Ramlogan brings in British QC to advise on $B Broadgate project

One day after The Board of Directors of the Transcorp Development Company Ltd and Broadgate Place Property Company Ltd issued a media release calling accusations by Attorney General Anand Ramlogan "inaccurate and misleading", Ramlogan announceed that the government has retained Queen's Counsel Allan Newman to look into the 26-storey Broadgate Place building project in downtown Port of Spain.

And Ramlogan called on former public administration minister Kennedy Swaratsingh and former prime minister Patrick Manning to explain details of the Broadgate building, which was scheduled to be built at South Quay.

Ramlogan told reporters the matter is one of "national concern".

He explained that the deal for the Broadgate retail space involved a US$20 million debt owed to the Unit Trust Corporation and then another loan from First Caribbean International Bank to the Transcorp and Broadgate Place Property companies involved in the project.

He said the Manning administration approved the agreement and guaranteed repayment of the loan, which commits the current administration to a $1 billion debt.

He told reporters the previous government guaranteed a loan for a private developer and therefore he is seeking Newman's advice on whether there is a possible case for fraud.

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