After viewing the stadium at the official media tour yesterday, Minister Smith described the feeling as a one which left a bitter-sweet taste in his mouth due to the amount of time lost and massive cost overruns.

The stadium was supposed to be built at a cost of $500m million but has sky-rocketed to over $1 billion in 12 years.

Almost a decade after, he was left questioning the opportunities withheld from the nation’s youths due to the tags of corruption, politics, bureaucracy and all the other negative factors which surrounded the construction of the stadium which has passed through the hands of the PNM, People’s Partnership and now back to the PNM.

Speaking to the media at the special tour, Smith stated, “We pondered, for almost a decade, to start the completion of a project which took nine months. However, we move on, we dust ourselves off and we are optimistic moving forward into the future.” He continued, “We have lost a generation of young athletes, how many memories and records could have been made and broken inside this facility already within that lost generation of 10 years. How many young people, both male and female, could have come here and broken records with the West Indies not only from Trinidad and Tobago, but across the region.” The cricket fortress constructed in southern Trinidad stretches across 95,000 square feet and consists of a gym, two parking lots and a four acre Guyana white sand infield. The stadium’s seating capacity totals 15,000 with an overall attendance of 20,000 individuals.

Smith stressed that with such a facility and wonderful infrastructure, the right human resources must be present to effectively utilise it. Cricket legend and former West Indies captain, Brian Lara, who the facility is named after, missed the official media tour due to being overseas.

However, Smith took the opportunity to laud the national icon’s continued support of the project as he stated, “Even though Lara was angry at the scandals involved and at one point he threatened to remove his name from the facility, along with the tears of disappointment after viewing the facility last November, I am happy that he stood and supported us and for the first time he was part of the process with regards to giving his input towards design and technological advances in the facility.” According to Smith, Lara had also voiced his opinion on the Cricket Academy. He said Lara wants the focus to be on the primary level to develop techniques from a tender age.

National cricketers, starting with the under 15 level, will be utilising the facility for training purposes before the opening date as further analysis and assessments would also be conducted on the field prior to May.

Sports and Youth Affairs Minister Darryl Smith made the announcement yesterday during a tour at the facility together with officials from the Urban Development Corporation of Trinidad and Tobago (UdeCOTT ).

At a date yet to be determined in May, Smith said that the whole world will be stopping to watch this country at the fantastic launch.

“Next two to three years, I want us to see records being broken, memories being made. I want the facility to be utilised to the maximum.

We welcome the world to the Brian Lara Cricket Academy,” Smith told media personnel.

The initial cost of the facility given in 2006 was $500 million but it was left incomplete and idle for several years. As such it cost taxpayers over $1billion.

Yesterday the Minister charged that within nine months of restarting construction works under the ruling PNM administration, they pulled off the task with a $90 million budget.

Smith said he intends to go to Cabinet for second phase with regards with the academy to work with athletes at the primary school level.

Smith explained: “We want to capture young people in the development stage. We will be working with the Minister of Education to go to Cabinet to finalise that plan where it will be a learning centre where young people can stay and live here starting off with cricket and then we will evolve to other sports – football track and field- as time goes by.” Such “talks” have already started and so Government hopes to start school by next year. He is hoping that the athletes will make the WI youth teams and play at the professional level.

“The schooling aspect will be done here. Cricket is first and foremost to start off. Lara will be a major part of the academy. He is the best and his knowledge over the years will serve the young people of T&T and the region excellent,” Smith added. He referred to Lara as “a treasure we have here in TT ” and a world icon.

He noted that although the physical building is beautiful, it is about the human resource.

The Brian Lara Cricket Academy boasts a security system with 150 cameras and left Smith in awe as he toured the facility alongside the media yesterday.

The game will bowl off tomorrow and run until Monday.

Both the Red Force and the Jaguars were in winners’ row last week, with the Red Force hammering the Windward Islands Volcanoes by 172 runs at the National Stadium, St George’s, Grenada while the Jaguars brushed aside the Jamaica Scorpions by seven wickets at Sabina Park, Kingston, Jamaica.

The Red Force selection panel included Mohammed and Lewis, who were both involved in the West Indies team who suffered a 3-0 One Day International Series whitewash against England last week, at the expense of opening batsman Jeremy Solozano and all-rounder Jyd Goolie.

Solozano scored two and three against the Volcanoes last week while Goolie was not selected in the final XI.

Lewis is yet to play a game in the 2016-2017 Four Day Tournament while Mohammed, in three games, have amassed 213 runs at an average of 53.25.

