On Friday last week Ramlogan stated that his office is conducting an investigation to find out more about the People's National Movement government expenditure of more than $1 billion on the Broadgate Place project in Port of Spain.
Ramlogan said former public administration minister Kennedy Swaratsingh ignored warnings from lawyers in his ministry, about a loan which could cost taxpayers up to a $1 billion in default.
He said the loan involved Transcorp, a heavily indebted company, a shell company by the name of Broadgate which was established and the provision by the State of a US$20 million guarantee for a loan which was taken from the Barbados branch of the First Caribbean International Bank.
However directors of Broadgate and Transcorp issued a release Monday expressing great concern over statements made by Ramlogan.
It said the statements by the AG has caused "great embarrassment to our companies and by extension our shareholders."
It added, "We wish to categorically place on record that the Broadgate Place Project...is...completely bereft and devoid of any and all corruption, scandal and any wrongdoing whatsoever, totally above board and can withstand any scrutiny and investigation."
It said it began negotiations for the project since in 2004 and signed the documentation, including a valid agreement to lease, on June 17, 2009.
"We are deeply saddened and disappointed by the utterances made by the Honourable Attorney General in the public domain which seems quite unfortunate, as it appears that he may not have been fully appraised of all the facts of this entire transaction," the release said.
It added: "All efforts to meet with the new Government administration between the period June 7, 2010, to the present have proven to be futile and unsuccessful."
The release said the directors of Transcorp and Broadgate remain committed to the principles of transparency and integrity in their corporate governance and all undertakings.
"In this regard, we remain available to meet with the Honourable Attorney General and his team in order to provide clarity on the issues involved in this transaction in the interest of all stakeholders of which the people of Trinidad and Tobago remain beneficiaries."
In a related development, The University of Trinidad and Tobago (UTT) on Monday denied that it has ever been involved in any transaction in any capacity with Transcorp.
"The University of Trinidad and Tobago wishes to place on record it has never entered into any transactions whether as lender, investor, joint venture partner or otherwise with the company named Transcorp and at no time was Transcorp indebted to UTT in the amount of US$20 million or at all", UTT stated.
It added, "Further, at no time did UTT receive any payment of US$20 million or any other amount from Transcorp, Broadgate or the Barbados branch of First Citizens International Bank in connection with the matters published in the said article or at all."
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