Saturday, July 27, 2013

Former sugar workers to get $6.5M payout: Report

A scene from the past - labourers harvesting sugar canes by hand
The Government of Trinidad and Tobago is expected to announce on Saturday that an agreement has been reached for former workers of Caroni (1975) Limited to receive millions of dollars they invested in the Agricultural Development Bank (ADB) when the Manning administration closed the sugar company.

Local media reports say the announcement would come at a political rally to close the UNC election campaign for the Chaguanas West byelection.

The Express newspaper quoted co-ordinator for the ex-Caroni Workers Association and president of the Sugar Boilers Association, Rakeeb Mohammed as saying that Housing Minister Roodal Moonilal told him about the matter.

About 3,000 former sugar workers had made an investment in the ADB through an arrangement called the ADB/UTC Sweetener plan, which was designed by bank and the Unit Trust Corporation. 

The arrangement was to leave the money invested with the ADB in return for an ADB loan. The business arrangement was that the capital would grow and that the investors would benefit from a high interest yield. However, that didn't happen and the plan went into default, resulting in the non payment of the anticipated profit. 

The Express quoted Mohammed as saying that he held discussions with several government ministers about the issue and that he was assured that two weeks ago cabinet approved the payment of more than $6.5 million to the affected former sugar workers.

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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