Brooks refutes Kamla’s claim

But speaking yesterday after addressing the Caribbean Shipping Association conference at the Hyatt Regency, Port-of- Spain, Brooks stated categorically: “those allegations are completely false! TTNGL has satisfied every statutory obligation and every reporting obligation of the TT Stock Exchange and of the SE C (Securities Exchange Commission). The share continues to perform well.” He said its return on capital was 18 percent and dividend yield was 6.6 percent.

“Her statements are completely false, irresponsible and reckless.

The ownership of TTNGL is in the hands of the NGC and NEL (National Enterprises Limited), and if one takes the time to examine the records and the Registry you will see that. In fact the construct of the IPO was very deliberate. 15 million shares have traded hands. The share is one of the most-actively traded.

We encourage small shareholders to buy it and we encourage institutional investors to invest in it, because institutional investors have got a good return.” Brooks said the organisations of which Persad-Bissessar spoke included TATIL, which is publicly-held through ANSA Merchant Bank. “She made reference to another director who is linked to a major financial institution whose conduct and bona fides is beyond question.

So the allegations are completely false, irresponsible and without merit.” He said his colleagues on the board include Vivek Charran of Charran’s Bookstore and Ashmead Mohammed of KC Confectionary.

“These are people of the highest integrity and we have observed the highest governance standards and we shall continue to do so in the interest of our stakeholders and consistent with the TTSE (TT Stock Exchange) requirements and SE C requirements.

“So the board is very focussed in ensuring that the highest level of governance is obtained as we drive the performance of the company for the benefit of our stakeholders.” Persad-Bissessar said NGC chairman, Gerry Brooks managed a conglomerate whose companies or individuals comprise five out of the 10 shareholders of the TTNGL with a combined stake of 5.64 percent, himself being a former chairman of Tatil, an TTNGL shareholder. She alleged that his move from conglomerate head to NGC chairman in 2015 had advanced him from being an associate with five of the entities holding shares in TTNGL to being Chairman of TTNGL’s largest shareholder, NGC, and TTNGL Chairman. “So now, instead of controlling 5.6 percent of this lucrative corporate asset, as a direct result of his appointment by this government to the state owned companies NGC and TTNGL), Mr Brooks and his associates now control 57.64 percent of TTNGL.”