I have been monitoring the situation in Venezuela and the information out of Caracas is painting a picture of suffering and hardship.

No one can say with any certainty that TT cannot have a problem in the future because of what is taking place there.

One would have to be naive to believe otherwise. People when pushed into a corner and a crisis situation becomes too much to bear will stop at nothing to bring about change. We may not want to openly admit it but Venezuela is in crisis.

The possibility is that we can have an invasion of TT by people trying to escape the suffering in Venezuela.

What is important is that our leaders consistently monitor the situation.

Let us not wait for a problem to develop but have the foresight to put measures in place to deal with any eventuality.

So though I welcome the reassuring words of the Venezuelan ambassador, I appeal to the local authorities do what is necessary to protect TT from any invasion.

ARNOLD GOPEESINGH via email

The interview was edited for brevity and clarity.

Could you describe

your relationship

with this situation?

I am Peter Permell, the chairman of the Clico Policyholders Group. We have formed an alliance with the United Shareholders Limited. We are totally opposed to the liquidation of CL Financial, because as far as we are concerned that will lead to a fire sale of assets. The only beneficiaries of that fire sale would be big business, people with deep pockets, high net worth individuals who would be in a position to buy up those assets very cheaply. Because, in a fire sale, the assets will be sold at a discount, they will not be sold at their true value. Further, we are in a depressed economy and that will further exacerbate the situation.

This may be a naïve question, but why are

the shareholders so sure there will be a fire sale and not an honest disposal of the assets?

It is not a question of whether the liquidators will want not want to have an honest disposal of the assets. The history has shown us that whenever you say liquidation of assets any prospective buyer of those assets will want to get it at a discount because they know it’s a distressed company that they are dealing with. That is just how the financial world works. In the best of times, liquidation results in cents on the dollar. I don’t know of any liquidation where the company has realized full worth of the assets. It is always cents on the dollar. The history is replete with examples that would demonstrate that.

To turn the issue a bit, you’ve been here almost since the beginning of this issue. That, is almost ten years. Could you give me a sense of where you are emotionally at this time?

I try to be very dispassionate when I deal with these issues, to look at these issues in a very clinical way, because these are early days still. There is no guarantee that the government will be granted the winding up petition.

Maybe I should explain that situation to the benefit of your readers. What has happened yesterday is that the Court of Appeal has reversed the decision of Justice Ramcharan, who had not granted the application of the state to have a provisional liquidator appointed. The Justices of Appeal would have heard the matter and based on the points of law and the facts, they would have found that the judge tended to error in his judgement.

What they have done in a nutshell is reversed the decision of Justice Ramcharan in the High Court and they in fact issued the order for the appointment of a provisional liquidator. As we speak, there have been two provision court appointed liquidators. The company is called Grant and Thornton. Their function is really to preserve the assets, pending the outcome of the substantive action which is to have CL Financial wound up. The reason you need that holding position is the substantive matter could take several weeks, months probably even years to be determined.

Is the potential for liquidation creating an issue where people are not likely to be paid?

You can jeopardize that. Because at a fire sale, you get cents on the dollar. If you allow these things to run their course, and it is mutually agreed, then you have an orderly disposal of the assets. Everyone knew that the company was insolvent. That was not news to us or the country. But the whole idea was that the company would have been able to generate cash flow in the future that would pay back the debt to the government and all the other stakeholders. If you precipitate a liquidation, if you precipitate a fire sale, then you are going to get cents on the dollar. As I have seen in one report done by Pannell Kerr Foster (PKF) in 2013, they said that in a forced liquidation, which is what this is, you can get 21 cents on the dollar. That was at that time. I don’t know what the current position is, but PWC has said they can lose as much as $7.8 billion of value.

Could you give me an

idea of some of the

assets at risk here?

The judge tried to point out yesterday, that this provisional liquidation, the liquidators’ responsibilities are consigned to CL Financial. If you understand the structure of CL Financial, that company is a holding company, which holds shares for the subsidiary companies, which will be companies like Angostura, Home Construction Limited, the Tru Valu Supermarket chain. You have the malls, Trincity Mall, Long Circular Mall. Valpark was also one of the assets, but this was sold when the Partnership was in office. I am not sure what it was sold for. This whole question of sale of assets, that is going to be done in secrecy. The public is not going to be aware of those transactions.

Remember we are still only talking provisional liquidators here. The provisional liquidators are supposed to preserve assets, while the actual one disposes of assets. Hypothetically, if a liquidator is appointed, they will have the power to dispose of assets either by public auction or private treaty. If they receive offers from people, they have the discretion to decide whether those assets are sold. An accounting of that liquidation process is only likely to be done at the end of that liquidation process, unless the court decides we should come to the court periodically and give an accounting. The general public, unless the media is covering it, would not know which assets were sold and who they were sold too.

