Home' Trinidad and Tobago Guardian : February 21st 2015 Contents A6
Guardian www.guardian.co.tt Saturday, February 21, 2015
MEGA Insurance Company Limited
NOTICE TO SHAREHOLDERS
Please be advised that following Assuria N.V. Offer dated
November 11, 2014 to purchase 18,183,334 ordinary
shares or 89% of the issued and outstanding shares of
MEGA Insurance Company Limited (MEGA) and MEGA's
Directors Circular of December 19, 2014, Assuria
successfully acquired 15,791,682 or 77% of MEGA's
Following Assuria's acquisition the under mentioned
changes in Directors took place at a Board of Directors
Meeting on January 22 and 23, 2015. The new Directors
will hold office until the next Shareholders meeting
scheduled for February 27, 2015.
On January 22, 2015, Messrs. Lindsay Gillette, Paul Vilain,
Inderjeet Beharry and Errol Cheong.
On January 22, 2015, Messrs Stephen Smit and Mario Merhai.
On January 23, 2015 Messrs. Armand Achaibersing and
The Estate Management and
Business Development Company
Ltd (EMBD) owes contractors some
$859 million, a Joint Select Com-
mittee (JSC) meeting heard yester-
day.Questions were also raised about
the hiring of contractors at yester-
day s JSC meeting held in Parliament,
Tower D, Wrightson Road, Port-of-
Among those who appeared before
the committee were the EMBD s
chairman Henckle Lall, consultant
Kamal Sant and project manager
Lall, who said he took over some
18 months ago, told the JSC the
organisation s operations were
financed by the Ministry of Finance.
He said when the current board
took over it realised there were sig-
nificant cost escalations and a multi-
million dollar debt to contractors.
"So we had claims for hundreds
of millions of dollars that came to
us. We could not get the validity of
some of the claims because there
was work stoppage, suspension, con-
tractors walking off because of lack
"So we decided to keep the proj-
ects going, ask the contractors to
remain on the site and continue
working but we will not pay for loss
of profit and downtime. We will pay
for certified work by the consult-
ant...work that we could see on the
ground," Lall said.
He added one of the critical prob-
lems encountered was lack of fund-
ing, especially to pay contractors on
Committee member and Minister
of Public Administration Carolyn
Seepersad-Bachan said what she had
noticed throughout the EMBD s
entire submission was reference
being made to an Independent Con-
Walker said there were currently
five consulting engineers with the
Lall said when the board took over
in 2013 it had to go with the existing
prequalified list of contractors.
"Last year around October we
decided to open it up to the public
again...to open the prequalification
listing," Lall added.
Walker concurred, adding that the
consultant engineer was hired as an
independent firm in accord with the
"The EMBD in its initial stages
started off under different manage-
ment and because of what they
didn t do we are now reaping the
[consequences] of that. The causal
factors has to go back to the pre-
planning process. Before you start
any development you ought to have
all your approvals which is done in
the pre-planning stage.
"So the cost that we are seeing
now is the EMBD trying to react to
all these things that should have
been done in the era between 2004
to 2009," Walker said.
He said between 2004 and 2008
more than 20 sites were procured
without proper studies, resulting in
poor site selection.
On the issue of poor performance
by both consultants and contractors,
he said those who failed to perform
had had their contracts terminated.
Seepersad-Bachan said if there
were effective and efficient project
management there would not have
been cost overruns and delays.
Fire fighters at Crown Point
Fire Station in Tobago yesterday
breathed a sigh of relief after they
received a supply of diesel.
In the past month, the officers
were unable to respond to trouble
calls as their fuel tanks were dry.
Firs stations across the country
were affected by a delay in the
delivery of fuel owing to an out-
standing $180,000 bill.
Chief Fire Officer Nyar Ram-
persad said in a phone interview
on Thursday the bill was cleared
last week Friday.
In an interview yesterday, fire
fighters at Crown Point Fire Sta-
tion said they did not receive a
supply of diesel for a whole
"We tested the equipment,
started the truck to make sure it
didn t break down and used the
pumps without using the appli-
ances," one of the fire fighters said.
Roxborough and Scarborough
Fire Stations were still waiting for
fuel, the officer said.
An officer at Roxborough Fire
Station said they could only
respond to emergency situations.
President of the Fire Service
Association Leo Ramkissoon said
the problem had been going on
"Fire officers like any others
have to depend on themselves to
do their job. There is a lack of
basic amenities in Tobago and in
Port-of-Spain," he said.
Ramkissoon said there was a
shortage of equipment and sup-
plies in Tobago.
"They have to depend on their
own resources and walk with their
own supplies. The basic amenities
some purchase [include] equip-
ment out of their own money.
They buying gloves and boots. A
glove is a personal equipment. If
you are damaged you have nothing
to get, you not covered. You have
to buy it out of your pocket," he
Ramkissoon said if a fire broke
out in a high-rise building in Port-
of-Spain, there would be trouble.
"There are 135 high-rise build-
ings in Port-of-Spain and the real-
ity is the Fire Service is not evolv-
ing with the supply of equipment
and basics we need to treat with
that type of fire," he said.
He said the Bronto sky-lift could
reach a certain height. The appli-
ance s lift could reach between
five and seven stories high or up
to 100 feet.
"[Fire officers] feel they are the
forgotten element of National
Security and safety of the citizens
are all but forgotten," he said.
Fuel crisis in Fire Services
Crown Point gets diesel
The number drawn yesterday
on Crime Watch was 968014.
If the number on the bunny at
the back of your yesterday s
Guardian was 968014, you have
won $5,000 cash.
You have until 3 pm Monday
to come to the Guardian head
office, 22-24 St Vincent Street,
Port-of-Spain, with the news-
paper containing the winning
number and photo identification.
Remember to keep your Sat-
urday, Sunday and Monday
papers and tune into Crime
Watch on Monday on CNC3
from 6 pm for the draw.
If the number matches the
bunny on the back of any of
those Guardian papers, you have
won Monday s jackpot.
Easter Bunny promotion prize at $5,000
EMBD blames poor management
ABOUT THE MEETING
The committee was headed
by Independent Senator
Dhanayshar Mahabir who said
the objective of the public
hearing included the following:
1. To assess the systems in
place for the administration of
contracts for the development
2. To examine the status of
outstanding payments and the
arrangements in place for
3. To understand the
relationship between the
EMBD and the other state
entities, in particular, Housing
(HDC), Caroni Ltd, Ministry of
Food Production, Land
Agency, Town and Country
Planning and the National
Gary Parmassar, Ag chief executive officer of EMBD Ltd, and Henckle Lall, chairman, during the Joint Select
Committee at the J Hamilton Room, Tower D, Port-of-Spain, yesterday. PHOTO: JEFF MAYERS
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