Home' Trinidad and Tobago Guardian : July 18th 2014 Contents A17
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An application filed by the
Leeward Islands Airline Pi-
lots Association (LIALPA)
against regional airline Liat
for an injunction to freeze
funds held in an escrow ac-
count in the Liat Pension
Fund at Antigua Commer-
cial Bank (ACB) has been
dismissed. The pilots have
been asking for their portion
of the funds to be separated
and placed under the con-
trol of trustees who will
keep the money in a trust
until a Pilots Pension Plan
In 2009 Liat s Board of
Directors reportedly in-
structed the management of
the airline to stop paying the
staff Pension Fund into the
cash-strapped Clico, and
start paying it into an es-
crow account at the ACB,
under the Staff Pension Es-
Up to March of this year,
the sum of the account was
in the region of $44 million.
The grounds upon which
the application was filed,
seeks to secure the monies
intended for the company s
employee Pension Scheme
and the deposits of both
employer and employees to
the said pension scheme.
Yay Entertainment launched the first
chain in its $40 million investment
into the Chuck E Cheese franchise
when operations officially opened for
business at Brentwood, Chaguanas on
Speaking with the media at a special
pre-opening event on Wednesday night,
Joanna Rostant, one of the directors at
Yay Entertainment, said the investment
at the 14,000 square-foot Brentwood
branch ran into millions of dollars, but
did not disclose the figure.
Rostant said the operations at Brent-
wood would generate employment for
around 60 people from both inside and
outside the community.
She said more employment should
be coming when two other branches
open at north and south, respectively.
She said Chaguanas was chosen
because of its rapid growth in business
and its growing population density.
The area is on the upswing and is
poised to be the next city in Trinidad
and was easily accessible by consumers
from north and south.
The compound is easily accessible
from the southbound lane of the Uriah
Butler Highway, has ample parking and
The company will also be introducing
an additional security feature where all
people in a group with children will be
stamped with a dye visible under ultra
Rostant said this would ensure that
children did not leave the compound
alone or leave with strangers. She said
the facility had enough space to accom-
modate 500 guests and would be avail-
able to host parties and functions.
The initial phase of the project started
in 2011 with the necessary paperwork,
the building started construction at
Brentwood in September 2013 and was
handed over to Yah Entertainment in
Chuck E Cheese is a North American
franchise that has around 470 company
owned locations in the United States
and Canada that incorporates the use
of entertainment machines and video
The facility also sells pizza and other
In response to complaints yesterday from the
T&T Manufacturers Association of T&T that
some of its members still had problems accessing
US currency, the Central Bank of T&T (CBTT)
has made another injection of US $75 million
into the market.
The TTMA had called on the CBTT, the Min-
istry of Finance and the banking and financial
institutions to work together to fix the problem.
In a statement yesterday, the CBTT said: "As
part of its scheduled foreign exchange intervention
programme, CBTT will sell US$75 million to the
banking system today.
The timing of this sale is based on the bank s
ongoing analysis of market conditions and con-
sultation earlier this week with foreign exchange
This intervention comes 15 days after the bank
sold US$100 million to the system on July 2. The
total sale of foreign exchange by Central Bank for
July 2014, thus far, is US$175 million."
The bank expects to make more injections of
US currency in the future.
"In the first half of July, inflows of US currency
have been low, as expected, given the rate of
foreign exchange conversions by energy companies.
We anticipate this trend to continue in the latter
part of July and into August. The Central Bank
is, therefore, expected to continue to provide sup-
port to the foreign exchange market, injecting
more US currency into the system within the
next few weeks."
Asked how much of a problem is the short in
supply to the economy, Vasant Bharath, Trade,
Investment and Communications Minister yes-
terday said: "I am not aware of the extent, apart
from the fact that I did notice this morning a
comment from the TTMA. I intend to bring it
up at Cabinet. Clearly, we had expected that,
with what the Governor of the Central Bank had
put in place, that these matters would have been
resolved. Clearly, that is not the issue."
Bharath was speaking to reporters yesterday
following the conference, "Crisis Communication,
Transforming PR crises into Opportunities," which
was held at the Hilton Trinidad Hotel and Con-
ference Centre, St Ann s.
He added that the Government is aware the
issue is "a widespread and prevalent issue, it will
not just be limited to manufacturers only."
According to the CBTT, the total US currency
sold by Central Bank to authorised dealers for
the year is "US$865 million, US$210 million higher
than the amount sold for the corresponding period
At the end of June 2014, T&T s net official
reserves stood at US$10,304 million, representing
an excess of 12 months of import cover."
$40m Chuck E Cheese
opens in Chaguanas
Central Bank injects
into the market
Kristine Thompson, left, and Joanna Rostant, directors at Yay Entertainment, behind the
cash register at Chuck E Cheese's opening on Wednesday. PHOTO: SHASTRI BOODAN
Pilots association's injunction against Liat dismissed
The company would also be introducing an additional
security feature where all persons in a group with children
would be stamped with a dye visible under ultra violet light.
Rostant said this would ensure that children do not leave
the compound alone or leave with strangers. She said the
facility has enough space to accommodate 500 guests and
would be available to host parties and functions.
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