Ramesh’s Caroni plan flops

A PLAN by former Attorney-General Ramesh Lawrence Maharaj to bring in foreign investors to purchase the assets of Caroni (1975) Limited and re-employ its former workers was shelved yesterday after the same investors supported Government’s approach to restructure the former State sugar company.

This was revealed by accountant Amarjit Chadee, who had first written to Prime Minister Patrick Manning two weeks ago, to outline the investors’ proposal. Chadee told Newsday that together with attorney Garnet Mungalsingh, he met Agriculture Minister John Rahael and Public Administration Minister Dr Lenny Saith at 1 pm at the National Library on Abercromby Street to discuss the matter. He said after lengthy discussions with the Ministers, it was agreed that Government’s policy of giving former Caroni workers first preference to land for agricultural and non-agricultural purposes was the best strategy to pursue at this time. Describing the investors’ proposal as “a private sector proposition,” Chadee said the Ministers informed him that the only areas where private sector bids would be entertained would be the Brechin Castle sugar factory which was shut down after this year’s crop and Caroni’s Rum Distillery. However, Chadee continued, the Ministers said extensive discussions would have to be held in these areas. The accountant said that in the meantime, the investors try to assist former Caroni employees in any way that they can.

Chadee revealed that the group of investors, referred to repeatedly by Maharaj, were a group of 29 corporations and individuals based in the United States and Canada. The group includes chairman of the World Business Forum Mamadoo Sis, chairman of the Business Council of Indian Origin “Mr Poorana” and a New York-registered company called IQ Financial Services. Chadee said Poorana also has extensive business contacts in India. When contacted yesterday, Rahael confirmed that the meeting had taken place and events transpired exactly as Chadee described it. The Minister reiterated Government’s commitment to ensuring first preference to Caroni workers in terms of land and opportunities in the restructured company before turning its attention to private sector investment. Opposition Leader Basdeo Panday has condemned Maharaj’s actions as a ploy to bring United National Congress (UNC) supporters into his fold. Maharaj is currently in New York holding discussions on the formation of “a new political vehicle.”