Yetming: Sahadeo will ruin TT

ST JOSEPH MP Gerald Yetming yesterday charged that Minister in the Ministry of Finance Christine Sahadeo’s alleged interference in the operations of First Citizens Bank (FCB) could undermine the bank and cause Trinidad and Tobago’s economy to collapse. Speaking during the Budget debate in Parliament and seemingly picking up where Opposition Leader Basdeo Panday left off, Yetming warned the Government: “ Leave the bank alone! Our reputation and position as the financial centre of the region will come to absolutely zero. In fact, this whole economy with all the oil and gas could be seriously affected if they continue to interfere in the FCB. This economy could be brought to its knees.” Recalling recently resigned FCB chairman Ken Gordon’s allegations that Sahadeo was micro-managing operations at FCB, the former finance minister declared: “He (Gordon) told and he warned her that what she was doing threatened to do significant damage to the bank.

We (UNC) didn’t put him there (as FCB chairman) so why are you (PNM) ignoring him. To me, it is a very, very serious charge. I tell you if the confidence is undermined in FCB and we have a repeat of what transpired with NCB, we are in deep trouble in this country. She will be telling them who to grant loans to, whose loans to write-off and that is not such a far-fetched idea. We know about it. It has happened before!” Sahadeo has dismissed Gordon’s allegations. Yetming advised Government to “take an early position on divesting the FCB.” He claimed that Government was currently subsidising FCB which is “holding $1.5 billion of paper from Taurus backed by the Government,” and FCB “is benefitting to the tune of $100 million.” 

The UNC MP alleged there was “a great disconnect” between what the Government said and what it actually delivered.  He said while Government wanted to remove the surcharge on chicken and turkey parts, it was “prepared to kill an entire industry (in TT).” Yetming claimed that “in this paradise (of TT),” energy company bpTT had to pay hardship allowance to get expatriates to come to TT because of the crime situation in the country. He said “time stood still” for the PNM for three years and there was no evidence of growth in any sector of the economy. Yetming criticised the Government for misleading the population about when it plans to introduce separate oil and gas taxes. He claimed that TT’s real unemployment figure was 10.5 percent but said Oropouche MP Dr Roodal Moonilal would say more on that issue.