Another point I wanted to raise, aside from the cents on the dollar issue, is the length of time the liquidation will take. Liquidations traditionally run several years. Besides the big business people who have the money to buy the assets, the people who will benefit are liquidators, whose salaries are usually exorbitant, the lawyers who will have to be working with the liquidators, the accountants, the auditors etc. So there is going to be another feeding frenzy in my view.

So this situation could easily run another eight, nine years?

Even to get to the point where a liquidator is appointed, that could take another year or two. The both sides will be having arguments and counter arguments. Then if anyone loses, there is the option of appeal, either to the Court of Appeal or to the Privy Council. And we are just talking about the appointment of a liquidator. This is why I am saying, this is not the way to go. Go back to the negotiation table, let both parties work out an amicable settlement. Because the shareholders want to get back their company. They want to pay off the government, they want to make money and continue doing business. With this route, they are not going to be able to do that. The government is not going to be able to get back all the money that they put out. A lot of employees may have to be terminated, because you are going to have some loss of jobs inside of there. The policyholders will be in jeopardy.

My whole sense is, when you start with CL Financial, when that train leaves the station, the next stop is likely to be Clico. What is to stop the government from saying that Clico is insolvent after eight years, let’s wind up Clico now. Nothing is stopping them from doing that. No one anticipated that this was the route the government was going to take. I think this took everyone by surprise.

We are genuinely concerned as to what is going on here, hence the reason we have thrown our support behind the shareholders in trying to stop this liquidation. What we are saying to both sides is go back to the table and let us work this thing out. Stop letting egos get in the way. People have cemented their positions because of egos. You are going to have collateral damage, which would be the taxpayers, the shareholders and the policyholders. When elephants fight, only the grass gets trampled.

Carter could only muster a sixth place finish in heat 10, of the men’s 100-metre freestyle, and was not able to book a place in the semi-final phase.

On Sunday, Carter placed 19th overall and failed to go past the first round in the men’s 50m butterfly while, a day later, he finished 24th overall and was unable to progress to the semi-final round of the men’s 200m freestyle.

After listening to Williams relate a story from his days as a student, Carmona said the message here is, “we can all disagree but we can respect when we disagree.” The President said compared to the time when he was a young man, “we are experiencing a new type of dynamic, it is called social media.” He said while social media offers a great opportunity to share information, it is sometimes, “used in a very skewed way to denigrate and to destroy people’s self esteem.” Carmona urged the students to be, “the game changers.” He said they were the ones who would ensure conversations in social media and in day to day living are respectful and based on compassion.

Williams expressed satisfaction that Carmona was taking such an active role in ensuring this country’s young people have a greater understanding of governance. He agreed with the President about the plethora of challenges facing young people today.

“Our education system does not afford them the luxury of having all the qualities they need to navigate this very complex world.” He said there must be organisations that can assist young people to access the opportunities they need and provide them with the necessary skills to progress in this “very challenging world.”

This happened after yesterday’s statutory meeting of Portof- Spain City Council at City Hall, during which time the residents’ plight was raised by councillor June Durham.

Resident Kingsley Hinkson said for all his 70-plus years he lived at his Woodbrook house in which his parents had also previously lived. On Tuesday he was fined by three litter wardens for the manner in which he put his garbage out for collection.

Saying his family has put out their garbage the same way for the past 100 years they have lived there, he vowed not to pay the fine.

“I put it out at 8.30 am on the pavement in front of my property,” Hinkson said.

“All residents have it on the pavement at a specified time.

We have a regular collection of garbage so if you put it out by 10 am it is gone.” Hinkson said the wardens said it should have been in a bin or on a wall to be away from disruption by vagrants.

Martinez said he could not advise residents whether or not to pay the fines which are due by Monday, and if unpaid or contested could attract a further fine of thousands of dollars. He promised to look into the fines issued but offered no promises.

Health Inspector Mitra Sooklal said he could not rescind the penalties.

He said from now on he would allow a grace period for residents to put out their garbage for collection without penalty.

Sooklal said he will look at the tickets issued but said the litter wardens may have a different version of events to justify the tickets. Meanwhile he suggested residents place their garbage bags on their wall to await collection.

One resident related garbage trucks were refusing to collect her bush cuttings. Sooklal said she must contact the Transport and Collection Unit to arrange to collect these. “There’s no specific day for collection of tree cuttings.” Another said the litter wardens should instead patrol the club-lined Ariapita Avenue as she picks up 25 empty bottles every Saturday. Lamenting loud noise from bars (all night through to 6.30 am), from limers, slamming car doors and pounding music from passing cars, another woman asked, “How much more can we take?”.

