Home' Trinidad and Tobago Guardian : February 26th 2015 Contents FEBRUARY 2015 • WEEK FOUR www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG5
Some of the main objectives include
the promotion of energy
diversification, energy efficiency and
a reliable supply of alternative fuels
at a reduced cost in the Caribbean,
designing the governance,
operational and administrative
structure of the proposed facility...
Korea, where Tewarie will attend.
"We will explain to all the major donors and countries that are interested,
what we intend to do. We will try to mobilise as many interested countries as
possible," he said.
Tewarie spoke to the Business Guardian on Monday at his office, Ministry
of Planning and Development, Eric Williams Complex, Port-of-Spain.
Tewarie said the Venezuela-sponsored PetroCaribe is not sustainable and
smaller Caribbean islands need to look at a sustainable alternative.
"PetroCaribe provided a solution that was needed for many of the Caribbean
countries at a time when they needed to have it. We are anticipating what could
go wrong with PetroCaribe which could put these countries in a bad position.
We want a solution. I do not think that Venezuela is capable of carrying that
burden for an indefinite period. I do not think the countries can be funded by
fossil fuel for an extended period of time given the change of the energy matrix,"
He said this T&T-led energy fund would give "hard pressed" Caribbean
countries an opportunity to develop their economies.
"This fund would improve their competitiveness, reduce the cost of energy
and make their economies capable of higher growth than they are now capable
off. If they could cut the energy cost of most of the tourism plants, hotels and
other tourist areas in the Caribbean by 50 per cent, imagine what it would do
to tourism competitiveness in the region," he said.
He said part of Tuesday's discussions between T&T and Venezuela would
have dealt with the cross-border natural gas fields that both countries share.
"The question is how will we optimise that with T&T's technology and the
Venezuelans getting revenue out of it as well in keeping with their larger proportion
of ownership. All of these factors are tied into the energy matrix of the region,"
Tewarie said within the US$1 billion dollar Energy Fund, T&T's contribution
would be a financial one but T&T would not be "giving away the money."
"The proportion of T&T's funding will depend on how much other donors
put in. That financial contribution would have a return on investment and we
have made that clear to the IDB. The money would be secure as it is in the
custody of the IDB. Our job is to work with the IDB to mobilise other funders,"
Tewarie said this is more than a government-to-government initiative and
the private sector has an important role to play in this energy fund.
"We are working with the IDB to set up special funding for private sector
development in the Caribbean. It may include initiatives in the area of energy
but may include projects in other areas like tourism and finance. There will be
foreign and local entrepreneurs. There will be 100 private sector investors who
will be interested in selling gas to the region. T&T sees itself as being an important
supplier of alternative energy to the region in the future," he said.
He added that public private partnerships would also be a possibility for these
"This will create a new pool of private sector funds for development. These
entrepreneurial activities will create new opportunities for small businesses and
Caricom economies continue to remain strategic to T&T, he said.
"I do not want to speculate on the doom and gloom theories. I do not think
that helps. I want solutions for Caribbean prosperity. T&T has not been selfish
in looking at regional development. Our development depends to a large degree
on the prosperity of the other islands. We have investments in those islands by
T&T companies and we have markets there," he said.
Fund to protect
and boost region
From Page 4
Mettamorphosis Leaders, an
organisation that is hoping to
bridge the gap between leadership
in business and Christian beliefs,
is hosting the Global Leadership
Summit at the Central Bank Audi-
torium Friday 27 and Saturday 28
The Global Leadership Summit,
now in its 20th year, is being
broadcast via videoconference in
108 countries from the Willow
Creek Church campus in Illinois.
One of the four persons selected
to facilitate the sessions locally this
year, Moonilal Lalchan, Atlantic
LNG VP, Finance and Adminis-
tration and President of the
Trinidad and Tobago Chamber of
Commerce explained why he chose
to become involved with the event.
"What I've found over the years,
listening to a number of persons,
including the president of the
country, President Carmona, indi-
cated that there seems to be really
a big gap in terms of good lead-
ership in the country and leader-
ship in all aspects of life."
"When I was approached by
Mettamorphosis to look at partic-
ipating as a facilitator for this event,
I thought it was a very good idea
to get involved from the point of
view of having some of the world
renowned leaders and writers share
their experiences with the Trinida-
dian leaders in different areas."
