Government debt to contractors only about $1.5B: Elias

Contractor Emile Elias has told the Express newspaper the Trinidad and Tobago government is not owing local contractors the $7 billion that is being reported, calling that figure a "wild sum".

Elias told the paper the figure is closer to $1.5 billion.

"The sum owed to the construction industry as a whole – and not just contractors – is estimated to be in the region of $1.5 billion and not the wild sum being mentioned from time to time,"the head of NH International head said.

Elias added that the figure includes monies owed not only to the builders but also to personnel such as engineers and surveyors.

He said he and others who are owed money are asking cabinet to determine the exact figure and the manner in which the debt would be paid. COntractors agreed in September that they would be happy to accept interest-bearing government bonds to settle some of the debt.

However, Finance Minister Winston Dookeran has suggested that is not the best plan since it would become a more costly debt burden on thye country.

Elias told the Express it would be best for a committee representing all parties to meet to verify all records and transactions "to establish precisely what is owed and what can be negotiated, validated and agreed upon." 

He added, "There is a need for a process by which the sums owed can be verified, quantified and tabulated so that the Finance Minister knows exactly what the debts are that he has inherited."

He said the Joint Consultative Council (JCC) has agreed in principle to such a committee, which could include members of the JCC as well as personnel from the relevant government ministries.

"Once that is completed then there can be discussions as to how the sum can be paid," Elias said. He added, "The most important issue is to establish a mechanism by which to verify the amount owed by the State."