Gopeesingh knocks EFCL payment

This despite the fact that several contractors have for many years, been owed tens of millions of dollars.

He in a statement, said any decision to pay a specific contractor may be a breach of the official State Enterprises Performance Monitoring Manual and maybe even the Integrity in Public Life Act’s code of conduct.

The manual lists strict processes on procurement and compliance and the oversight role of the Investments Division of the Ministry of Finance which has explicit duties with respect to corporate governance.

Citing recent media reports, Gopeesingh alleged, “The Stateowned company was reportedly instructed to make payments to the contractor. The high-handed action undermines the duties and functions of the company’s Board of Directors, Chief Executive Officer and executive managers, as indicated in the Manual. The move also compromises the Company’s Audit Committee.” Gopeesingh said that under the Companies Act of 1995, the Board of Directors directs the management of the business and affairs of the Company, while line ministries (in this case the Ministry of Finance) merely handle policy matters. According to the Manual, the Board has responsibility for “planning, monitoring and controlling the activities of the Company.” He said the Investments Division promotes good corporate governance, including “economic and financial appraisals.