N Touch
Tuesday 21 May 2019
Current Weather Conditions in T&T25oC   Clear
follow us
News

Moonilal: Investigate $0.5b NCB Global linked to minister’s brother

LISTEN UP: Oropouche East MP Dr Roodal Moonilal seeks answers from the government during yesterday’s debate on the mid-year budget review in the Parliament.
LISTEN UP: Oropouche East MP Dr Roodal Moonilal seeks answers from the government during yesterday’s debate on the mid-year budget review in the Parliament.

OROPOUCHE East MP Dr Roodal Moonilal has called for a full investigation into NCB Global Finance which has had half a billion in transactions across the state sector and whose CEO in 2014 was the brother of a government minister.

He made the call during the debate on the mid-year budget review in Parliament yesterday.

Moonilal recalled, on December 17, 2018 he asked the Prime Minister if he was aware NCB Global Finance had loaned $180 million to Udecott and at the bank there were relatives of a Government minister. He said Rowley responded he did not know “who sleep with who and who is cousin of who.”

Moonilal said he filed a written answer on the issue and received a response 72 hours ago. He said Udecott changed from the Housing Ministry to the Office of the Prime Minister on November 14, 2018 and the next day the $180 million loan to Global Finance was signed off on.

Moonilal said Global Finance “the young kid on the block” in financial circles got into business with the government prior to 2015. He reported Home Mortgage Bank selected Global Finance to do a transaction to sell shares of JMMB involving $46.9 million.

“Why would the Home Mortgage Bank select another mortgage bank, a competitor, to enter into a deal involving shares in a Jamaican-based company?”

He stressed NCB Global Finance is a foreign-owned bank registered in TT.

Moonilal also reported National Flour Mills (NFM) in July 2016 approved a loan with Global Finance of US $10 million due to NFM’s difficulty to access US currency. He said NFM did not go to any local banks but to Global Finance. Moonilal said NFM then made an investment in Global Finance of $75 million and pointed out the chairman of NFM has a directorship or some position with JMMB which has a relationship with Global Finance.

“And the chairman is there approving this and participating. Himself to himself. This is a very serious matter that requires investigation.”

He also said National Insurance Board invested $35 million in a private company called Guardian Holdings Limited and the lender and arranger is Global Finance.

“This is the Calder Hart, Udecott story all over again.”

Moonilal also reported on forex transactions between Global Finance and Trinidad Nitrogen Company from September 2015 to present to the tune of $91 million, and that Global Finance provided loans for the Tourism Development Company.

He said Global Finance entered TT financial landscape and in a short time their asset base moved from $115 million in 2015 to $350 million in 2017 or a 200 per cent jump with no significant capital injection.

Today's Most Popular
Comments

Reply to "Moonilal: Investigate $0.5b NCB Global linked to minister’s brother"

News