UNC writes off loans, not me

MINISTER in the Ministry of Finance, Christine Sahadeo, yesterday launched a political counterstrike against the Opposition UNC, challenging them to tell the nation how many loans (and the quantum of those loans) they wrote off while they were in government. Sahadeo has been the target of recent Opposition attacks from UNC leader Basdeo Panday and St Joseph MP Gerald Yetming on the restructuring of Caroni (1975) Ltd and alleged micro-managing at First Citizens Bank (FCB), respectively. Responding to those charges during the Budget debate in the Senate, Sahadeo came armed with political ammunition of her own. “I have no problem if subjective statements are made. However I take great umbrage when my character is being assassinated and statements are made which I do not have the opportunity to defend,” she said. Focusing on FCB, Sahadeo declared, “I have not requested any loans to be written off. I will not request any loans to be written off for anyone. I have not requested any loans written off for myself, my family, friends or whatsoever.

It is really unacceptable that we use the parliamentary privilege to continue making statements of that nature. I have no loans. Right now, I’m not investing.” The minister then dared the UNC “to tell this Parliament how much loans were written off and for whom” during their period in office. Sahadeo added, “In the 2000 accounts, I think they should submit to this Parliament exactly how many loans were written off and the quantum of those loans which were written off.” The UNC got a brief reprieve from Sahadeo’s assault when Senate Opposition Leader Wade Mark asked her if she was aware that FCB allegedly wrote off a $20 million loan to Public Administration Minister Dr Lenny Saith. The minister continued her presentation unfazed by repeated barbs of “Ken Gordon” which Mark hurled at her. Expressing satisfaction with FCB’s turnaround to date, Sahadeo said, “We must continually review the process of divestment at FCB in the long-term. We are looking at it in terms of when the time is right (to divest it). FCB is still under Section 44 control of the Central Bank.”

While hinting that FCB still had strategic importance to the Government, Sahadeo explained that the divestment process was an intricate one and the timing must be right, “to get the best value for what you are selling.” On Wednesday, TT Chamber of Commerce President Christian Mouttet called on Government to embark on an aggressive programme to divest State enterprises. She said Yetming was wrong to claim that Government was subsidising FCB, the bank was  holding $1.5 billion of paper from Taurus, and benefitting to the tune of $100 million. “This is closer to $200 million,” the minister added. Sahadeo disclosed Government will soon release a policy paper which will see local content being included “in all contracts to be negotiated with all energy companies,” developing a code of Best Practice for State Enterprises, and Cabinet’s Standing Committee on Energy (which is chaired by Prime Minister Patrick Manning) is studying a natural gas master plan for Trinidad and Tobago.