MP Tancoo calls on T&T government to share status of NiQuan debt

The Member of parliament of Oropouche West - Davendranath Tancoo, has called on the PNM government to end their silence and present NiQuan debt's status.

Trinidad and Tobago: The Member of parliament of Oropouche West – Davendranath Tancoo, has called on the PNM government to end their silence and present NiQuan debt’s status.

Tancoo asserted, “The PNM has already forced taxpaying citizens to absorb a loss of over T&T $2 billion caused by a group of blunders by the PNM government over the 2005 to 2010 period in this GTL disaster. More than this, the nation was also saddled with an additional 2.2 million dollar debt when the current PNM stopped the legal case against Malcolm Jones who had instated the multibillion-dollar disaster.”

Following the statement, he added that till now, no one had been taken to account, and by closing Petrotrin, this concern also appears to have also been buried, and Trinidad and Tobago citizens currently own, through Petrotrin, some 25,000,000 Preferred shares of NiQuan Energy.

Tancoo further cited, “NiQuan has not met its expected startup date following a series of industrial accidents, which has prompted CariCRIS to downgrade the company, worsening its credit risk profile. With no proven track record, the organisation is currently trying to raise locally between T&T $195 million and T&T $260 million in the short term private funding.”

“Given the vital stake that residents have in the company and about the role of the PNM in the former GTL debacle, the Minister of Finance must break his evident silence and advise the nation of the status of the debts of NiQuan to the country and what measures the government is trying to resolve any matters which may arise,” MP added.

Tancoo further noted the recent media report which disputed NiQuan’s pressing debts and stated, “T&T’s $820 million bridging loans to Republic Bank, of which the government is the single largest shareholder and which is due at the end of June 2021, T&T $96 million Petrotrin Note, and the T&T’s $96 million and T&T Redeeming of government’s Preference Shares.”