Mark repeats call for NiQuan probe

OPPOSTION Senator Wade Mark has reiterated the UNC's call for an "independent, criminal, forensic, investigation" into NiQuan Energy.

He did so at a news conference at the UNC's headquarters in Chaguanas on May 19.

Mark repeated the UNC's claims that the company was "the scam of the century."

He claimed NiQuan's genesis pre-dated the current government's tenure and began 20 years ago under the former Patrick Manning administration.

"It was a virtual cash cow that the PNM was milking while fleecing the taxpayers of billions and billions of dollars."

Mark claimed that approximately US$400 million were wasted behind the establishment of NiQuan.

As members of the former Manning cabinet, Mark said the Prime Minister and Finance Minister Colm Imbert had questions to answer on the matter.

He claimed during its lifespan, Niquan benefitted from sweetheart arrangements such as free electricity from now defunct state oil company Petrotrin and Value Added Tax (VAT) being waived on anything the company imported.

Mark wondered if similar arrangements existed with regard to NiQuan's access to water.

"This is criminal misconduct. This is misconduct in public office."

He claimed the actions of the PNM were the reason why NiQuan would soon go "belly up."

Mark called on any entity which invested in the company to publicly declare their interests.

On May 13 in the House of Representatives, Energy Minister Stuart Young said Government would pursue payment of monies owed to the State-run Upstream Downstream Company by NiQuan which is now subject to possible wind-up petitions.

"The TT Upstream Downstream Energy Operations Company Ltd, in accordance with provisions under its gas supply contract with NiQuan Energy Trinidad Ltd (NiQuan) terminated the said contract in August 2023 due to non-payment of invoices. Over US$21 million was owed by NiQuan at that time.

"In addition, TT Upstream Downstream is currently not actively involved in any wind-up petitions against NiQuan Energy Trinidad Ltd. Proceedings against NiQuan remain sub judice.

"Finally, the Government is seeking legal advice to pursue the recovery of all monies owed by NiQuan Energy to TT Upstream Downstream and/or the Government."

NiQuan's creditors have until June 3 to decide on their position on the winding-up of the financially-crippled gas-to-liquids company.

Justice Westmin James made this ruling when he presided over a hearing of a winding-up petition for NiQuan in the High Court on May 3.