Unwind TT

15/10/2025

TT v CURACAO DRAW 1-1
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14/10/2025

IMBERT COMES UP SHORT – YET AGAIN

By KEN ALI

IN June 2020, an actuarial study found that the National Insurance Scheme (NIS) was going bust.

Contributions were declining by an average of 3.2 per cent each year, and the number of beneficiaries growing by at least one per cent.

Over two decades, there was a 65 per cent increase in benefit payments.

The population was aging – 13.4 per cent over 60 years – and the number of pensioners had grown by more than 50 per cent since 2010.

The State-run social security system would go belly-up by 2033 or 2034, the official review cautioned.

In typical combative style, Finance Minister Colm Imbert went to war with the truth when challenged in Parliament, in June 2021.

“It is absurdity” to speak of “impending insolvency,” Imbert said, claiming there were $28 billion in assets.

But further independent studies told of the urgency of the NIS condition, and the displacement of thousands of Petrotrin and State sector workers deepened the crisis.

Imbert eventually dismounted his high horse, and touted a reform plan that included larger contributions and a delayed retirement age.

There would be discussions with trade unions and other stakeholders, he pledged.

But apart from an amnesty for delinquent contributors, which he announced in the 2025 budget, his last, Imbert sat on his hands.

Now that Finance Minister Dave Tancoo has introduced a gently phased resolution to the NIS emergency, Imbert has another gripe.

The Minister’s response, Imbert said on social media, would have the effect of “wiping out any benefits in the budget.”

Regrettably, he did not address the crisis while Finance Minister, nor is he now proposing an alternative solution to the fast-advancing insolvency.

But that, of course, was characteristic of his administration of the finance portfolio.

Runaway profits by commercial banks while customers crumbled was another aspect of his footprint.

With his abysmal report card, maybe Imbert does not deserve much serious analysis.

After all, short-term Prime Minister Stuart Young cast him aside during the heady run-up to the general election.

But during the budget debate, Imbert will be seen as a thought leader by PNM homies and social media bellyachers ever crusading for a cause.

Until Imbert tells the nation of his specific measures to save NIS, complete with timelines, he has once again come up short.

14/10/2025

GOVT INVOKES COURT ACTION TO STOP ROGUE LIQUIDATOR FROM SELLING PRIME CLF ASSET ..Like Sweetie In A Parlour To Consortium Of PNM-Connected Financiers

CLICK LINK FOR PREVIOUS POST
https://www.facebook.com/share/p/1JrxMbSpcZ/

(SP)

14/10/2025

PLENTY PLUS FOR TANCOO'S RADICAL BUDGET APPROACH..But Few Questions Still To Answer And Public Must Be Informed About True Balance On CLF (In Liquidation) Debt

By DAVID WALKER

WE WERE promised a budget by Minister Devendranath Tancoo that would take around two hours to read. In the end it took around four hours.

Let us hope that his projections of income and expenditure for the coming financial year bear a greater likeness to reality.

That statement is made with tongue firmly in cheek of course, but it is meant to remind us there is often a gulf between budget promises and actual outturns. Part of the assessment of the budget is therefore a judgment of how realistic are the projections.

My expectation was that this budget would include a robust “tightening of the belt” so as to reduce our annual deficit significantly with a little less tightening as the lifetime of this administration unfolded, all with a stated aim to be realised towards the end of their five year tenure.

The approach taken was radically different. Minister Tancoo has proposed a budget that will result in a reduced deficit while delivering on spending promises made on the hustings.

This is far from my prior expectations and how he managed it is worthy of more detailed examination than is possible here, but I will make a start. I must also make a comment about the state of the economy that he inherited.

At the very start he made the point that he inherited an economy that was in a far worse condition than he has anticipated.

I was surprised by that statement as just about everyone knew of the Standard and Poor’s credit ratings downgrade alongside our ever worsening energy earnings and foreign exchange shortfalls.

The outlook was grim and I therefore listened thereafter for the basis for his claim but couldn’t find any. The state of the economy was as I had expected based on publicly available information.

Nonetheless, I cannot be anything other than happy that he begins his tenure with a promise of a reduced budget deficit as against what he has inherited. That objective should garner support from all and sundry.

My focus therefore is on his methods for achieving it and how realistic they are. I will save my views on how equitable they are for a follow up analysis after details are shared in the upcoming parliamentary debates.

I can safely begin by stating that I agree with his general thrust to find new and improved sources of income outside of the energy sector.

There is low hanging fruit and it is well past time that it be utilised. I presume that he examined the range of existing and potential revenue streams and decided on a few that could be implemented in time to make a difference in this budget period.

I was also gratified that the efficiency and effectiveness of collection mechanisms were being strengthened. I remain a long way from being convinced that leakages in our revenue (not just tax) systems are properly addressed.

He made statements about improved digital systems including government wide online payment options that should have been implemented years ago.

It should have been a source of shame that a doubles vendor on Eastern Main Road has been accepting digital payment long before many government agencies get around to even making a promise to do so.

On the income side therefore, I was happy with the promises. I await the delivery.

In this regard I was disappointed to hear little or nothing about reporting in a timely manner. This is perhaps the most significant change I want to see with regard to the budget and economic performance.

On a monthly or quarterly basis, I want to see a report at a high level, of actual performance set against the promises in the budget. From the largest projections and all the way down I want a commitment to end the practice that hides the ongoing performance of projects.

It is beyond dispute that overspending is endemic in our public spending. It is driven by a number of factors but is facilitated by a lack of transparency and non compliance with best practice.

This offers more low hanging fruit that any administration could and should target. Internationally it is estimated to cost between 20 and 50% of affected expenditure.

Is this not the easiest and most effective way to reduce our annual deficit?

Does it not offer the potential alongside other measures to totally eliminate it?

The great irony to me is that we have equipped ourselves with the means to make a serious move to plug the financial hole labelled corruption and waste.

It is the strict enforcement of our procurement legislation. Demanding and aggressively pursuing compliance with that legislation goes a very long way towards meeting the objectives set out in the budget.

I heard nothing from Minister Tancoo about the importance of that legislation and this administration’s demand for compliance by all members of the administration. Without that water tight commitment I fear that it will be business as usual.

There are no draconian measures adversely affecting citizens, certainly nothing like what I feared there might be. There were even some sweeteners in the form of reduced price for regular gasoline and the commitment to victory of 10%.

There was also what has been heralded as the largest ever allocation to Tobago House of Assembly. I wait to see how it will be utilised for development purposes.

The devil as they say, is in the detail. That will come in the days ahead and I don't wish to preempt what will be disclosed. At this stage one can only offer broad brush commentary and an overall impression.

My verdict is that it is a lot better than I expected but with a few caveats. Most notably it does not offer any indication of where we expect to land financially in five years time

I feel strongly that our medium term goals and expectations should have been articulated. I also want to see a clearly stated commitment to rigid compliance with the procurement legislation inclusive of its reference to disposals of public assets.

And finally, we have a side note that is bigger than any single item in the budget. You may recall that former Minister Imbert told us that CLF still owes the government $13 billion.

How could Minister Tancoo not update us on such a large item?

Is this money to be collected or was Imbert blowing smoke. I need to know. A claim of $13 billion cannot be so casually dismissed, can it?

●David Walker is a Tobago-born international financial analyst

14/10/2025

KAMLA: GOVT PUTTING TT FIRST

“We Can Make It If We Try...We tried today to touch every sector and everyone for a better quality of life” - Prime Minister Kamla Persad-Bissessar

By ANNA RAMDASS (Published In Trinidad Express)

PRIME Minister Kamla Persad-Bissessar says the national budget delivered yesterday is one for the people, stressing that the $1 reduction in super gasoline will ease the burden on citizens and small businesses.

Referencing Black Stalin’s song “We Can Make It If We Try”, she said, “We tried today to touch every sector and everyone for a better quality of life.”

The Prime Minister was speaking at a news conference at the Parliament rotunda following the presentation of the 2026 national budget by Finance Minister Davendranath Tancoo (on October 13).

Persad-Bissessar said the first national budget of her Government is anchored on one guiding principle “T&T First”—by ensuring that every dollar spent serves the public good, not private gain.

She said that in 2024, some 457.1 million litres of super gasoline were sold at the pumps, adding that the price reduction means that almost half a billion dollars will remain in the pockets of the people which they “can use these savings to buy schoolbooks and look after their children.”

The Prime Minister accused the former government of overcharging for super gas and “keeping the money in their pockets.” She said the people “rioted” with their fingers on election day against the former administration.

●8,000 jobs coming

In the budget, the Finance Minister announced that the URP and CEPEP programmes will be eliminated.

Persad-Bissessar said thousands of sustainable jobs will be created, noting that a $500 million fund has been established under the Finance Ministry to support employment.

She said she will provide more details when she contributes to the budget debate next week.

“These will be real jobs with real people, not ghost gangs,” she said, adding that in “real time” when she speaks, the job opportunities will be posted online.

She revealed that about 8,000 vacancies have already been identified and that applications will be rolled out at the Couva Cycling Centre.

●VAT exemptions

The Prime Minister said her Government has delivered on its promise to decrease the cost of food, noting that the reinstatement of VAT exemptions on essential food items will empower citizens.

●Bank and Insurance Levy

Persad-Bissessar acknowledged that the budget contains “goodies” and “some not-so-goodies,” but insisted that fairness requires everyone to play their part.

“For too long, the largest financial institutions have thrived while ordinary citizens were under pressure,” she said.

She explained that the introduction of a modest 0.25% levy on the assets of banks and insurers will ensure that those who have benefited most from national growth contribute to sustaining it.

Asked what would happen if banks try to pass on this levy to customers, the Prime Minister was firm: “They may try but that is why we are in Government. We will make sure that does not happen! We are ready for them!”

●No property tax

Persad-Bissessar said that to bring balance to the housing market, the Government is formalising the rental sector by establishing a clear, accountable system that protects both landlords and tenants and strengthens the integrity of the property market.

She clarified that the landlord property surcharge is not a property tax.

“This is where we are putting a surcharge on people who are earning income from their properties,” she said. “There are people who live abroad and have multiple houses earning income and they do not pay any taxes,” she said.

She also pointed our former government minister Faris Al-Rawi dubbed “Faris Al-Recusal” and his family have several properties rented.

“There must be sharing of the burdens as well as the wealth of the country, and this is one way they will contribute to our coffers with the revenue,” she said.

She reiterated, “I make it very clear this is not a tax budget, it is an accountability budget.”

Asked how the landlord surcharge will be enforced, Persad-Bissessar said there will be compliance officers on board and that data already exists on persons with rental properties.

She said tenants have a choice to move if their landlords increase rents.

●10% for Public Servants

The Prime Minister said it is already being “twisted” that the Government is giving 10% but taking back with the 3% increase in NIS.

She clarified that the 10% increase for public servants covers the years 2014–2016 and 2017–2019.

She said the 3% increase in NIS contributions does not take effect until next year and therefore there will be no increased payments for these years.

Persad-Bissessar explained that the NIS was found “in a state of collapse,” and without intervention, “in a few years there would be no money to pay any pensions.”

She urged citizens to enrol in private pension plans—now tax-exempt—to help build personal savings.

She added that while the Government cannot afford to exempt taxes on public pensions, those in the private sector can benefit.

●‘Unreal’ Opposition Leader

Persad-Bissessar criticised Opposition Leader Pennelope Beckles, who had described the budget as “unrealistic.”

“I think the only thing unreal is the Opposition Leader. She’s lost. She was there for five years as Planning Minister—did she plan anything? Nothing. The country collapsed,” she said.

She claimed that State institutions have “corruption at the core.”

She said people are now “running” by resigning “because too much corruption was taking place and we will call them out.”

The Prime Minister said the Opposition keeps demanding a crime plan, but her Government already has an “Anti-crime plan.”

She noted that a Police Commissioner was appointed without political interference and that three ministries—Home Security, Defence, and Justice—have been established to strengthen national security.

https://trinidadexpress.com/news/local/govt-putting-t-t-first-says-kamla/article_d4f69eda-6acc-47e6-a584-a64895328f64.html

14/10/2025

BREAKING NEWS: HIGH COURT HALTS SALE OF TRINCITY MALL ..Judge Grants Injunction Against CLF Liquidator From Proceeding With Transaction

●Injunction was served on Lex Caribbean Limited, the legal firm representing the liquidator, around 4:25 pm on Monday (October 13), while the Minister of Finance was winding up the budget presentation in Parliament.

●Justice Kevin Ramcharan has set October 27 to hear the substantive matter.

●Application for the interim injunction was filed by the Attorney General on behalf of the state (as creditor) on Sunday night in accordance with the Companies Act, Chapter 81:01

CLICK LINKS BELOW FOR RELATED STORIES:

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(SP)

13/10/2025

𝐓𝐇𝐀 𝐑𝐄𝐂𝐄𝐈𝐕𝐄𝐒 𝐈𝐓𝐒 𝐇𝐈𝐆𝐇𝐄𝐒𝐓 𝐁𝐔𝐃𝐆𝐄𝐓𝐀𝐑𝐘 𝐀𝐋𝐋𝐎𝐂𝐀𝐓𝐈𝐎𝐍 𝐈𝐍 𝟒𝟒-𝐘𝐄𝐀𝐑 𝐇𝐈𝐒𝐓𝐎𝐑𝐘

13/10/2025

TANCOO PRESENTS $59.2B 'PROMISE MADE, PROMISE KEPT' FISCAL PACKAGE..Reduction In Budget Deficit To $3.87B

●$1 REDUCTION FOR SUPER GASOLENE EFFECTIVE IMMEDIATELY

●URP, CEPEP SCRAPPED - To Be Replaced By Permanent Jobs In New Program

●Tobago Gets $2.96B Plus $763M Spend By Various Ministries

●10% Salary Increase For Public Servants

●Education ($8.7B), Health ($8.2B) Get Biggest Allocations Followed By National Security ($6.B)

● O.25 percent asset levy On Commercial Banks And Insurance Companies Effective Jan 1, 2026

●Lanlord Business Surcharge Based On Actual Income $2,500 One Time Registration Plus 2.5% Rental Tax Under $20,000 And 3.5% Rental Tax Over $20,000

●Electricity Surcharge Of 5 Cents Per Kilowatt For Commercial And Industrial Customers Only

●NIS Contribution To Increase By 3% Jan 2026 And Another 3% In Jan 2027

●NIS Pension Qualifying Age To Increase By One Year Every Two Years From 2028 Up To 65 Years By 2036

CLICK LINK FOR FULL BUDGET STATEMENT
https://www.finance.gov.tt/2025/10/13/ministry-of-finance-budget-statement-2026-tt-first-building-economic-fairness-through-accountable-fiscal-policies/

(SP)

2026 BUDGET PRESENTATION

9th Sitting of the House of Representatives - 1st Session of the 13th Republican ParliamentBudget Presentation 2025/2026Monday October 13, 2025 1:30 p.m.Summ...

12/10/2025

UPDATED: 'FRAUDULENT' PURCHASE OF CLICO ENERGY SHARES BY PROMAN NEEDS TO BE ADDRESSED IN BUDGET..Because Executing Final Judgement Will Impact On:
●Recovery Of Bailout Repayment
●New Dividend Income Stream
●Economic Growth Depending On If Indigenous CLF Conglomerate Control Is Restored At Clico Energy

By SIEWDATH PERSAD, Editor

PRIME Minister Kamla Persad-Bissessar held high-level energy panchayat with senior officials from Proman, BPTT, and Woodside at the Office of Prime Minister on Thursday October 09.

Notably, the principal Proman representative, who was involved in the discussions, ducked out of a group photo taken after the meeting with Prime Minister Persad-Bissessar.

Also present at the meeting were Attorney General John Jeremie, Energy Minister Dr Roodal Moonilal, Minister in the Ministry of Energy Ernesto Kesar and National Gas Company (NGC) chairman Gerald Ramdeen.

Incidentally, Minister of Finance and Corporation Sole Davendranath Tancoo was not in the picture as evidence of having attended the meeting.

But he would surely have been briefed or given instructions at Thursday's subsequent Cabinet meeting on issues emanating to factor into his budget presentation on Monday (October 13).

According to a statement from the Office of Prime Minister (OPM), the conversations centred around strengthening energy security, attracting new investment, and unlocking fresh opportunities for growth and innovation.

These are nice sounding phrases. But they reveal precious little. It is likely that specific actions or measurable tangible benefits emanating from the talks will be announced during the 2025/2026 Budget presentation or ensuing debate over the coming days.

One big-ticket, big-money issue that begs being addressed in Tancoo's impending budget presentation is Proman's fraudulent purchase of 51 percent shares in Clico Energy from then executive chairman Lawrence Duprey in February 2009, in the midst of negotiating a government bailout agreement.

Duprey had sold CL Financial's (CLF) and Clico's combined 51 percent shares in Clico Energy to Proman for US$46.5 million, without board approval from parent company CLF (now in liquidation).

CLF owns 34 percent and Clico owns 17 percent shares respectively in Clico Energy. Proman held the remaining 49 percent stake at the time of sale/purchase.

