Updated: MF Panorama sold for $2.2m

The MF Panorama was sold for $2.2 million, substantially below the $114 million it was bought for, an environmental activist has disclosed.

Trinidadian Marc de Verteuil, in a video posted on the Papa Bois Conservation group's Facebook page, reports that he found out the ferry was sold for US$350,000 – TT$2.2 million at the prevailing exchange rate at the time – through a Freedom of Information Act (FOIA) application. He is seen enjoying a trip on the vessel in the Mediterranean. The Panorama, which served as the inter-island ferry in the 1990s, was bought in 1987 for $114 million by the NAR government.

The Panorama was sold to a Greek operator in August 2010, according to the reply to de Verteuil's FOIA application. At that time, the Kamla Persad-Bissessar People's Partnership administration was in office. In 2016, UNC Tabaquite MP Suruj Rambachan had queried the sale, noting how much the ferry was sold for was not known, only that it had been bought by a Greek operator which put it back into service.

Works and Transport Minister Rohan Sinanan yesterday said he did not know anything about reports that the Panorama had been upgraded and has successfully set sail in the Mediterranean, adding he preferred not to comment.
Sinanan said, "I have no information on that so I can't comment on that. My information is that it was sold sometime in 2009 and that's all I can say. I don't even know what you are talking about."

Opposition Senator Wade Mark yesterday said the development was not surprising, but accused the ruling PNM of selling out TT's resources for what he described as a "song and dance."
"The PNM has been in the business of selling out the people's assets for a very low price. What happened with the Panorama is not shocking or surprising.

"Imagine we are being told through this video that the man was able to receive the information from the Freedom of Information Act.

"It tells us as a nation that the Government is selling our jewels without any proper analysis, assessment or evaluation. If the government spent the kind of money they did on the Panorama that this company did, we would have it operating on the seabridge right now."
The report on the Panorama surfaced as Government is set to lease the ferry Jean de la Valette from Malta at an estimated $99 million for a year.

This story has been corrected to reflect that the MF Panorama was sold in August 2010. Below is the version that was initially published.

The MF Panorama was sold for $2.2 million, substantially below the $114 million it was bought for, an environmental activist has disclosed.

Trinidadian Marc de Verteuil, in a video posted on the Papa Bois Conservation group's Facebook page, reports that he found out the ferry was sold for US$350,000 – TT$2.2 million at the prevailing exchange rate at the time – through a Freedom of Information Act application. He is seen enjoying a trip on the vessel in the Mediterranean. The Panorama, which served as the inter-island ferry in the 1990s, was bought in 1987 for $114 million by the NAR government.

The Panorama was sold to a Greek operator under the Patrick Manning administration before the May 2010 general election. In 2016, UNC Tabaquite MP Suruj Rambachan had queried the sale, noting how much the ferry was sold for was not known, only that it had been bought by a Greek operator which put it back into service.

Works and Transport Minister Rohan Sinanan yesterday said he did not know anything about reports that the Panorama had been upgraded and has successfully set sail in the Mediterranean, adding he preferred not to comment.

Sinanan said, "I have no information on that so I can't comment on that. My information is that it was sold sometime in 2009 and that's all I can say. I don't even know what you are talking about."

Opposition Senator Wade Mark yesterday said the development was not surprising, and accused the ruling PNM of selling out TT's resources for what he described as a "song and dance."
"The PNM has been in the business of selling out the people's assets for a very low price. What happened with the Panorama is not shocking or surprising.
"Imagine we are being told through this video that the man was able to receive the information from the Freedom of Information Act.

"It tells us as a nation that the Government is selling our jewels without any proper analysis, assessment or evaluation. If the government spent the kind of money they did on the Panorama that this company did, we would have it operating on the seabridge right now."

The report on the Panorama surfaced as Government is set to lease the ferry Jean de la Valette from Malta at an estimated $99 million for a year.

This story was originally published with the title, MF Panorama sails again...but in Greece, and has been adjusted to include additional details. See original post below.

Works and Transport Minister Rohan Sinanan says he does not know anything about reports that the MF Panorama has been upgraded and has successfully set sail in the Mediterranean, adding he preferred not to comment on the matter.

Newsday spoke to Sinanan this afternoon in relation to a video posted to social media which purports that the Panorama – which was sold under the Patrick Manning administration before the May 2010 general election for US$350,000 (TT$2.2 million at the prevailing exchange rate at the time) – has been refurbished by a Greek operator and made operational for the cost of TT$114 million.
"I have no information on that so I can't comment on that. My information is that it was sold sometime in 2009 and that's all I can say. I don't even know what you are talking about," said Sinanan.
The video which was posted by the Papa Bois Conservation's Facebook page, features Trinidadian Marc De Verteuil as he gives details on the sale of the Panorama which served as the inter-island ferry in the 1990s.

UNC Tabaquite MP Suruj Rambachan had queried the sale in 2016.

Opposition Senator Wade Mark today said the development was not surprising and accused the ruling PNM of selling out TT's resources for what he described as a "song and dance."
"The PNM has been in the business of selling out the people's assets for a very low price. What happened with the Panorama is not shocking or surprising, imagine we are being told through this video that the man was able to receive the information from the Freedom of Information Act.

"It tells us as a nation that the government is selling our jewels without any proper analysis, assessment or evaluation. If the government spent the kind of money they did on the Panorama that this company did, we would have it operating on the sea bridge right now."
The report on the Panorama surfaces as Government is set to lease the ferry Jean de la Valette from Malta at an estimated $99 million for a year.