According to a media release on the TT Cricket Board (TT CB) website, Mohammed was quoted as saying, “I am delighted to be playing for the Trinidad and Tobago Red Force once again. Playing against the Guyana will be a tough proposition because they are the defending champions and I am quite eager for the challenge.

“I had a solid series with the bat against England and I am looking forward to building on that form.

It is my aim to extend this run of form against Guyana and continue to flourish with the bat. Hopefully I can play an instrumental role in ensuring the Red Force post strong totals against the Jaguars which will increase our chances of getting a win.” Points Standings – 1. Guyana Jaguars 84.8; 2. Jamaica Scorpions 73; 3. Barbados Pride 68; 4. Trinidad and Tobago Red Force 53.6; 5.

Windward Islands Volcanoes 47.2; 6. Leeward Islands Hurricanes 44

Among the athletes expected to be in the spotlight are Olympic bronze medallist Keshorn Walcott who showed his 2012 London Games javelin gold was no fluke with yet another podium finish in Rio last year. Among the women vying for the top award are sprinter Michhelle Lee Ahye who was a finailist in the Olympic 100m and 200m finals and national cricketer Merissa Aguilleira who helped the Windies women win the World T20 title last and guided TT to the Regional Super50 and T20 crowns.

AMATEUR BOXING Nigel Paul It took Nigel Paul only a year to complete a journey into an elite group.

Having decided to take a stab at boxing in February 2015, Paul’s discipline and focus would vault him to the top of the local super-heavyweight totem pole and earn him successful representation of Trinidad and Tobago in international competition. This all led in to the Americas Olympic Games qualifying tournament in Buenos Aires, Argentina, last March. It is here that Paul finished second in his division to Cuba’s Lenier Pero and became just the fifth fighter to represent Trinidad and Tobago at the Olympics.

In spite of an eventual defeat to Nigeria’s Efe Ajagba, after getting a bye to the Round of 16, Paul gained valuable experience in both Rio de Janeiro, as well as at the World Series of Boxing in Aguascalientes, Mexico and is now positioned as one of the leaders for the 2020 Olympic Games in Tokyo, Japan.

A UTOMOBILE SPORTS Franklyn Boodram With his father, a legend of motor racing in Trinidad and Tobago, plus a son who has already established himself as one of the top young drivers in the Americas, Franklyn Boodram is well aware of how synonymous his family name is with the sport.

In helping Trinidad and Tobago to capture the 2016 Caribbean Motorsport Racing Championship title, he did his part to honour both his immediate heritage and local autosports. After the team dominated events held in Jamaica, Trinidad and Tobago and Barbados, it was all confirmed at the final leg in Guyana where, paced by the efforts of Boodram, who earned second place in the Group 4 – Two-Wheel Drive category in his Renault Megane, Trinidad and Tobago (1,481.5 pts) blew past the competition to the overall title ahead of Barbados (688.5).

Boodram was also in outstanding form on the local scene: he earned the TTASA Group 4 title after dominating the division during the 2016 circuit racing season.

Bridget Singh Hailing from a racing family – her dad, Ravi Singh, is an established driver – Bridget Singh is very much a part of the speed fraternity.

She still gets the job done on the track and the 20-year old, who made her circuit racing debut in 2016, played her role in Trinidad and Tobago capturing the overall Caribbean Motorsport Racing Championship title. Competing over a series of four events, Singh made history as she earned a second- place overall finish in Group 1 in her Honda Civic during the final competition at the South Dakota Raceway in Guyana; she became the first female driver to earn a podium spot. Earlier on, at the third event at Bushy Park, Barbados, she recorded the fastest lap time by a woman in the history of the Championship.

Singh was also outstanding during the 2016 TTASA circuit racing season; a major highlight was her victory in the handicap division at Wallerfield in September.

BADMINTON Will Lee An accomplished junior player within Trinidad and Tobago’s badminton ranks, Will Lee kept on banging away at the door to senior level success until it finally came crashing down.

He entered a room that contained the keys to a quartet of bronze medals that were earned in the men’s singles, doubles, mixed doubles and men’s team events at the CAREBACO Caribbean International Championships in Oranjestad, Aruba. Also on the table for Lee, 19, was the Suriname International in Paramaribo where he took third place in the men’s doubles competition.

Lee would have also been able to locate a couch to sink into and reflect on his victory over Barbados’ Corey Fanus in the singles final at the Solo Open Championships in October, when he also claimed a bronze medal in the men’s doubles. Lee also enjoyed thirdplace positions in both the singles and doubles at the TTBA Championships in April.

