Sunday, May 5, 2013

Petrotrin files $2B lawsuit

The office of the Attorney General on Friday filed a $2 billion lawsuit arising out of a forensic report into the construction of the failed Gas-to-Liquids (GTL) plant at State-owned Petrotrin’s operations, in Pointe-a-Pierre.

The lawsuit was filed on behalf of Petrotrin and named the energy company's former executive chairman Malcolm Jones as the defendant. 
The State is claiming damages amounting to $1.2 billion. 

Petrotrin is claiming that there was a breach of fiduciary duty in the management of the construction of the GTL plant at Pointe-a-Pierre. Petrotrin spent $2.7 billion to build the plant which was supposed to convert natural gas into a more ozone friendly liquified form of diesel.

It contracted World GTL Inc to equip the plant with the necessary technology to get it up and running. However the plant ended up being scrapped because it was non-functional because it lacked the appropriate technology.
Read the full story by AZARD ALI in Newsday

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai