Chairman of SporTT Douglas Camacho

‘NOTHING EXTRA’: Chairman of SporTT Douglas Camacho, right, addresses the Public Administration and Appropriations Committee of Parliament at a hearing yesterday as SporTT’s head of projects Annesha Colley takes notes.

THE FINANCIAL situation at the Sports Company of Trinidad and Tobago (SporTT) is dire.

The company owes T&TEC $10 million. Its fiscal allocation for 2019 fell far short of its expenses, making proper maintenance of sporting facilities impossible.

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Chair of the Public Administration and Appropriations Committee, Bridgid Annisette-George, said committee members visited the aquatic centre and the cycling velodrome and were disappointed to see a lot of the plumbing for carrying wastewater disconnected. She said both centres were initially seen as part of the national pride when they were constructed.

In response, acting permanent secretary in the Ministry of Sports and Youth Affairs, Farook Hosein, said: “The recurrent budget of SporTT is very limited and it has to be managed because there are a number of cost items that fall under this budget. It is always a struggle in terms of the various items that fall under the recurrent budget in terms of salaries for staff, facilitating the national governing bodies and the maintenance of the facilities. In the current fiscal year, it is $60 million (allocated) but projected expenditure required to cover all the needs is about $70 million more. So we have the challenge of managing the expenditure”.

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THIS WEEK, we at Bourse review the financial performance of Scotiabank Trinidad and Tobago Ltd (SBTT) for its 9-month fiscal period ended July 2019 and Prestige Holdings Ltd (PHL) for its 9-month period ended August 2019. 

AHEAD of Bernard Mitchell’s three-year contract as the chief executive of National Petroleum Marketing Company Ltd (NP) coming to an end, some 488 employees have put their signatures to a letter to Energy Minister Franklin Khan asking that his contract be renewed.

FINANCE Minister Colm Imbert says T&T has received a “favourable” rating from the US credit rating agency Fitch Ratings.

Increases in food prices have been minimal under the People’s National Movement (PNM), with prices going down for certain items in contrast to the large increases under the Kamla Persad-Bissessar administration.

SAGICOR Financial Corporation is paying nothing to CLICO and British American Trinidad to acquire their tradition insurance portfolios, worth over $8 billion, as the regional insurance company is acquiring insurance liabilities that have a greater value that the total investment assets that are to be transferred to Sagicor.