PM to probe ‘Sweetener Loan’ to ex-Caroni workers

http://www.newsday.co.tt/politics/0,126375.html 

Ex-Caroni workers are awaiting word from Prime Minister Kamla Persad-Bissessar on whether an investigation will be conducted into the VSEP “Sweetener Loan” offered to them by the Agricultural Development Bank and the Unit Trust Corporation.

Members of the ex-Caroni Workers Association yesterday delivered letters to Persad-Bissessar, Works and Transport Minister Jack Warner; Finance Minister Winston Dookeran, and Attorney General, Anand Ramlogan, requesting an investigation into the matter.

According to the Association’s General Secretary, Allan Praimdass, the ADB and the UTC offered ex-workers the opportunity to invest in a joint venture specifically designed and configured to attract those who received Voluntary Separation of Employment Packages in 2003. It was called the “Sweetener Loan” and those who invested their money would have received 98 percent of the investment as a loan from the ADB.

The money was placed in the UTC under the Individual Retirement Unit Account (IRUA). It was expected to yield an interest of 12 percent compounded over a six-year period up to August, 2009. Interest generated from the IRUA was expected to repay the loan and to provide a lump sum payment to ex-workers at the end of the period.

“We received quarterly statements saying that everything was going according to plan, interest was being accumulating.

“In August 2009 however, we received a letter from the ADB saying due to the economic downturn the investment failed. It did not live up to expectations so we did not have to repay the loan, but no interest could be paid to us. Up until the five and a half year period, we were told it was doing well,” he said.

He said cane farmers wanted to either meet with Persad-Bissessar, or deliver their letter to ask her to investigate what occurred that caused the investment to fail.

While Praimdass was speaking to the media outside of the Prime Minister’s Office, St Clair, Press Secretary, Garvin Nicholas came out of the building and met with ex-workers assembled there. After Praimdass explained the situation, Nicholas assured the letter would be delivered directly to Bissessar as soon as she arrived at the office.

Coop plan coming for former Caroni workers: Bharath

 
http://jyoticommunication.blogspot.com/2010/08/coop-plan-coming-for-former-caroni.html 

The government of Trinidad and Tobago is moving to establish large scale coop farms on lands that were formely used for sugar cane colultivation.

When former Prime Minister Patrick manning closed the sugar company he promised two-acre plots to former sugar workers but only handed over a few plots.

On Wednesday Agriculture Minister Vasant Bharath told reporters Government will amalgamate the two-acre plots to develop large scale technology-based food crop farming. He added that it is not feasible for farmers to plant on two acres of land because it is not large enough for large-scale agriculture.

He said the plan is to form co-operatives. “That way we can have 50 to 100 acres of land used for a standard crop. This will make it feasible for us to put technology in the farms,” he said.

The coop idea was first suggested decades ago by a special committee headed by the late Frank Rampersad, who was chiarman of Caroni (1975) Limited.

The recommendation was to develop coops of large acreages for food crop farming and have sugar workers own the lands. But then Prime Minister Eric Williams turned down the recommendation because he felt that the lands should not be owned by the workers.

Bharath noted that small farmers have no choice but to abandon their lands because they face immense problems including the high cost of chemicals and fertilisers and praedial larceny.

“A lot of the farmers got lands far away from their homes so when they plant the crops and it is harvest time you would find that as soon as they turn their backs, people steal their crops.” He said government would unveil plans on Thursday for dealing with the larceny problem.

Bharath also spoke about flooding. He said officials are making an assessment and the matter of compensation would be addressed with a sense of urgency. He reminded reporters that following the last floods Government paid $13 million to 1,871 farmers. He said there is still flooding in the fields. “It is difficult while there is water in the fields to make flood assessments. We have to wait until it subsides before we make a decision, he said. However he promised that all legitimate claims will be paid.