Jada Renales Another top badminton youth player who has started making the breakthrough amongst the seniors, Jada Renales successfully managed to bridge both levels with equal windfalls of success.

Renales, 18, captured the national women’s doubles crown and earned a mixed doubles bronze medal at the TTBA National Championships, last April. She also earned a hattrick of under- 19 women’s singles, doubles and mixed doubles titles at the TTBA junior nationals. Renales continued her romp through the top ranks at the Solo Open Championships during October: she captured the women’s doubles and the mixed doubles trophies and earned a bronze medal in the singles.

The Valencia resident was also outstanding in international competition: she claimed the women’s doubles title at the Suriname Open; earned silver and bronze medals at the CAREBACO Under-19 International in Oranjestad, Aruba – in the doubles and mixed doubles, respectively; and she copped a trio of third-place finishes at the CAREBACO Junior Championships, which were also staged in Aruba.

BODYBUILDING Dexter Simon Dexter Simon’s exquisite form has certainly helped him to establish himself as one of the top male bodybuilders during 2016.

Amongst the many highlights for the Diego Martin resident were the third-place position in the men’s 45-49 physique masters division at the Arnold Classic Sports Festival Europe in Barcelona, Spain, a fourth-place finish at the IFBB World Junior and Master Championships in Santo Domingo, Dominican Republic, along with second place finishes in regional circuit competitions – the Darcy Beckles Invitational Classic in Barbados, the St.

Martin Inter-Island Invitational Classic and the Eric Favre Sports Games in Guadeloupe. Simon also enjoyed a third-place display at the LSF Invitational Classic in Anguilla.

Simon was also outstanding amongst his Trinidad and Tobago peers at the TTBBF national championships at the Cascadia Hotel in St. Ann’s, last September, when he took second place in the men’s physique Class A division.

Vanessa Hill By the time a sports personality achieves at least three consecutive years of excellence or consistent topclass contributions, then it is safe to say that person is definitely well on the journey towards achieving personal hegemony within his or her discipline.

Hill, 28, is still relatively young in a game where one can still be at the top in their 40s. But she is very much on schedule to last quite a while longer, especially when one considers her displays in bikini fitness competitions during 2016. She made a huge statement at Arnold Classic Europe in Barcelona with victory in the 166 cm section. Further glory would follow at the Central American and Caribbean Championships in Santo Domingo, Dominican Republic: Hill captured both the overall and 166 cm titles.

The Trinidadian-Colombian, who now resides in Seabrook, Texas in the USA, also found the time to claim the bikini fitness open class trophy at the TTBBF Championships in St. Ann’s.

CANOEING/KAYAKING Matthew Robinson A consistent kayaker, Matthew Robinson enjoyed a major breakthrough at all levels during 2016.

At the MacGregor National Regatta in the United Kingdom, last September, he earned a fifth-place finish in the K-1 200 metres race. This followed a successful performance in the national trials, where the 23-year old St. Augustine resident claimed second-place finishes in the K-1 100 metres and 200 metres events and took home third spot in his division’s 500 metres competition.

He also enjoyed victories in the Williams Bay to Five Island Races on September 17 and October 15.

Another major highlight for Robinson was the second-place spot he took in the 14 kilometre event at the Ortoire River Race on October 30. He finished in one hour, 20 minutes, 57 seconds, behind winner Sherlon Pierre (1:18:51) and ahead of his brother, Nicholas Robinson (1:24:16).

Felice Chow The ability to live out one’s dreams is one of the most satisfying achievements that can ever be enjoyed. Sometimes the opportunities arrive suddenly; successfully taking advantage of these chances turn out to be part of the challenge.

Felice Aisha Chow only had weeks to prepare for the Americas Olympic Games qualifying competition in Carauma, Chile, last March. But train hard she did and she duly achieved the historic goal of making it to Rio de Janeiro as Trinidad and Tobago’s first competitor in rowing, after taking fifthplace in the women’s single sculls.

The added beauty of it all was that Chow did not merely make up the numbers in Brazil but she gave the event her best shot. Following the first round, she demonstrated total grit to take second place in her repechage heat to advance to the quarterfinals. She eventually made it to the D Final, where she earned fourth-place and a 23rd overall ranking for the singles sculls.

CHESS Kevin Cupid Chess is a mind game. While there are those with the proven ability to consistently out-think and out-manoeuver their opponents, even these persons can be overcome by a well-trained and focused challenger.

