The unit Trust Corporation (UTC) stated Tuesday that it assigned the $320 million invested in the corporation by former employees of Caroni (1975) Limited to the Agricultural Development Bank (ADB) in 2009.
The money was invested in the UTC's Individual Retirement Unit Account (IRUA) Fund. A media release from the UTC stated: “Over 3,100 Caroni workers had their debts to the ADB fully repaid as a result of an agreement between the UTC and ADB.”
The IRUA fund was supposed to yield an interest of 12 per cent, compounded over a six-year period up to August 2009. However the UTC reneged on that agreement saying it was unable to honour it because fund performed poorly, due to the international economic crises in 2008-2009.
In 2003, the former sugar workers were encouraged to invest their separation funds in the UTC with the promise of generous interest that would help them repay loans from the ADB to buy lands from Caroni.
On Monday a delegation met with Food Production Minister Vasant Bharath who promised to get the new ADB board to look into the matter. However he said he did not want to raise anyone's expectations.
Read the story: Ex-sugar workers demand $$ owed by UTC; Minister Bharath to investigate
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Jai & Sero
Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai
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