Ramona Guichard complained of the hours she spent after Carnival trying to clean the stench of alcohol and urine from her yard Deputy Mayor Hillan Morean urged the purchase of decibel meters and for the EMA to train the City Police in noise control.

Martinez told Newsday that unlike magistrates at a liquor licensing session being able to refuse a licence if enough neighbours object, the corporation does not likewise register bars, but only gives approval for construction activity or change of use of premises.

“Each year Tobago sees an influx of tourists for the Tobago Heritage fest, the Great fete, the Great Race and Emancipation Day celebrations.

I would like to assure the public, both local and foreigners that the TTPS is prepared to treat with any increase in individuals.

We would like to assure our visitors especially that we at the TTPS are working assiduously to ensure your vacation is a safe and enjoyable one.” Hazel added that while the service is prepared to deal with the increase in persons on the island, he urged visitors to use caution when venturing away from the hotels after dark. “The TTPS is requesting that all persons heed the suggestions of the police and secure all valuables in a vault or safe, avoid walking around with large quantities of cash or valuables, avoid taking rides from strangers and please be aware of your surroundings at all times.” ASP Michael Pierre agreed with Ag Supt Hazel’s sentiments and called on parents to ensure that there children were in the care of a responsible adult before leaving the house.

He also urged parents to avoid entering large crowds of persons with small children as they may suffocate or become lost.

“I would like to make a particular plea to parents, please ensure that your child is secure and in the company of a trusted, responsible adult if you need to leave them at home for any period of time. Avoid leaving them in the care of the elderly or the infirmed and also try to avoid entering a crowd with small children as they may suffocate.”

Addressing the San Fernando City Corporation’s monthly statutory meeting at City Hall yesterday, Regrello said the plan would enable motorists to reach their destinations in a shorter time.

One of the changes involved the changing of the direction of Short Street as vehicles entering San Fernando from Pointea- Pierre Road and Vistabella would now enter High Street using that roadway.

He said people who were conducting business along Harris Promenade at the bank or any of the churches or court or the hospital, could enter High Street and turn left at Republic Bank corner on the Promenade as opposed to going around Coffee Street and onto Lord Street. Regrello said the Council had also recommended the removal of vendors to a designated area at Library Corner “where there is no traffic and where they will not interfere with the free flow of traffic.”

Public Health moved from fifth to third position after crushing last-placed Central Market 7-0.

Michael Patterson found the back of the net twice, while Emmanuel De Freitas, Akil King, Marvin Joseph, Nyron Bayne and Damian Goodridge all scored once.

Central/Eastern defeated St James Medical 3-0 to climb from sixth to fourth. Jahi Mollick showed his finishing ability on two occasions, while Akeem Young also found the back of the net for Central/Eastern.

In other results, Transport and Cleansing maintained their position at the top of the standings with a 2-0 win over St James Division, while second placed City Hall got past Western Division 2-1.

RESULTS PUBLIC HEALTH 7 (Michael Patterson 2, Emmanuel De Freitas, Akil King, Marvin Joseph, Nyron Bayne, Damian Goodridge) vs CENTRAL MARKET 0
TRANSPORT AND CLEANSING 2 (Andy Charles, Omari Forde) vs ST JAMES DIVISION 0 CITY HALL 2 (Jabari Raphael 2) vs WESTERN DIVISION 1 (Akinola Paul)
CENTRAL/EAST ERN 3 (Jahi Mollick 2, Akeem Young) vs ST JAMES MEDICAL 0.

Frederick is one of a few new signings by Alajuelense, who recently snapped up the services of Defence Force and Trinidad and Tobago international forward Jamille Boatswain, on the heel of the 2017/18 Liga de Fútbol de Primera División (Liga FPD) season which kicks off on Sunday, and the inaugural Scotiabank CONCACAF League which begins in early August.

Frederick, a versatile 26-year-old St Lucia international, joined Connection in 2010 and quickly established himself as a regular starter for coach Stuart Charles-Fevrier and one of the most talented left full-backs in the Pro League.

Frederick now joins a long list of players from the Pro League currently attached to clubs on several continents, such as Kevin Molino (Minnesota United/USA), Mekeil Williams (Colorado Rapids/ USA), Joevin Jones (Seattle Sounders/ USA), Cordell Cato (San Jose Earthquakes/USA), Jelani Peters and Aikim Andrews (Toronto FC II/Canada), Jomal Williams and Shahdon Winchester (Murciélagos/ Mexico), Jerrel Britto (Honduras Progreso/Honduras), Daneil Cyrus, Jan-Michael Williams (Juticalpa/Honduras), Boatswain (Alajuelense/Costa Rica), Dwayne James (Pasaquina/El Salvador).

