited.
Imbert also said Persad-Bissessar’s claim that local yacht owners were to be exempt from VAT in the 2017 national budget was “an absurdity.” He insisted the measure was for foreign yacht owners for yacht repairs done in this country.
“It is not for locals,” he insisted.
Imbert said because of the country’s location, “we are (in a) very favourable location for yachts during the hurricane season.”
He said the decision to propose the tax break was made after the industry complained that an earlier decision to impose VAT on the repairs of the yachts resulted in a decrease in the number of vessels coming to T&T and the number of people employed in the sector had reduced.