Government lost out on $3 billion in the recent valuation of Clico’s shares in the Methanol Holdings company, PNM MP Colm Imbert said yesterday. Speaking in the Parliament debate on the 2015 budget, he said the Government had valued the shares at $11 billion, but the actual value was only $7 billion. “The arbitrators decided last Thursday that the value of the shares in the company was $7.4 billion, or $3 billion less than the Government’s valuation of the asset. Government has lost the arbitration and lost in excess of $3 billion which was expected would have been available to reduce Clico’s debt...They initiated the arbitration and improperly dealt with the minority shareholders,” he charged.
In dramatically flavoured statements about various financial data, Imbert repeatedly attacked Finance Minister Larry Howai, whom he accused of being a political and economic fraud, changing the GDP estimates, gerrymandering financial figures, of being betrayed by budget documents, “making up figures, telling nancy stories on surplus levels, saying things one couldn’t believe, posturing and being worse than his predecessor. “R is for ratch! Government is fudging the figures,” he concluded.
Imbert hit the Central Statistical Office (CSO) which he said was a “derelict organisation,” condemned by the IMF and not producing proper statistics. He said VAT and other revenue was down and Government was bleeding the NGC dry. He said an April article in the Interfax publication, quoting an unnamed source, criticised the Energy minister’s handling of the sector and said the only chance T&T had “is for a new government.” Imbert complained the PP was taking credit for completing projects from his tenure as Works minister and that the Diego Martin Highway had been completed since he had protested that the work should be done.