Kevin Cupid pretty much adhered to the David role at last year’s World Chess Olympiad in Baku, Azerbaijan.

The 25-year old from Arima defeated the Goliath that was Serbian grand master Nikola Sedlak, ranked over 400 points above Cupid, during a first round match-up between Trinidad and Tobago and Serbia.

Cupid ended the event with five points earned out of a possible 10.

He had earlier beaten an international master and drew with two others while earning second place in his group at the TTCA International Masters tournament.

Before this, he duly earned his FIDE Master title during the Sub-Zonal 2.3.5 Championship in Barbados.

Cupid also found the time to win titles at both the National Swiss Championships in November, along with the Knights Open.

Gabriella Johnson One of a group of outstanding junior chess players, Johnson hit the senior level in a big way at the World Chess Olympiad in Baku, Azerbaijan.

At the mere age of 15, she managed to earn 7.5 points out of a possible 10 – the highest score by a female at this event – to eventually become the first to be bestowed as a Woman FIDE Master at the World Olympiad. It was also the second highest score by a Trinidad and Tobago player at the Olympiad. Johnson earned seven wins at the event, including a victory over an Australian Woman International Master, who was ranked 300 points above her. Johnson had earlier won her division at the TTCA International Open; her performances here included drawing with an International Master from Venezuela and earning 6 points out of 9.

Johnson also enjoyed an unbeaten run – winning all of her seven showdowns – to earn the Trinidad and Tobago national women’s championship title.

CRICKET Evin Lewis It was a year of firsts for Evin Lewis, but some pretty big openers at that.

Not only did he share in West Indies’ triumph in the ICC World T20 championship in India (where he earned his first official cap), he went on to score 100 – his maiden T20 international century – against India in Lauderhill, Florida, five months later. The opening batsman would later make his one-day international debut versus Pakistan; in his fourth ODI appearance in November, Lewis scored his first 50-overs century, 148, against Sri Lanka in Bulawayo, Zimbabwe.

Lewis also helped Trinidad and Tobago to win the Nagico Super50 regional competition for the second year in a row by scoring a total of 221 runs at an average of 44.20, with 102 posted against Jamaica in a first round affair. In the WICB Professional Cricket League, Lewis had a total of 442 runs to his name with 104 slammed against Jamaica at Kingston plus three half-centuries.

Merissa Aguilleira It was the moment at which West Indies women’s cricket had scaled its highest peak.

An 8-wicket victory over Australia in the ICC Women’s World T20 championship final in Kolkata ensured a double triumph in India for both the Caribbean men and women in their concurrent competitions. It also capped off a women’s tournament in which mainstay wicket-keeper Aguilleira executed two vital catches and two stumpings apiece.

She also enjoyed a couple of useful performances with the bat in one-day internationals during the year, with 40 versus South Africa in East London and 42 not out against India in Vijayawada.

But Aguilleira also saved up important contributions for the Trinidad and Tobago women’s team, which she captained to the Super50 and Twenty20 double at the WICB Women’s Championships in Guyana; she enjoyed a joint-tournament- leading five dismissals in the Twenty20 section, along with scoring 82 runs that included an unbeaten 50 in a 73-run victory over Windward Islands.

CYCLING Njisane Phillip Morning training laps at the track. Afternoon sessions at the gym.

Once again, all the hard work and sacrifice paid off as Trinidad and Tobago’s star cyclist, Njisane Phillip, continued to exhibit his outstanding personal brand on the highest stages of the sport as he challenged some of the globe’s best. He earned an eighth-place overall finish in the sprint in the UCI World Cup event in Hong Kong and followed this up with a 14th place ranking at the World Track Championships in London, England, with a clocking of 9.969 seconds to qualify for his second Olympic Games appearance in Rio de Janeiro.

He earned 13th position overall in the sprint in Brazil as he competed against the likes of three-time Olympic medalist Maximilian Levy of Germany and China’s Xu Chao. Phillip’s career has been a major inspiration for fellow local cyclists and a third Olympic Games appearance in Tokyo, Japan in 2020 will vault him into an elite group.

Teniel Campbell Trinidad and Tobago is in the midst of a cycling renaissance with outstanding performances in international competition becoming more and more of the norm.

Teniel Campbell, 19, is just one out of a group of promising riders and she definitely earned her stripes over long distances during 2016. At the Caribbean Elite Road Championships in Guadeloupe, Campbell captured the gold medal in the women’s time trial with a time of 34 minutes, 39.76 seconds over a distance of 22 km. She finished ahead of Laura Gueppois and Christel Martinez of Guadeloupe A and B, respectively.

