link : http://www.adbtt.com/Media-Room/Word-on-Caroni-payout-today/
Story Created: Jul 26, 2013
Nikita Braxton-Benjamin
Trinidad Express Newspaper
AN ANNOUNCEMENT that ex-Caroni workers are set to receive millions following their investment in the ADB/UTC Sweetener Plan years ago is expected to be made today at the United National Congress’s rally for the Chaguanas West by-election.
Co-ordinator for the ex-Caroni Workers Association and president of the Sugar Boilers Association, Rakeeb Mohammed, said that Housing Minister Roodal Moonilal told him a statement will be made today.
Mohammed said that he met Moonilal and other government ministers and they reached an agreement on a proposal for the 3,000 former sugar workers who had invested in the plan.
“The ADB/UTC Sweetener plan was designed by the Agricultural Development Bank (ADB) and in the Unit Trust (Corporation) in 2003 when Caroni closed its doors to all its employees. It was an investment fund where you would rest your money with the ADB and they would loan you back money worth two per cent of the amount you put in... It was projected that in the six years it would have been 12 per cent and above. So we would have accumulated eight per cent to pay the loan and 4 per cent to share between the worker and the ADB. After three years, the plan went into default. It dropped under 12 per cent,” Mohammed said.
After six years the ADB wrote to all the investors and told them that according to the contract that was signed, the plan came into default and the loan would be written off. “So everybody lose their investments,” Mohammed said.
He said that the workers signed the contract based on brochures they had gotten from the ADB and the UTC.
He said it was later realised that the document they signed and the brochures were different.
In a telephone interview yesterday, Mohammed said he met and held discussions with several government ministers over the issue and it was approved by Cabinet two weeks ago that the management fee that was taken from the employees, will be given back.
This is expected to amount to $6,555,694.00.
Mohammed said that it was also agreed that interest will be paid.
He said this was calculated from $109 million made by the Unit Trust Corporation over those three years. “We agreed on a 2.6 per cent payment of the $109 million. This amounted to $51 million. So the employees are entitled to the management fees which work up to the $6.5 million and interest work up to $51 million.”
The latter, he said, is yet to be approved by Cabinet.
Mohammed said that the workers are waiting on a date when the $6.5 million will be paid.
The United National Congress is expected to host a rally for the Chaguanas West by-election today at Pierre Road, Felicity.
Friday, 26 July 2013
Sunday, 23 June 2013
Sunday, 16 June 2013
Ex-Caroni workers to get land in three weeks, says Moonilal
LINK : https://guardian.co.tt/news/2013-06-19/ex-caroni-workers-get-land-three-weeks-says-moonilal
Two of the workers—Ramdeo Balgobin and Rakeeb Mohammed—said they had been waiting to meet with Persad-Bissessar for months to discuss the plight of the former workers but she had been inaccessible. Balgobin said workers had invested in a “sweetener loan” in 2003 when the company went defunct but ten years later they were yet to receive their promised dues. Mohammed also complained that workers were yet to receive their residential lots.
Moonilal, who is in charge of land affairs, told the UNC supporters help was on the way for the former workers. He said under the Patrick Manning government, a court matter to deprive them of their promised lands was taken to the Privy Council.
“When we got into government there was a ruling and the judge said that Caroni lands should be prepared for workers and all infrastructure should be in place by 2008. Manning took that ruling to the Court of Appeal to deprive people and one of the first things we did when we got into government was instruct the AG to withdraw that matter in the Privy Council,” Moonilal said.
With regard to land distribution, he said 700 lots would be distributed to former Caroni workers for residential purposes. He also said all those who were deprived of their life’s savings by investing in the “sweetener loan programme” would also receive their monies within the next three weeks.
Two of the workers—Ramdeo Balgobin and Rakeeb Mohammed—said they had been waiting to meet with Persad-Bissessar for months to discuss the plight of the former workers but she had been inaccessible. Balgobin said workers had invested in a “sweetener loan” in 2003 when the company went defunct but ten years later they were yet to receive their promised dues. Mohammed also complained that workers were yet to receive their residential lots.
Moonilal, who is in charge of land affairs, told the UNC supporters help was on the way for the former workers. He said under the Patrick Manning government, a court matter to deprive them of their promised lands was taken to the Privy Council.
“When we got into government there was a ruling and the judge said that Caroni lands should be prepared for workers and all infrastructure should be in place by 2008. Manning took that ruling to the Court of Appeal to deprive people and one of the first things we did when we got into government was instruct the AG to withdraw that matter in the Privy Council,” Moonilal said.
With regard to land distribution, he said 700 lots would be distributed to former Caroni workers for residential purposes. He also said all those who were deprived of their life’s savings by investing in the “sweetener loan programme” would also receive their monies within the next three weeks.
Subscribe to:
Comments (Atom)