Wilfred Espinet

Heritage chairman: Wilfred Espinet

HERITAGE Petroleum yesterday announced that its board has appointed an executive leadership team to provide additional managerial support for CEO Mike Wylie, while he receives treatment in the US after undergoing surgery.

Wylie was hired by Petrotrin in August 2018 to head the exploration and production of the new Petrotrin Heritage company.

Responding to a parliamentary question, Prime Minister Keith Rowley disclosed on November 9 that Wylie’s compensation package was US$425,000 per year plus housing, transportation and health benefits.

Wylie left Trinidad suddenly in June as he had to “take unplanned leave to attend to medical matters.” That was only disclosed in a letter by Heritage chairman Wilfred Espinet to Energy Minister Franklin Khan dated June 7. Portions of the letter were read out by Oppo­sition Leader Kamla Persad-Bisses­sar at a July 8 Monday Night for­um at Fyzabad Secondary School.

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This week, we at Bourse review the financial performance of MASSY Holdings Ltd (MASSY) for the year ended on September 30, 2019.

MASSY Holdings Ltd (MASSY)

MASSY Holdings Ltd (MASSY) reported a Basic Earnings per Share (EPS) of $5.76 for the full year ended September 30, 2019, an 8.3 per cent improvement over the reported 2018 figure of $5.32. Group Revenue remained relatively flat, increasing to $11.6b for 2019 (up 0.4 per cent). 

FINANCE Minister Colm Imbert is assuring that the Office of Procurement Regulation would still have the power to investigate government-to-government arrangements after Government makes “slight” amendments to Section 7 of the Public Procurement and Disposal of Public Property Act next month.

A CALL has been made for Government to take immediate action on campaign finance reform and implementing the public procurement legislation.

Without these two pieces of legislation, says the Trinidad and Tobago Transparency Institute (TTTI), this country’s scoring on the Corruption Perception Index (CPI) will remain stagnant.