Campbell also reigned supreme in the TTCF national road championships in August, when she won the women’s road race over 98 km, the time trial and the criterium. The Pleasantville resident also triumphed in the keirin at the Easter International Grand Prix in Arima, as she took the title ahead of Mandy Marquardt of the USA and her Trinidad and Tobago compatriot, Kollyn St. George.

Business Day caught up with Managing Director of Rock Hard Distributors Ltd, Ryan Ramhit, after spotting the branded trucks and he told us that competition has been good for the local construction industry.

He said, since the company entered the market in November 2016, it has made an impact. While Ramhit did not identify his major customers in the industry, he did say that the brand has been taken up by a “majority of hardwares”.

“So far I’ve been very happy to see that our product has been well accepted by the general public of Trinidad and Tobago. Our prices are competitive when compared to our competitor. The quality of our product is very competitive also. Our service, and I can speak very clearly about our service, is second to none,” said Ramhit.

Ramhit said the cement Rock Hard produces is hydraulic cement, which exceeds the 20 mega pascals required by most agencies and tests at between 25 and 28 mega pascals. (A mega pascal is a unit used to measure the strength of concrete)

“Our competitor sells a different kind of cement. With our hydraulic cement, you get a faster curation rate. You get higher strength in a shorter period of time. This has been proven by way of test results.”

“We are constantly monitored by regulatory agencies, one being the TT Bureau of Standards. They do a lot of periodical testing on our products. They also do initial testing of each shipment of our product to ensure that we have a high quality of product. If our products didn’t meet those standards we wouldn’t be on the market today,” said Ramhit.

Competition between the new kid and market leader TCL has been intense, resulting in legal action against Rock Hard by TCL and a price war, though Ramhit preferred to stay away from this term.

What he would say though was that Rock Hard contributed to making the construction industry “100 per cent competitive”.

He also said the average consumer has benefitted.

“What I would like consumers to note is what competition does for a market. If you notice the trend of our competitor’s prices, they have dropped drastically in the first three months we came on the market.”

A bag of TCL cement retailed last year for around $60. It currently retails at around $48.

Ramhit told Business Day that Rock Hard entered the market at around $47 and was now currently retailing between $40 and $45.

Regarding an update on the legal action between the two companies, the Rock Hard managing director said TCL could not be faulted for trying to protect its place in the market.

“At the end of the day, I wouldn’t say TCL is wrong for doing what they are doing. Competition is competition. TCL has had a monopoly for as long as we can remember. A few companies came onto the market, but they did not last.

“TCL is just protecting market share. How they wish to do it is their concern. How I wish to respond to it is my concern. I think I have been dealing with it pretty well,” he said.

Beyond this, he did not want to comment on the issue, saying that it was in the hands of his lawyers

He said his passion for manufacturing will also help him to bring the right people together to make things happen “and I think that that is desperately what we need both as an organisation and as companies and as a Government and as a country.” He said he thought this was the single most important thing he could bring to the organisation.

Alcazar said he also wanted to engage the country’s youth and do something for primary and secondary school students to convert them into the next set of innovators, entrepreneurs and manufacturers.

He said that the last eighteen months had seen the country’s manufacturers put their foot on the gas in terms of the push to exports. He noted that local demand might be softening a little but the factories need to keep going and that a lot of the inputs in the manufacturing process are imported.

“We need that foreign exchange to be able to get the inputs and keep the factories going and the single best way to do that is obviously to generate your own through exports,” he said. “I think that we have seen that (manufacturers) have shifted some resources, some focus onto the export markets and generating their own foreign exchange.”

On whether local manufacturers would be able to incorporate local raw materials into their manufacturing process, he said sometimes things come out of necessity. He recalled that in the 1980s there was situation similar to what the country is facing now and there was a call for the manufacturers to come out and begin exporting.

“I think (that situation) did pull us out a little bit in those times when energy prices had crashed as well. We’re getting to a time here where it is a very similar situation, the call is out there for the manufacturers to come to the forefront and start exporting more, generating more foreign exchange and being a changing factor in terms of the diversification of the economy and keeping us going forward in the right direction.”

Alcazar continued, “Yes, we do have a lot of foreign inputs but there are some local inputs and there is definitely the possibility of having additional (ones) through agriculture and some of the other avenues that the Government is looking at. So, I think that necessity is really what is going to push us into diversification of some of these things and I think there are some short-term wins but we are really going to have to get the old talk out of the way and make some of these changes if we are going to look at long term and mid-to-long term achievement.”