CLF and Clico sued Proman. They claimed that the sale was improper because Duprey did not have the authority to make the sale and that the price was grossly undervalued.

In his 2021 Judgement, Justice Devindra Rampersad voided the sale and ruled that Duprey acted "oppressively and prejudicially".

Justice Rampersad ordered Proman to return ownership of the shares to CLF and Clico and pay parent company CLF the dividends it collected (with interest).

He also ordered CLF to reimburse Proman the purchase price plus interest.

Proman appealed the High Court's judgement. In 2023, a three-judge panel comprising Justices of Appeal Alice Yorke-Soo Hon, Gregory Smith and Vasheist Kokaram upheld Justice Rampersad's High Court decision, and made a further ruling that the transaction involved fraud.

Proman sought and was granted leave in early 2024 to challenge the Court of Appeal's decision in the Privy Council.

Proman was ordered to deposit dividend payments up to August 2024 into an escrow account pending the outcome of the case. It had deposited US$193 million, according to the most recent Liquidator Report.

As far as the public record shows, no Privy Council appeal is listed in respect of this matter.

However, Head of External Communications & Government Relations at Proman AG, David Hart, has stated via email that Proman had filed an appeal to the Privy Council in March 2024.

He said the company is yet to be informed by the Privy Council when the case will be heard.

The CLF liquidator has a fiduciary responsibility to ensure that Proman complies with applicable court Orders.

It appears, though, that he is more invested in dissipating and seeking to sell off other CLF assets at fire sale prices to financiers, friends and family of the former People's National Movement (PNM) government. (Click links below for related stories).

The government, as creditor, also has a definite interest in recovering taxpayers' bailout loan extended to CLF.

Besides, the government also holds stakes in CLF and Clico via shares acquired in loan reduction swaps.

These are solid reasons why Tancoo needs to pronounce on steps to bring closure to the illegal Proman purchase of CLF/Clico shares in Clico Energy, because that would have direct bearings on increasing the state's capacity to earn additional revenues in valuable US Dollars.

Other beneficial shareholders are also anxious for a comprehensive update on the status of affairs at CLF, which has been shrouded in secrecy under the connivance of former Finance Minister and Corporation Sole Colm Imbert and sidekick liquidator Mark Byers.

Shareholders are also anxious to see if the government, as creditor, will pivot away from the corrupted liquidation route adopted by the previous PNM administration, by returning to a prefered shareholders agreement intimated by Persad-Bissessar.

The latter is widely considered as a more sensible mode of moving forward in the mutual interest of all shareholding parties and in a manner to stimulate sustainable economic growth, since optimization of operating assets has been stymied under the liquidator.

It will be a travesty of justice if, in his budget presentation, Tancoo does not also comprehensively address the critical issue of reconstituting the Clico Energy board (now known as Process Energy Trinidad Limited) to reflect a majority of CLF and Clico directors as per their 51 percent ownership stake in the company in accordance with the applicable court order.

The population will be watching with hawks' eyes at the new Kamla Persad-Bissessar administration's first budget since recapturing power following the April 28, 2025 general elections.

It will define whether action speaks louder than words in more ways than one.

CLICK LINKS BELOW FOR RELATED STORIES:

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11/10/2025

LIVE: PRIME MINISTER HOSTS SIPARIA CONSTITUENCY ANNUAL DIWALI CELEBRATIONS AT CONSTITUENCY OFFICE IN PENAL (October 11, 2025)

Join us as Prime Minister Hon. Kamla Persad-Bissessar, S.C., M.P. hosts her Diwali celebration at the Siparia Constituency Office.

11/10/2025

TT DEFEAT BERMUDA 3-0..To Keep World Cup Qualifying Hopes Alive

Match played at Bermuda National Stadium.

GOALSCORERS:
●Dante Sealy 10th min
●Tyrese Spicer 30'
●Kobi Henry 49'

Curacao registered a 2-0 home win against Jamaica in the other Group B encounter.

Trinidad and Tobago will travel to Curacao for their next fixture on Tuesday October 14. Jamaica will take on Bermuda in a return encounter.

Curacao sits atop the Group B standings with 7 points from three matches. Jamaica is second on 6 points with Trinidad and Tobago two points adrift in third. Bermuda is without a point.

09/10/2025

US AIRFORCE PLANE HAS JUST TOUCHED DOWN AT PIARCO AIRPORT