eTecK chairman: We will recover money owed

ETECK chairman Imtiaz Ahamad says the company takes the issue of debt seriously and will be making significant improvements in terms of collections.

He was speaking yesterday as the Joint Select Committee (JSC) on State Enterprises met with officials of eTecK and representatives of the Trade Ministry at the Parliament building.

Ahamad said eTecK had been taking many actions which were bearing fruit.

“The legal department has been busier than it has ever been.”

JSC member Ancil Antoine said several state entities were owing money to eTecK and he asked what was the timeframe for recovery. ETecK assistant vice president finance Solange Henry said the company had followed up with line ministries and established a payment plan structure to recover all money owed to eTecK over a 12-month period. JSC chairman David Small said the debtors’ profile was $14 million with eight owing half a million and one almost a million and described 12 months to pay as “generous.”

JSC member Fazal Karim asked if the University of Trinidad and Tobago (UTT) was indebted to eTecK. ETecK vice president corporate services Maureen Singh said UTT had built a campus on Tamana InTech Park, the project was 90 per cent completed and UTT’s administrative offices were due to be relocated in September/October 2018. She reported eTecK had presented a letter of offer last September and UTT was seeking funding to satisfy the letter of offer which was $4 million for 140 acres.

At the end of the sitting, Small said the committee was satisfied with the oral response from the eTecK team and noted the team had made no request for extra time.

“We have had challenges from other entities.”

He said eTecK had grasped the responsibility to the people of this country and were trying to fix problems in a methodical, business strategy.

“(Trade Industry) permanent secretary (Frances Seignoret) you should be proud of the entity and the way the management has been tackling problems with seriousness and sobriety.”