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NWU CONDEMNS SALE OF VALPARK; ATLANTIC PLAZA

posted 13 Jun 2013, 02:34 by Gerry Kangalee

2013-06-13

 

The National Workers Union (NWU) holds that Home Construction Ltd. (HCL), a subsidiary of CL Financial, showed great contempt for the citizens of Trinidad and Tobago when it sold Valpark and Atlantic Shopping Plazas without their knowledge or consent. 
 
It is the same level of contempt shown by the government when it ratifies agreements like the Status of Forces Agreement with the United States or the numerous trade agreements it insists on signing with the European Union, Canada and other countries, the content of which citizens have no clue. 
 
The citizens of this country have had twenty four billion dollars of public funds used to bailout the CL Group. Tens of millions more have been spent on a Commission of Enquiry which has revealed a horrendous picture of greed and criminality; yet no one has been charged. 

The sale of these assets have, in fact, redounded to the benefit of the very people, who played fast and loose with the prospects of hundreds of thousands of citizens of Trinidad and Tobago and other Caricom nations and has resulted in considerable pain and grief to the entire country. 

The National Workers union re-iterates the call we made on March 3rd 2013, in a public statement where we stated that: “ALL relevant information must be disclosed.” We further specified that disclosure must include: “The amount of money spent to date on Clico. This should include initial and operating costs: bailout, legal, consultancy, costs to policy holders etc.

1) Outstanding issues that remain to be dealt with e.g. court and ongoing procedural matters. What are the projected costs to conclude these matters?

2) A list of all of the assets that have been acquired and also any that have been disposed of.

3) A detailed breakdown of all revenues earned from the operations including dividends, interest, rents, sales etc.

4) A list of all costings, valuations, analyses etc done on the assets.

5) Decisions government has taken in relation to the assets? "

The National Workers Union insists that until such disclosure is made, the status quo as it pertains to the assets of the CL Financial Group should remain unchanged. 


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FOR FURTHER INFORMATION CONTACT:

Gerry Kangalee (National Education and Research Officer – Cell: 785-7637)

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