Home' Trinidad and Tobago Guardian : January 13th 2015 Contents "The Government must not do
it under these conditions and since
the Government is only able to
treat with this loss of revenue sit-
uation after an expection, that is
why the election should be called
sooner rather than later," he added.
He also stressed that the IPO
should not be carried out until the
"outcome" of the First Citizens
IPO is determined. "We want the
outcome of FCB," he said.
On another matter, Rowley
repeated the call for the former
First Citizens chairman to say
whether he purchased shares or
engaged in trading at TCL during
the blackout period 12 years ago.
He said the minister must
answer questions about the alleged
purchase of Trinidad Cement Ltd
(TCL) shares 12 years ago.
Rowley said yesterday his posi-
tion was "that this Minister of
Finance is to oversee no further
sale of public assets until he
explains himself to us."
In an address to the nation last
Thursday, Prime Minister Kamla
Persad-Bissessar said the IPO
would proceed to allow the country
to recover lost revenue due to the
reduction in the price of oil in
But Rowley said yesterday Per-
sad-Bissessar s Government was
"resolutely refusing to do what is
required to be done by a respon-
sible government in the prevailing
situation because it is bad business
for the election."
Rowley said more was required
to be done to address the issue of
loss of revenue for the country.
He said external forces "have
forced the country s revenue down
and the Government is refusing
to acknowledge that situation and
is aiming to take us through to an
election where we are losing time
and effort in trying to properly
address the challenges ahead."
He added: "If the Government
is going to insist on doing that we
are saying call the election now
because clearly what you are saying
is that nothing will be done on
this particular matter until after a
new government comes into office.
"Call the election now. If you
are going to stay in office till the
last day in September as you have
said then do what is required to be
He said citizens did not know
the true state of the economy
because the Government "has been
fudging the numbers and eventually
killed off the CSO."
He said the true figures would
only be known after this year s gen-
"We will only find out the details
of those arrangements after the
next election," he added.
He said the Government s "inac-
tion or crazy action" pose "threats
to people of T&T not the Cabinet.
Their bread butter with New
Zealand s best. It is the bread of
the population that would be but-
tered with lard."
He said the Government was
"not worried at all because they
have fixed themselves already.
Leader of the Opposition Dr Keith
Rowley has joined in the call for the
proposed Phoenix Park Gas Proces-
sors initial public offering (IPO) to be
aborted pending the conclusion of the
investigations into last year s contro-
versial First Citizens IPO.
Chairman of the Clico Policyholders
Group (CPG) Peter Permell also made
a similar call.
Speaking yesterday during his first
news conference for the year at his
office on Charles Street, Port-of-Spain,
Rowley said no such IPO should be car-
ried out under Finance and the Econ-
omy Minister Larry Howai. He said
instead the 2015 election should be
Tuesday, January 13, 2015 www.guardian.co.tt Guardian
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* 2.5600 ****** 3.2610
for JANUARY 12TH,2015
Abort Phoenix IPO---Rowley
The T&T Guardian, in an earlier
report, indicated that the Securities
Exchange probe into that IPO was
complete. It centred around the
purchase of 659,588 shares, worth
$14.5 million, by the bank's former
chief risk officer, Phillip Rahaman in
the IPO in July 2013.
He lodged his share application
with Bourse Securities, although
First Citizens has a subsidiary with
a brokerage licence.
Bourse Securities chairman
Subhas Ramkhelawan resigned as
chairman of the T&T Stock
Exchange on April 10, saying he
was "fully confident that Bourse
Securities will be fully vindicated
when the facts are cleared up by
Rahaman sold some 634,588
shares on January 14, which
amounted to 96 per cent of the
shares he had purchased, at about
$42.15 a share, which would have
led to a profit of over $12 million in
He would also have collected
$718,950 in dividends as the bank
distributed $1.09 a share to
shareholders as at December 31,
Three days are how much time angry Palo Seco
residents say they are willing to give the Government
to initiate work to fix deplorable roads or they will
continue to protest.
Yesterday residents united from Los Charros to
Erin to block roads to draw attention to the plight
they face because of poor road conditions.
Old refrigerators, tree trunks, tyres and large boul-
ders became the residents makeshift barriers across
the SS Erin Road as residents demanded roadworks
commence in their area.
"We are giving them three days, three days of pas-
sage to tell us when they fixing our roads," declared
Palo Seco protest over bad roads
Rambachan- No discrimination
Works Minister Dr Surujrattan Rambachan yesterday
refuted allegations that Government was deliberately
neglecting Palo Seco residents.
He assured that the SS Erin Road through Los
Charros, Palo Seco has been earmarked for
Rambachan, in a telephone interview said, "We have
a scheduled programme of repaving of roads across the
country and that road is in fact down for paving."
He said his ministry is waiting on the release of a
second tranche of a loan, which has already been
approved, to initiate the next phase of road
'Settle the one at FCB first'
Palo Seco resident Kenisha Rougier.
Yesterday schoolchildren and workers were forced
to return home because of the blockage. Traffic
stretched for miles during the protest.
Two residents were arrested in Rancho Quemado
for obstruction and disorderly behaviour.
The residents, backed by their Member for Par-
liament Fitzgerald Jeffrey, accused the Government
of political discrimination and neglect.
They claim road rehabilitation works stopped at
Quarry Village, Siparia, the boundary between UNC-
held Siparia constituency and the PNM-held La Brea
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