Although the company did not record a substantial profit in 2016 as it had in 2015 following a one-time gain from a re-financing arrangement, TCL chairman, Wilfred Espinet, said the board decided to make a dividend payment as a demonstration of their commitment to those shareholders who have been holding on to their shares “for an extremely long time”.

Espinet announced the dividend payment during TCL’s 2017 annual general meeting (AGM), held on May 26 at Hilton Trinidad and Conference Centre, Port-of-Spain.

This was in response to one shareholder asking if the company had “decided on some sort of dividend policy, given that you paid a (TT $0.04) dividend last year?” Espinet, seated at the head table, told the shareholder this was one of the matters discussed by the directors earlier that day.

“How do we continue to pay a dividend in the given environment? Is that prudent? Because you have had a reduction in the profitability of the company and the headwinds that we’re facing now, especially in Trinidad and Tobago (of) competition from Turkish cement, declining expenditure by the State and limited activity in the construction sector.” Espinet continued, “But there is also the argument that we see shareholders who have been holding on to these shares for an extremely long time and the directors agreed that they would pay a dividend of TT $0.02 per share, which we think is more of a demonstration of our commitment to the shareholders than it is, you know, a real major return (to profit). It demonstrates the directors’ commitment,” Espinet stated, to significant applause from many of the shareholders present.

Dividend payments were suspended back in 2008. Following the AGM in 2011, one shareholder told Newsday, “Even when TCL was making a profit in 2008 and 2009, we didn’t get dividends because the board said it needed the money for cash flow and for capital to construct a new kiln at CCCL in Jamaica.”Eight months later, in late March 2012, a major strike by TCL workers had entered its fifth week.

According to one article published on March 26, 2012, while this was going on, it had been 15 months since TCL’s bankers had received either interest or principal on its TT $1.8 billion debt.

Speaking with Business Day following the 2017 AGM last Friday, Espinet recalled that TCL “started off a dividend last year of TT $0.04 (which) was reflective of the fact that we had a substantial profit that came about with a one-time gain from a refinancing arrangement, where we got a gain of nearly TT $200 million.” “That’s no longer available, so that our profitability; net profit, in 2016 is considerably less than it was in 2015 because of the one-time gain. Therefore, we had to consider whether… it was prudent to make a dividend (payment) at all, given the headwinds I spoke about earlier. We thought, however, that relationships with our shareholders dictated that they, as one of the main stakeholders, would be treated equitably in the whole process of things. So that’s why we, as a board of directors, decided to pay a dividend of TT $0.02 by the middle of July.

That notice will be published in the newspaper within the next few days.” The reported impending name change from TCL to that of its majority shareholder; Cemex, was raised by another shareholder at the 2017 AGM.

The re-branding question came from shareholder, Peter Permell, who said he recalled reading about it “somewhere”.

While he gave no specifics, there was a March 2017 article; published in another local newspaper, which reported on TCL’s alleged intent to change its name to Cemex.

“Is (re-branding) a possibility? If so, I suppose there may be some advantages, in terms of brand equity, going that particular route as opposed to staying with TCL. What is the likelihood of that happening, in terms of a time frame?” Permell asked.

Espinet and TCL’s managing director, Jos? Luis Seijo Gonz?lez, both denied such a plan was in the works.

The chairman spoke first, telling Permell, “From my perspective, certainly there’s no intent to change the brand, anywhere on the table, as we speak today (May 26).” “More importantly, we’ve been spending on full-page ads in all of the newspapers. Not only here (TT) but also in Barbados, the Lesser Antilles and the Windward Islands, where we have been attacked with (imported) Turkish cement.” Espinet reminded that in all these ads, which warned against using cement more than 120 days old and which encouraged consumers to “keep it fresh” and to “keep it local”, TCL highlighted its brand of products.

“So, it would be, to me, not a very sensible thing to spend that kind of money (on ads). So, if we were doing that (re-branding), it would be very unlikely.” Echoing Espinet’s stance on the matter, Seijo told shareholders, “It would be wrong. It would be a big mistake, if we change our commercial brands. We have a very high brand equity.” The company does however make use of the Cemex name when dealing with some suppliers.