He said that through diversification, manufacturers can make an impact on earning foreign exchange, adding that this has been proven and what is necessary is to grow that sector. He said about half or less than half of the country’s manufacturers are currently exporters and the TTMA can look at getting some of the small manufacturers into CARICOM to get some experience and get them to grow. The organisations is also looking at the big manufacturers which are very dominant in CARICOM and getting them into export markets outside of CARICOM such as the Latin American markets where this country already has trade agreements with such countries as Costa Rica, the Dominican Republic, and Panama. He said some manufacturers are already involved in these markets and this is what is going to earn more foreign exchange for the country.

He said while the country is currently suffering low energy prices, there is an opportunity to get the government to prioritise the allocation of foreign exchange to manufacturers, and the TTMA will seek priority either through the Export Import Bank of Trinidad and Tobago or through the Central Bank so that manufacturers can settle their bills for raw materials. He said this concession is important for the continuation of manufacturing.

Alcazar said productivity was also a big issue in the manufacturing sector. On the labour shortages which manufacturers have been complaining about for years, Alcazar said there are a lot of shortages and businesses are calling for people “all through the spectrum.”

He said the TTMA has started the TTMA Careers website which tries to match available workers with the vacancies in the sector. He said that when companies announce retrenchment there is a direct engagement with the companies to see if workers can be paired with member companies that have vacancies. “I think that if we continue to look for the silver lining and the opportunities… that with the energy sector downsizing slightly it is an opportunity for the manufacturing sector to get skilled labour, to get people that have a strong work ethic as our energy sector has really been driven by this over the years and to really benefit from some of that more than people going home and being unemployed.”

Sitting with Business Day on Tuesday, Darbasie said stock for this offering was being made available from the Government’s 78 per cent holding in the bank in a bid to raise funds.

“The Minister of Finance announced in the Budget that he was going to be putting on sale an additional block of First Citizens as part of his budgetary measures for fiscal 2016/17. This is part of his financing mechanism for the budgetary financing of this current year,” she said.

Out of government’s 78 per cent, a further 20 per cent will be made available for purchase, reducing government’s holdings in First Citizens to 58 per cent.

Darbasie saw the move as an opportunity for the small investor and average members of the public to make a good investment with a higher than average return. She said that the share price of $32 compared favourably to that of stock for other financial institutions on the market, while its dividends were at the higher end of what was currently available.

“This is an affordable share from that perspective. In addition, this gives the opportunity to participate in investing in a bank that is strong. We have the best capital ratio in the market. We are profitable. The bank has shown very consistent growth. The return that an investor will get is 4.16 per cent,” said the Group CEO.

“When you look at comparable opportunities for investment, if you put your money on a deposit rate or even a mutual fund, rates on mutual funds are just above 1 per cent. If you are going to try to achieve 4.16 per cent as a return for funds that you are placing on an investment, you are really looking at a government bond somewhere between a nine to ten-year horizon.”

Darbasie noted that government’s intention was to have the “widest possible participation” in the APO, which is why 55 per cent of the offered shares, or the majority, were open for the general public’s purchase.

And, to make sure that those shares end up in the individual small investor’s hands, the Group CEO said the Bank has learned lessons from the IPO and has applied them here.

On its own investigation of the events surrounding the controversial IPO, Darbasie told Business Day that it has a list of employees who cannot take part in the APO.

“For every transaction that the bank undertakes, Compliance, in conjunction with Risk looks at all the employees who may be participating from the bank’s side. In arranging the transaction, they determine a list of employees who may seem to have information that the general public wouldn’t or those who control or have oversight of the process. These employees are put in a particular category called restricted employees and they are prevented from investing in their personal capacity.”

Darbasie said this restricted list includes herself, the two deputy CEOs, as well as executives at the entities handling the APO, First Citizens Investment Services and First Citizens Brokerage and Advisory Services.

“Apart from that,” she said, “the government has not provided an employee bucket in the allocation strategy. Employees must subscribe along with everybody else in the public. During the IPO, employees were allowed to subscribe at a discounted rate. Now, there is no discount rate applicable to employees, employees apply as members of the public.”

She told Business Day that the Securities Exchange Commission has not yet provided the bank with a copy of its investigation into the IPO affair, even though the bank understands that there is a report.

The Group CEO expressed her personal view that if the SEC had misgivings about the bank having another public offering, however, that it would not have allowed the APO.

