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TSTTdelays NEL financial statements

Wednesday, July 9, 2014

National Enterprises Ltd (NEL) officials have told the T&T Stock Exchange they will not be able to file their consolidated financial statements for the period ended March 31 within the time frame prescribed under the Securities Act. NEL was required to publish its financials by June 30 but was unable to do so “entirely due to circumstances beyond NEL’s control,” the company said. 


NEL’s sole revenue generating assets are the shares in its investee companies. However, it is still awaiting the 2013 audited financial statements, with appropriate notes, of Telecommunications Services of T&T (TSTT) one of its investee companies. TSTT has not completed and signed off on its 2013 audited financial statements due to the voluntary separation programme (VSEP/VEERP) offered to its employees. NEL’s auditors PKF said they could not complete the financials without TSTT audited financials. 


NEL expects to complete and publish its audited consolidated financial statements before the end of this month.