“Where Cemex has a global agreement…we try to leverage that into a bigger purchasing power. That’s why we’re trying to combine both things (TCL and Cemex brand usage).

Cement equipment is mainly produced in the US and Europe, so that’s where we take advantage of it (Cemex name),” Seijo told Business Day.

CEMEX S.A.B. de C.V. (Cemex) is a Mexican multinational building materials company headquartered in San Pedro, near Monterrey, Mexico.

As stated in Espinet’s Group Chairman’s Review in TCL’s Annual Report 2016, “Cemex now owns 69.83 percent of TCL.” He noted that this is subject to final approval by the Trinidad and Tobago Stock Exchange (TTSE).

Espinet stated that on January 9, through its wholly-owned direct subsidiary, Sierra Trading, “Cemex revised its offer price” from TT $4.50 per ordinary share to TT $5.07 per share “with the option for shareholders to be paid in US dollars at US $0.76 per share.” “Despite another recommendation to reject the offer by a special committee of the TCL board, again based on an Ernst & Young Fairness Opinion, the revised offer received overwhelming response, taking the Cemex shareholding in TCL from 39.5 percent to 69.83 percent, just short of its initial target of 74.9 percent,” Espinet stated in the Annual Report 2016. Among the other matters dealt with during the AGM was a change in auditors and an amendment to by-law #1, paragraph 4.1.

Per the request of Cemex, shareholders were asked to vote on the motion to replace Ernst and Young with KPMG as TCL’s independent auditor.

Espinet said Cemex had requested this because it uses the services of KPMG in the rest of its operations.

The vote went in Cemex’s favour, which means going forward, KPMG will be the firm writing up TCL’s Independent Auditor’s Report for its annual reports. Regarding by-law #1, paragraph 4.1, TCL secretary, Kathryna Baptiste, said unless amended, this bylaw would require that, “The majority of directors must be persons resident in the West Indies.” Baptiste told shareholders, “The TCL board has considered that the new majority shareholder should have available the option of appointing a majority of directors to the Board, if they so choose. However, based on the geographical profile of Sierra Trading…it is unlikely that the directors nominated by Sierra Trading would be resident in the West Indies.

Accordingly, the said sentence in paragraph 4.1 is unduly restrictive and no longer relevant in light of the current majority shareholder company.” After Espinet answering the questions of one shareholder about the proposed amendment, the motion was put to a vote and carried.

The British High Commission (BHC) in collaboration with the Trinidad and Tobago Fine Cocoa Company (TTFCC) recently hosted Nigel Barden, Food and Drink Presenter for the BBC London TV, Radio and Online at the Residence of the High Commissioner to report on this country’s recent developments in the cocoa industry and to announce the launch of the Harrods 2017 Single Estate Chocolate Collection, made from the cocoa produced by the Trinidad and Tobago Fine Cocoa Company. Here are some highlights of the event:

The Government’s border taxation police, Customs and Excise, has a database of all goods, prices of all importers. The Ministry of Finance has access to this data.

The Government’s internal tax police, the Ministry of Finance, which has oversight of VAT, has a database of all wholesale and retail prices and names of businesses to which they apply.

Furthermore, the Government has a database of businesses which accept government invoices. So fluid purchasing can be done if this list was shared with the public sector. Therefore, the Government means to impede State spending through asking government schools to provide information already in its hands.

The Government also means to discourage public sector spending with the imposition of multiple tenders, imposing tedious conditions to get materials and services to supply State services.

B JOSEPH via email

These were the opening words of Paula Gopee-Scoon, Minister of Trade and Industry at the recent ribbon cutting ceremony for the opening of the CIBC FirstCaribbean International Bank, Chaguanas branch.

Minister Gopee-Scoon noted, “In the local context, banks continue their role in contributing to our overall economic growth. Together with insurance and real estate, financial services form the largest part of the services sector and the second largest contributor to GDP, approximately 17% or TT$16 billion. Not only has the banking sector been a major contributor to GDP, but its growth has outpaced the country’s economic expansion; so as GDP contracted by 1.2% in 2015, the financial sector grew by 1.9%”.