Regarding criticisms of the value of First Citizens shares as overvalued, Darbasie responded:

“Value is determined by the investors who trade in the stock. How do you determine value? The return, 4.16 percent is a very good return on the investment and that is among the highest in the stock market for dividend yields, not just in the financial sector, but across the stock market as a whole.

“The other mechanism that you benchmark value for the stock is the Price Earnings Ratio, and the PE Ratio at the $32 price is around 12.6 per cent. The higher the PE ratio, the higher the price relative to the earning potential. At 12.6, we are at the middle of the market. I don’t think the stock is overvalued. At $32, one could argue that given that the stock has traded between $34 and $35 that there is an upside to be given. It is not the upside that was there at the IPO. Twenty-two dollars was a very big upside. But this is not an upside that one should discard. The PE ratio also suggests, for an institution with steady earning potential, and we’ve not had volatility on our earnings, that the share price is potentially on the low side and could go up.”

Darbasie said the APO has attracted the attention of some regional institutional bodies. She also said nationals abroad who already had brokerage accounts were able to purchase shares.

“If you have foreign investors coming in, that will bring foreign exchange into the country as well. That’s a positive, if it in fact develops,” she said.

The closing date for applications is Friday, March 24.

As part of our twin-island state, Tobago is indeed vastly different from Trinidad – culturally, socially and environmentally. While Trinidad could reasonably be described as the more developed of the two islands, Tobago is uniquely poised to be a beacon of sustainable development for the region.

Because of its strategic geographical location, there were numerous attempts from different quarters to colonise Tobago; from the British, French, Dutch and Courlanders. Today, the island that is speculated to have been the home of castaway Robinson Crusoe, harbours riches of built heritage, culture, archaeology and ecology.

Few would disagree that Tobago has much to offer as a tourist destination.

As outlined in the Comprehensive Economic Development Plan 2013-2017, there is a stated goal – “To transform and diversify the Tobago economy such that it is better able to adjust to rapid changes in the national and international economy by producing goods and services in which it can retain a competitive edge”. The facts are clear; Tobago has found itself with a declining economy in 2017. Falling international tourist arrivals, reduced investment, inadequate infrastructure, poor environmental protection, and a rising crime rate are some of the main challenges facing the island. Tobago urgently needs a boost.

There have been commitments from Government to implement projects which – if indeed started within the fiscal year – hold some promise for the island. The upgrade of the terminal of the Arthur NR Robinson airport must be pursued, as along with improvements to both the inter-island ferry and air services. Additionally, the interest of the renowned Sandals Resorts chain is likely to breathe new life into the island, once terms and conditions of the partnership are negotiated for mutual advantage, and for the benefit of the people of Tobago and Trinidad.

Public-private partnerships remain an open doorway for growth of the floundering Tobago economy.

The new dispensation at the Tobago House of Assembly is now charged with ensuring that impediments to investment are minimised. Similarly, established institutions should examine whether their policies serve to encourage or inhibit entrepreneurial business activity.

In the process, we must preserve the very things that make the island attractive to tourists, whether foreign or domestic. We must be mindful of protecting the delicate and much sought after ecological treasures and heritage sites. In fact, beyond preservation, far more attention must be given to development of new areas of interest to visitors and travellers seeking adventure. These will involve longer-term planning fuelled by trends and travel patterns; public education campaigns and sensitisation of local residents of all spheres of life.

The TT Chamber remains hopeful that all stakeholders will continue to work harmoniously for the greater development of Tobago’s unique gifts.

The focus on meeting numerical targets has driven to well-known business scandals to break. Think about the Toshiba accounting issues, and Volkswagen’s diesel engine emissions troubles – while on the surface they seem to be very different affairs, the underlying issues are disturbingly similar – set an apparently impossible target, individuals in business are driven to bend or even break the rules just so that they can disclose a set of figures at one point in time which superficially make the grade. But in both cases, in straining to reach that artificial goal they’ve missed their way and lost sight of what society sees as their real objective.

And the pattern repeats at a macro level. On a global level, countries are ranked by GDP. And yet eternal exponential growth, which is what focussing on GDP entails, will break the planet. So what are we going to measure instead as our “target” if financial numbers have had their day?

