Home' Trinidad and Tobago Guardian : July 12th 2017 Contents tobagotoday.co.tt July 12 - 2017
Studley Park Quarry
Board's director resigns
David Moses, an engineer and member of
the newly created state company, Studley Park
Quarry, has resigned.
According to a source, Moses' resignation is
not public knowledge although he resigned
from the position earlier this year citing per-
sonal reasons for his decision.
The quarry, a state enterprise is now private-
ly managed by a board of directors under the
chairmanship of Alan Richards. This step was
taken by the Tobago House of Assembly (THA)
after many unsuccessful attempts and millions
spent to make the quarry economically viable.
Tobago Today spoke with Secretary of Infra-
structure, Quarry and the Environment Kwesi
Des Vignes about Moses' resignation.
"Mr Moses resigned officially from the board
since May as he wants to continue in his con-
sultancy capacity and does not want other
clients to feel there is a conflict of interest,"
Des Vignes said.
Watson Duke, President of the
Public Services Association(P-
SA) and leader of the Tobago
political party - Democratic
Progressive Patriots(PDP)- will
once again vie for the PSA's
president position when elec-
tions are held on November 25.
Duke, who is no stranger to
controversy as his tenure as PSA
president has been challenged
several times by the union's
members and executive, said ear-
lier this week that he has decid-
ed to run for the post again.
"My mind is now made up
that I will be running for the
presidency of the PSA for yet
another time," Duke told report-
ers in Port of Spain.
He added: "That comes from
the fact that my work in the PSA
is not yet done. So long as there
are people having their jobs taken
away from them and they are
fired left, right and centre my
job is not finished."
He said he will be asking peo-
ple to vote for him in November
so that he could complete his
job. "...I will be starting to fight
from now as if I had just start-
ed. My energies are renewed and
I am ready to fight."
Entrance to Studley Park Quarry.
CLF shareholders move to add two more directors to Board
Majority CL Financial shareholders
intend to add two more of their directors
to the CLF Board at a special July 26
meeting and they're prepared to take legal
action against Government if it tries to
block the meeting, says Carlton Reis.
This, following Government's refusal to
accede to the shareholders' June 2 request
to remove its directors from CLF's Board.
Reis is a representative of Dalco and
CLF significant shareholder Lawrence
Duprey. Reis is also part of United Share-
holders Ltd (USL) which is dealing with
Government on the Clico/CLF issue. The
shareholders represent 63 per cent of com-
pany share capital.
Reis detailed majority shareholders' lat-
est push in their bid to regain control of
CLF companies as he responded on Prime
Minister Keith Rowley's concerns about
the Clico/CLF issue last Friday.
After a Caricom summit, Rowley report-
edly listed several issues including Gov-
ernment's objections to handing back CLF
companies to parties who felt they're
"entitled to it" and payments owed by
T&T to regional stakeholders concerning
Government's 2009 bailout of collapsed
insurance giant Clico.
Former Clico CEO, Cladius Dacon, also
took issue with Rowley's comments.
Dacon said, "The shareholders still own
the company. Is the PM saying the compa-
ny has been nationalised as this is the log-
ical conclusion if they argue the majority of
shareholders don't now own the company?"
"He can object all he likes but the share-
holders' rights are protected by T&T's laws
-- or is the Prime Minister taking advice
on T&T affairs from Venezuela?"
Majority shareholders' last year began
bidding to regain control of CLF compa-
nies when they approached Government
to repay the debt owed from the 2009
Clico bailout. In May, Finance Minister
Colm Imbert estimated it may be as much
as $27 -+billion.
A shareholders' agreement on the bailout
between the Government of 2009 and the
CLF parent board allowed Central Bank man-
agement control of Clico while Government
held majority directorship on CLF's board.
Government's four CLF directors are
Rolph Balgobin (chairman) Kirby Anthony
Hosam, Terrence Bharath and Ingrid Lash-
ley. CLF interests are represented by Albert
Tom Yew, Fredrick Gilkes, Trevor Marshall.
But majority shareholders said the con-
ditions necessitating the agreement no
longer exist, Clico is solvent and Central
Bank should relinquish management con-
trol. They submitted a repayment plan to
Government last year and didn't renew
the agreement which expired last August.
They said they received no response
from Government on the plan. Sharehold-
ers --- via USL --- wrote Government last
month requesting removal of Government's
CLF directors and stating intention to hold
a special meeting to add more directors.
However, Government queried USL's
status and didn't remove its directors.
With the standoff, majority shareholders
are doubling down on action.
Reis added, "Our attorneys replied on
USL but we're no longer focusing on Gov-
ernment's directors. Instead, we wrote
CLF's Board on June 20 seeking the spe-
cial annual general meeting to add two
more of our directors to the board. The
board agreed to have the AGM, July 26."
"If Government tries to block the AGM,
we'll take them to court on the basis of
oppression. The two additional directors
will be myself and USL's Kirk Carpenter."
"Once additional directors are appoint-
ed, a due diligence study will be done to
ascertain exactly how much we owe Gov-
ernment. We've always said we want to
repay what's owed --- locally and region-
ally. We have funding. At no time, did we
say we don't want to pay. We tried to
settle this since last year."
"Government hasn't sat with us to dis-
cuss payment. Instead Clico/CLF compa-
nies have been treated like state enter-
prises. But they're private companies and
their shareholders have been ignored and
oppressed. We want to settle and get our
plans going to stimulate the local/region-
al economy and create jobs,"
Reis claimed an eighth CLF board direc-
tor (ex-CEO Marlon Holder) was fired
"illegally" last month. (Trinidad Guardian)
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