She continued, “These figures are a testament to the robustness of the local banking sector which can be attributed to progressive management systems and overall competitive business strategies”.

Minister Gopee-Scoon urged the large commercial banks not to overlook the returns by individual micro and small and medium sized enterprises (MSMEs). She said, “A small loan to a small firm provides jobs for a small number of people; however, the multiplier effect is not to be underestimated”.

Speaking on the main reforms being led by the Ministry of Trade and Industry, Gopee-Scoon said the likely implementation of a secured transaction and collateral registry system would allow businesses to use their moveable property (intellectual property, accounts receivables, machinery and equipment) as collateral.

According to a 2010 study conducted by the International Financial Corporation of the World Bank Group, the total credit gap in Trinidad and Tobago was estimated at US$3.44 billion despite the high levels of liquidity in the financial system. Such a constraint stifles business growth and inhibits economic development.

She said, “The Ministry is developing a policy to enhance the secured transactions regime and has already conducted a two-phased diagnostic mission with several stakeholders, including the Bankers’ Association of Trinidad and Tobago”.

The Minister urged the CIBC and other members of the Banking Association to “move a little beyond your comfort zones and to explore opportunities in the new sectors for development. These are avenues for you to capture a larger clientele and create newly defined and differentiated credit lines and facilities which in turn can increase shareholder value and the banks’ profits. Such an outcome will bring benefits to all involved and influence positively the socio-economic development of our country”.

Gary Brown, Chief Executive Officer, CIBC FirstCaribbean International Bank, noted, “This new branch is a significant achievement for us as we strive to remain relevant and responsive to the banking needs of our clients. This banking centre is an example of how we are investing in our business and how we will continue to invest in Trinidad’s economy and the Caribbean Region.” Mark St Hill, Chairman, FirstCaribbean International Bank, Trinidad and Tobago said, “The opening of the Chaguanas Branch is the commencement of our expansion strategy in Trinidad and is another successful milestone on our journey of transformation as a bank in creating a banking environment that allows us to deliver on our brand promise to our clients.”

Justice Mira Dean-Armorer set September 26-29 for the trial, which will take place at the Port of Spain High Court.

McKenzie, 55, co-owner of Smokey and Bunty Sports Bar in St James, died on December 21, 2010, at Jackson Memorial Hospital, Miami, Florida in the United States.

McKenzie’s family claims gross medical negligence, bribery and fraud by Medcorp Ltd and the Cancer Centre of the Caribbean Ltd, operators of BLCTC.

BLCTC has been slapped with a $20 million lawsuit.

According to the negligence claim, McKenzie first complained of headaches, seizures and vomiting in August 2009 and was subsequently referred to the BLCTC in September 2009 for radiation treatment after a tumour was detected and removed from his brain. Between the months of September and November 2009, McKenzie was under treatment at the centre, but in April 2010, he collapsed and suddenly began having seizures, court documents stated.

His condition worsened after he became partially paralysed and complained of “severe headaches”.

Further medical tests revealed “a possibility of radiation necrosis” of the area where the tumour was removed.

By July 27, 2010, McKenzie had travelled to Jackson Memorial to obtain more expert medical treatment, where it was recommended that he needed urgent care for a wound infection at the site of the surgery.

McKenzie underwent brain surgery there two days later and again on August 20, 2010 to remove a mass of necrotic brain tissue. Two other surgeries were performed because of persistent brain swelling.

McKenzie’s condition continued to deteriorate until his death.

BLCTC has not accepted any blame for McKenzie’s death and disputes any negligence on its part.

BLCTC states that the Linear Accelerator machine was miscalibrated but not more than “13.9 per cent”.

McKenzie’s family claims the miscalibration was as much as 20 per cent.

McKenzie’s widow Lisa, who has brought the action on behalf of herself and her daughters, is represented by attorneys Terrence Bharath and Andre Le Blanc.

The point remains: persons who choose to enter public office place themselves under the glare of scrutiny, and further, when dealing with a very sceptical population, keenly (and quite correct so to do) guarding the public purse, such scrutiny can become even more extreme.

