Gopeesingh: NIPDEC gets Udecott contracts

“NIPDEC is now the company just like Udecott doing construction business. And Government now, because of what is happening to Udecott, is taking away the business that was given to Udecott because of the amount of noise we are making and now giving it to NIPDEC,” Gopeesingh said.

“Who is the chairman of NIPDEC,” he asked, once more raising the issue of Hart’s multiple hats.

“Calder Hart is with Udecott, Calder Hart is with NIPDEC and Calder Hart is with the National Insurance Board,” he said. NIPDEC is a subsidiary of the NIB. Gopeesingh questioned the investment policies of the NIB. “The NIB has assets worth over $18 billion,” Gopeesingh noted. “With prudent investment you supposed to be receiving possible $2 million per year in investments.

“What is happening to NIB? To the investment portfolio of NIB? What is going on with our money in Trinidad and Tobago?”

He noted that the NIB has invested $167 million in a River Woods real estate project. River Woods is a major investment in middle-income housing undertaken by NIB. It is a gated community of 275 housing units on approximately 50 acres of land adjacent to Cleaver Woods.

“The NIB is supposed to be investing in corporate bonds and Government bonds with secured earnings and income,” Gopeesingh noted.

“NIB with Calder Hart is investing in real estate.”

But further, Gopeesingh alleged that the NIB was not going on to invest in the Savannah East development project in Port-of-Spain, a project with which GENIVAR is involved.