Last update: 07-Dec-2013 3:12 am
Saturday, December 07, 2013
Trinidad & Tobago Guardian Online
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Petrotrin linked Chinese investors to World GTL receiver PwC
In a sworn affidavit filed in a Port-of-Spain High Court on July 9, a senior Petrotrin manager/adviser to the president confirmed that after Chinese investors “expressed an interest” in the World Gas-to-Liquids (WGTL) plant, he “provided the contact information for the receiver to the delegation.” He said he did this “upon request and after confirming with the receiver via phone call.” Petrotrin appointed PricewaterhouseCoopers (PwC) the receiver when WGTL went into receivership.
Imtiaz Ali, now a senior manager/adviser to Petrotrin president Khalid Hassanali, who at the time was a senior manager for strategy and business development, said in his affidavit: “I attended a meeting with Petrotrin’s Mr Hemraj Ramdath, vice-president, strategy and business development, and two investors of Chinese origin on or around December 12, 2012. “These investors represented a company named Beijing Oriental Yuhong Waterproof Technology Company Ltd. The investors expressed the desire to establish an asphalt plant in T&T and, in that vein, wanted to enquire whether they could purchase feedstock, namely, bitumen and slops from Petrotrin. They also enquired about pricing and available volumes. “At the said meeting, the investors also enquired about WGTL plant and I informed them that the plant was in receivership. They expressed an interest in the plant and I verily informed them that the plant was being administered by a receiver. Upon request and after confirming with the receiver via phone call on said date, I provided the contact information for the receiver to the delegation.
“The WGTL plant is located within Petrotrin’s compound. Invariably, visitors are not allowed to enter Petrotrin’s compound unless passes and orientation are provided. It is WGTL that requested those items from Petrotrin’s security. True copy of the e-mails from WGTL to Petrotrin requesting Petrotrin to issue passes and orientation is now produced shown to me and is hereto annexed and marked I.A. 6.” In the annexed document, there is a gap and lack of alignment between the first name and the remaining eight names of the Chinese investors. The e-mails also lack chronological order. On June 28, New York-headquartered NiQuan Energy filed an application for an injunction against PwC, alleging that the receiver, PwC partner Brian Hackett, lacked “good faith,” engaged Chinese investors, and breached the terms of an exclusivity agreement signed with NiQuan.
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