The issue for this article however, revolves around the impact on the family, more so the children, of the person who made the choice to enter public life. Most times, the family of public officials may have supported the official’s decision to become a public figure. That support, however, does not and should not also place them under the uncharitable glare – however, most times it does.

In this age of social media, we are noting an increase in ‘online incivility,’ where some with access to data (or Wi-Fi) and a thought, deem it necessary to post the most vile, intrusive and obnoxious public posts on and about the family members of persons in public life.

I have seen posts that range from celebrating the pending divorce of public officials, to posts that ascribe any number of actions and activities to their spouses and children, to posts castigating a grandchild of a public official who chose to don a mask – as children do at times.

The phenomenon of including the family of public officials in scandal and ridicule, regardless of if they were a willing part and party or not, is certainly not an experience unique to Trinidad and Tobago, as we have seen this played out with the pursuing of former US President Barack Obama’s two young daughters, as well as, currently with the youngest son of the current President of the United States.

The examples are many as they are varied. Whilst this is an established practice, does it make it right? The argument suggests that the significant others of the public official must bear the burden of their partner’s choices whilst in public office. However, if we were to accept this argument, what about the children of the official? Were they part of the official’s decision-making process? Did they contribute to any number of choices, statements, actions made by the public official? Did they have a choice in any of these matters? What if the shoes were on the other foot and you were the public official? I am almost certain there are those reading who would state that the answer is simple: just do the right thing each time, every time, and you will not be held to ridicule. As practical and logical as this seems, it just does not happen.

Human beings stumble, fall, and make many errors, especially those who may not have been adequately prepared for power, public office, and public scrutiny. Ascending to positions of power requires a certain measure of maturity, not in terms of chronological age, but in terms of functional age, which includes wisdom, understanding, and a sense of purpose. The thing is, we tend not to recognize that grooming for such positions of power must be compulsory, and as such, many fall into the category of scandal.

Scandal that follows the public official oft taints the offspring of said officials, as the public fury extends to the official and those within their personal remit. With our latest public official scandal, I implore citizens, by all means, be angry at the misguided actions, however, also be cognisant that the children of officials are exposed to everything stated, printed, and posted about their parent/s – and I do not believe they made the choice to be in such positions.

Dillon made it clear there is no “Operation Enterprise” taking place in that community. He reiterated that security forces have a forward base in the community from which mobile and foot patrols are undertaken.

Dillon said intelligence-led operations are being done in Central Trinidad as a whole. He added that a parcel of land has been identified for construction of a permanent police station in the area while a building has also been identified for conversion into a police station. A decision on which is the better option will be made soon.

Four countries and five unique skill sets have come together to create HIKE Transportation Technologies, a new transport company that not only features a ride share app like their competitors, but exclusively uses ‘H’ drivers, or taxis licensed specifically for that purpose.

The management team, which confasists of talents drawn from the worlds of actuarial science, IT and technology, operations and project management, marketing and customer relations, sat with Business Day to explain the HIKE concept, which extends beyond the traditional for profit model.

“HIKE is a for profit company which will fund non-profit ventures and try to tackle issues happening within the community.

That is the foundation,” said Matthew Duke, President and CEO. Duke left his job to start HIKE, and along with Deon Caesar, Chief Operating Officer and Jay Argawal, Chief Information Officer, funded the start up from their own pockets.

They, and the other members of the executive team, Charmaine Peart, Director, Digital and Philanthropic Strategies and Ayanna Caesar, Director, Marketing and PR, take turns in elaborating the concept, which they hope will change an industry and by extension, make TT a better place.

Peart explained that the company has three arms.

“One arm of the company is HIKE with a Purpose and that is our philanthropic arm. This is where we make strategic partnership with companies, with governments and our goal is to transform situations and industries,” she said.

“Then you have Take a HIKE, where our focus is our ride share app and helping people get from Point A to Point B as quickly as possible. But, we don’t want to be a one trick pony that only has an app. We also have a consulting service arm. This is how we would help here in Trinidad and hopefully, all over the region and the world.” The concept, as they outline it, will see each arm feeding into the other.

“There were conversations with taxi associations, the ministry of works, different arms of the government, because our goals are to work with the government and not around the government,” said Peart, referring HIKE’s exclusive use of ‘H’ licensed cars.

HIKE plans to use the data gathered from its operation of the transport service to inform the consultancy end of its business.

For example, Caesar, revealed plans to sign up for a taxi badge as the company’s COO, to get a sense of how lengthy the process was, ultimately, to advise government on ways they could improve it, particularly after listening to complaints by legally licensed drivers about their ‘PH’ counterparts.

Duke is not entirely convinced that these issues with ‘PH’ drivers are entirely unsolvable.

“People say PH taxis exist because there are not enough H taxis. I am not sure how true this is,” he said.

“I think we need to see what happens when we take the H taxis, which are just sitting in one place and make them available all across Trinidad and Tobago. If we can say there is a shortage after doing that, then we can take a look at the process.” He also does not think ride shares like Uber are the best solutions for places like TT.

“Uber’s model makes sense for launching in other countries. Here, even though you have to pay a little more for insurance and the H plate, in the US, you have to physically install a metre system that can cost anywhere from $5,000 to $20,000. Therefore, it’s cheaper to work for someone else and it makes sense in the States.” Ayanna Caesar added: “Ideally, with this solution, in the long run, we can now take information back to the government and let them know there are this many H taxis.” “We know PH is a big thing here, but let us try to make more of those PH, H.” Unlike its competitors, HIKE plans to make their service available across TT from inception.

According to the executive team, their focus at this point is optimising the availability of the service at this point and not necessarily profits. They all see providing access to safe, legal transport, particularly to vulnerable groups such as women working late as a service to the community.

“We believe that if you are in business, you should be doing something to give back to the community you are operating in and if you are not, you should really think about whether you should be in business,” said Caesar.

HIKE’s rates for transport services are aligned to those of the various taxi associations.

The company is launching its ride share app on June 5, where it will be available free of charge to the public.

The company’s formal launch takes place on June 30.

“It is an enduring tribute to the strength and resilience of the survivors of indentured labour, much like that of those who survived the cruelty of chattel slavery, that those of Indian origin have become a vital strand in the tapestry of our mosaic society.” “We cannot underestimate the value of any segment of our social organism,” Mahabir argued, “to the wholesomeness of our entire society. Nor can we, in a spirit of chauvinistic boasting over-emphasise the contribution of the people of any origin to the creation of our present-day social structure.” “Let us celebrate Indian Arrival Day, as we will celebrate Emancipation and the Day of the First People (on October 13), in the spirit of deep appreciation for what each has contributed in their own way to the vibrancy of our culture, to the building of our economy and to the ongoing striving to build a society which benefits us all.” Mahabir added that occasions like this are “opportunities to celebrate and appreciate the contributions of all to the building of our nation and the forging of our distinct and unique ‘Trini’ culture.” He then encouraged everyone to celebrate the enduring unity of people of all origins “as we forge the Trinbagonian nation”.

A unity which Mahabir said is admired by so many globally and yearned for by those who have faced the ravages of destructive hatred and discrimination.

The Minister addressed these claims while answering questions from reporters at the fourth annual road safety awards ceremony for emergency officials at the Ministry of Works and Transport building on Richmond Street in Port of Spain yesterday.

“I haven’t heard any of these claims but I would advise Fixin’ T&T to look somewhere else for someone to blame as neither Mr Hinds nor myself had assumed the post as Works and Transport Minister when the Galicia was first procured,” Sinanan said. Addressing claims of sabotage aboard passenger ferries TT Express and the TT Spirit, Sinanan said the findings of a recent investigation have ruled out the possibility of sabotage and he further urged persons not to get carried away with such baseless claims.

“At the moment there is no evidence to support any claims of any human interference into the Express and it’s important for persons to realise that unless such evidence becomes available, it’s harmful to the continued operation of the ferry to continue making such allegations.” In a media release, Fixin’ T&T accused government of playing petty politics with the livelihood of people in Tobago. It also slammed Sinanan for the, “Prolonged suffering of Tobago’s people and it’s businesses.” The MV Superfast Galicia which served as the primary transport vessel between Trinidad and Tobago, was withdrawn from service in April following failed negotiations between government and the Galicia’s company, to extend its lease amid allegations for corruption.