Other notable names include Sheldon Bateau (FC Kairat/Kazakhstan), (FK Suduva/Lithuania), Lester Peltier (FC Alashkert/Armenia), Keston Julien (AS Trencin/ Slovakia), Willis Plaza and Carlyle Mitchell (East Bengal/India).

North East Stars and Trinidad and Tobago midfielder Leston Paul is also believed to have received a contract offer in Central America while other Pro Leaguers are on the radar of North and Central American clubs. “It shows what the Pro League is doing for players and that’s why the (Trinidad and Tobago) government and corporate Trinidad should continue to support the Pro League,” said a very emotional W Connection assistant coach Earl Jean. “It can help a lot of the young men off the street, some of them without solid educational backgrounds.” Jean, a former St Lucia and Connection forward who had stints in Portugal, England, Scotland and even China during his career, said the benefits of the Pro League are important “not just for Trinidad (and Tobago) but for Caribbean football.

“We (at W Connection) can see the fruits of the labour,” continued Jean. “We can also speak for other clubs. All those players who have earned contracts abroad — at present and in the past — to improve their way of life came from the programmes of clubs in the Pro League.

“It’s creating more employment for players outside of Trinidad (and Tobago) where they are obviously making US dollars and bringing the currency back into the country and spending it here which also helps the economy. It’s a benefit for the country as well as offering young men from all (spheres) of life the opportunity to do well for themselves and their families.

“Players must take the opportunity presented to them,” Jean urged.

“If the players are not taking these chances that are on offer then they only have themselves to blame.” Alajuelense, national champions 29 times in the club’s 98-year history, are one of the most successful clubs in Costa Rican history alongside fellow Liga FPD clubs Herediano and Saprissa who have 33 and 26 national championships, respectively.

“Frederick’s chance has arrived,” added Jean. “He always wanted the opportunity and it’s now for him to make it into something bigger. He has developed so well and I can say he is the best leftback around the Caribbean.

“He is presented with a good opportunity at Alajuelense, a lovely place to play and everybody at Connection are happy for him. We want him to make it permanent and make a new life, a better life for him and his family. He will also have Boatswain there to help with the transition.” Jean said in continuing with the success of W Connection on and off the pitch, the latest player move is again a benefit for both the club and player.

“It shows that clubs are taking interest in what we are doing and by extension the Pro League,” said the Connection assistant coach.

“It’s always sad when we are losing a quality player, but it’s a while now that a few clubs have been watching him.

“We have won a lot in our history as a club and we are always trying to finish in the top two in our domestic league, and moving on players is a norm at Connection. It’s always better for the players and we can say that more players should be going out soon because they are on the radar of clubs abroad.

“What we do is develop players to get abroad and with the continued interests, it’s saying the work is continue and the benefits will continue.” With a smaller roster due to financial constraints, Jean said Connection must dig deeper for younger talents from within their youth academy, and across Trinidad and Tobago and the Caribbean.

(ttproleague.com)

Paul, who competes in the super heavyweight division, will leave this week for England.

Paul was this country’s lone boxer at the 2016 Rio Olympic Games. In other boxing news, The Arena organised by ACT TV continues with the elite boxing showcase at the Cosmic Boxing Gym in Marabella on Saturday, from 7 pm.

These bouts are televised and its popularity is encouraging more fans to support boxing, while giving the TT boxers the necessary exposure and preparation they need for regional and international tournaments.

Although TT did not win a medal at the 2017 Commonwealth Youth Games in Bahamas from July 18 to 23, the Trinidad and Tobago Boxing Association congratulated the young national boxers for their effort.

SATURDAY’S CARD Tyrell Cadette (YTC Conquerors) vs Isaac Herbert (Golden Fist) – 81kg light heavyweight
Romel Lezama (YTC Conquerors) vs Akiel Outram (Biomel Boxing Gym) – 69kg welterweight
Shakir Garcia (Magic Community Boxing) vs Anthony Joseph (World Class Boxing Gym) – 56kg bantamweight
Blessing Waldropt (Biomel Boxing Gym) vs Sherkeem Hernandez (YTC Conquerors) – 60kg lightweight
Jeremiah Thomas (TB) vs Keon Harry (East POS) – 91kg heavyweight
Joshua Sylvester (Biomel Boxing Gym) vs Nickell Joseph (Siparia Boxing Gym) – 75kg middleweight
Kyleron Ruiz (Potential Boxing Gym) vs Akiel Thomas (South East POS) – 69kg welterweight