Elias: Details of TSTT’s Massy deal confidential

At yesterday’s PAEC hearing at the J Hamilton Maurice Room, Tower D, Port-of-Spain, Elias cited business confidentiality in a very competitive environment as the reason for declining to give information.

“We don’t want to be exposed to the very competitors we want to terrorise. I respectfully decline,” he said.

Mark responded, “You cannot decline, but you may request we be ‘in camera’ or that you submit it in writing.” Mark repeated his call and Elias repeated his reply.

When Elias again declined, Mark retorted, “We too decline your offer”. Elias said TSTT is legally in a strange position, as it is exempt from the Freedom of Information Act and the Integrity Commission.

He said 51 percent of stock in TSTT is owed by shareholders of the Na tional Enterprises Limited and not the Government.

Elias said TSTT bought Massy Communications without telling the Government. He said the purchase lets TSTT acquire Massy’s 900 kilometres of fibre optics which serve 34,000 homes, plus some 3,500 clients in Massy’s entertainment base.

The deal will save TSTT 18 months of work in laying fibre-optic cables. He said if the Telecommunications Authority consents, the deal will be sealed in the next few weeks.

Elias was very confident of a bright future for the company despite an official disclosing annual losses in recent years of $600 million (in 2014) and $300 million (in 2016), with a $225 million profit in 2016.

Caroni East MP Dr Tim Gopeesingh asked about those losses compared to the company’s $1.5 billion annual operating costs and $3 billion in revenues over three years. CEO Ronald Walcott said the company is dissatisfied with this result and has recalibrated its five year strategic plan to become an agile broadband provider.

Gopeesingh said a past CEO’s monthly salary was $250,000, but Elias also declined to state Walcott’s salary at the hearing but promised to provide it in writing.