The change is coming already – businesses aren’t just being measured on how much profit they make; how much tax they pay back into society is growing in importance. And how they make the profits, and divide up what they haven’t paid in tax, is a focus of interest. Even if investors in developing markets are still focussed on the value of audited numbers, the global multinationals that drive the extractive industries and world spanning supply chains are being forced to declare whether their profits are built on the back of slave labour. The EU is bringing in a whole raft of non-financial reporting disclosures on everything from board diversity to respect for human rights. The rise of the integrated report, and focus on the triple bottom line, reflect the calls of stakeholders to understand more about the motivation behind the numbers, and where they might be taking us.

So how are accountants supposed to respond?

What we cannot ignore is that society wouldn’t exist without business. From the very first time someone realised that if you measure and record the grain going into the granary then you can identify, allocate and trade the productive surplus of society we became reliant on numbers. Fast forward a couple of thousand years to the development of the corporate entities which underpin the fabric of the modern world, and methodologies for monitoring the behaviour of owners and managers by other owners and by creditors are essential to the health of the Corporations which allow for the use of investors’ capital, opening up opportunities for achievements and returns that would otherwise be unattainable. Society is built on business, and business is built on trust in the business forms and business relationships which the numbers and narrative encapsulate.

The speed and size of modern markets, modern transactions, can’t change the underlying reality that society is made up of humans, some trustworthy, some trusting, some neither. Society still needs assurance that the individuals managing and controlling the flow of productive capability are doing it not just in their own interest, but with the broader good in mind. Accountants are indispensable for giving investors that trust in business.

Whether it’s the numbers in the back half of the accounts or the narratives we read in the front half of the accounts, it’s accountants in their role as auditors who sign off on the company reports. And increasingly it’s the real time operation of the business which concerns stakeholders. Who is better placed to analyse the data, to balance the likely impacts of the external environment, to critically assess and balance the competing pressures which assail the modern business?

However ethically pure an organisation’s motives, it won’t survive without a realistic view of the numbers and how they fit into the supply chain – and that’s a view which has to come from a trained and experienced mind. An English idiom, highlighting that actions are better than words, describes this situation well: “fine words will butter no parsnips” – and good intentions will balance no statements of financial position.

The world needs ethical and professional accountants, taking the wider view of business that society demands, and nothing can take the place of that ability to work with the numbers. What accountants need to do now is show how their talents and training fit into the modern

I have often been asked about the rules and pertinent actions related to the respect to be given to our national emblems, and I have written on this in previous articles. This more recent experience however, made me recall that perhaps we need to be reminded of the role of civics in the development of our national consciousness. Each day, before our very eyes we are seeing the stripping away of the appreciation and understanding, not only of our nationhood, but also our culture, our observances, and much of what makes us uniquely ‘Trinbagonian’.

This sentiment extends to more than simply a lack of recognition of our National Anthem by a few. I am reminded, as a child, born into the Roman Catholic faith, and raised in a multicultural environment, I was privileged to have lived between a temple and a mosque, where each observance and each festival was fully experienced and shared with all, and by all. I recall understanding the importance of the call to prayer, and at the same time, appreciating and participating with friends and family in the colourful spectacle called, Phagwa. I recall during the time of Divali, the streets were lined with multitudes of participants, spectators, and everyone in between, because we were all part of this experience. It was more than an observance of one segment of society. Similar to other festivals and observances like, Christmas, Eid-Ul-Fitr, Siparia Mai, Hosay, among others. I remember when every observance was as important as the other to everyone, and there was participation by all. I am certain, many readers can attest to this experience, simply because this is what we knew.

I write, because when I speak of cross culturalism and cultural fusion, I often speak of our reality in Trinidad and Tobago. However, I am finding our reality shifting from what would have been considered a solid example of a unique ‘melting pot’. I am noticing a tangible separation and segregation of the various religious and cultural practices, with visible dwindling attendance and sharing in these experiences by the general population. The uniqueness of Trinidad and Tobago will always be the ease with which we are able to appreciate and participate in each other’s experiences, and sometimes adopt them as our own. If we do not pointedly and deliberately work at building on the historically strong platform upon which these experiences were developed, we will be at risk of birthing a generation sans the authenticity of the ‘melting pot’ experience.

The silver lining to this piece lies in the conversation I overheard between a parent and child at the event I was visiting. The child asked the parent, “Daddy, why were the other people standing whilst we were walking to the gate?” The father’s response, “They were standing because the National Anthem was being played, and you must stand at attention when you hear it playing.” The child’s next question logically followed, “Then how come we did not stand at attention?”

In order to appreciate and understand the importance of nationhood, with its symbols, statements, cultural practices, norms and mores, we must value who and what we are, our history and our journey. We must do more in whatever way we can to protect and preserve the good that makes us great.