Some of these 'world renowned'
speakers include Jeffrey Immelt,
the President and CEO of General
Electric, Erica Ariel Fox, New York
Times Best-selling author and
President, Mobius Executive Lead-
ership and Carly Fiorina, the for-
mer CEO of Hewlett Parkard.
Lalchan said he was particularly
interested in hearing from Allen
Catherine Kagina, the Commis-
sioner General of Uganda's Revenue
Authority, who he said was able
to make several instrumental
changes transforming the authority
from a corrupt organisation into
an award winning institution. Kag-
ina herself has attributed her suc-
cess to her 'faith in God'.
The programme material boasts
that the summit is a "world-class
experience for leaders who want
to get better...When cultivated in
a culture of Christ centred lead-
ership, your influence can change
lives and the organisations that
The summit features six other
leaders across the spectrum of aca-
demia, business, the Church, gov-
ernment and non-profit organi-
The sessions are broken up into
four separate sessions, one of which
will be facilitated by Lalchan. The
other three local facilitators are
Curtis Machoon, leadership con-
sultant and chairman of the Uni-
versity of Trinidad and Tobago,
Maureen Bartholomew, HR Con-
sultant and executive coach and
Norman Christie, regional presi-
dent of bpTT.
The cost of attendance ranges
from TT$750.00 for individuals
and between $600.00 to $675.00
for groups and sessions will run
from 8:30 am to 4:30 pm on each
More information about the
summit can be found at Metta-
morphosis Leaders' website,
Chamber boss at
CL Financial on Monday con-
firmed that the sale of Swiss drinks
distribution company, S. Fassbind
AG, was part of the mandate given
to Winchester Capital Partners in
The group was following up on
a story in the Sunday BG, which
reported that CL Financial director,
Andrew Mitchell, became the
chairman of Winchester Capital's
United Kingdom affiliate in May
The sale of Fassbind was even-
tually completed in April 2014,
according to the group's statement,
which was after the original doc-
ument outlining CL Financial's
divestment process and proceeds
was sent to the Ministry of
In a release, CL Financial
described S. Fassbind AG, as a
highly distinguished and well-
known brand name distributor of
alcohol in Switzerland.
Reason for sale
The value of the company was
considered minimal because of the
very limited investment in the
business over the previous 5 years,
its continued loss making situation
and the under capitalisation of the
company. A significant investment
was needed to be injected to sup-
port the growth of the company;
funds which the parent company
did not have readily available. The
trading operations had fallen to a
level at which the business was
unsustainable. The asset base of
the company had deteriorated and
the company needed access to
effective international distribution.
Management of Fassbind as well
as management of the other Euro-
pean subsidiaries of CL Financial
Limited was previously undertaken
by the management of Burn Stew-
art Distillers Limited. With the sale
of Burn Stewart Distillers Limited,
management of Fassbind was con-
tracted to Professional Accounting
and Legal firms at a cost which
could not be sustained on a long
term basis. The management
thrust and capital injection required
for growth of the company was
not available and therefore it was
considered to be in the Group's
interest to complete the sale at
The engagement of Winchester
Capital Partners LLC ("Winches-
ter") to provide professional serv-
ices to CL World Brands Limited
for the sale of Thomas Hine, Soci-
ete Dugas SA and Fassbind AG was
approved by the Board of CL
Financial Limited, the ultimate
parent company at its meeting on
April 25, 2013.
Winchester researched, prepared
and submitted a BuyerScope report
comprising 100 companies from
across Europe, Asia, Africa and
North America. This targeted
search for acquirers included global
strategic buyers, private equity
groups and families with high net
worth (HNW) who also had port-
folio investments in beverage alco-
However because of the position
of the company, significant diffi-
culty was incurred in completing
the sale via the competitive bidding
process. After a prolonged period
of negotiations the process was
reopened and new bids received.
After analysis and evaluation of
the six bids received in early 2014,
Best Taste Trading LLC's offer was
considered as first ranked. The sale
price was CHF 3.2M which was
paid in cash at closing. This com-
pared favourably with the CHF
2.25 M valuation done by Deloitte
LLP in 2011 before the performance
had been as negatively impacted
by the factors stated above.
Use of proceeds
The sale was completed on
April 16, 2014 and the net
proceeds of the sale were
deposited in CLWB's account.
Fassbind sold in April 2014
Links Archive February 25th 2015 February 27th 2015 Navigation Previous Page Next Page