[UPDATED] Imbert on land deal allegations: My hands are clean

FINANCE Minister Colm Imbert said his acquisition of land at Picton Street, Port of Spain, was above-board and done at prevailing market prices (by buying company shares,) as he defended himself against Opposition allegations of impropriety.

In the Senate on Wednesday, Imbert, in a personal explanation, replied to Senator Wade Mark’s question as to whether he had paid $1.7 million for land worth $12 million, so denying the State proper stamp duty.

Imbert hit Mark for "false allegations under the cover of parliamentary privilege," on the alleged non-payment of millions of dollars in stamp duty.

“Senator Mark also insinuated that as Minister of Finance I was somehow involved in money laundering and land fraud."

He lamented the wide publication of the accusations and said the Senate had been abused to defame his character and spread untruths.

Imbert said all of Mark's allegations were false.

“Contrary to Senator Mark's outrageous insinuations, I did not, in my capacity as Minister of Finance or otherwise, purchase any such land in Port of Spain at an undervaluation, nor did I deprive the Treasury of stamp duty nor did I engage in land fraud.”

Imbert said in December 2012, when he was in the opposition, and the UNC was in government, he had acquired the shares in a company that owned the land.

He said the law says stamp duty owed on the transfer of company shares is calculated as the greater of either $5 per $1,000 of the actual payment made for the shares or $5 per $1,000 of the shares value as determined by the company's auditor.

“The company was not transacting any business at the time in 2012, and the company's auditor, a chartered accountant, valued the 30,000 issued shares in the company at $1 per share at par value, which would yield stamp duty of $150, if the value of the shares was the determining factor."

However, Imbert said the company, which owned land in Port of Spain as its only asset, was being offered for sale for $7.5 million. His own certified valuation surveyor then valued the land at $7.5 million.

“One month later, in December 2012, I purchased the 30,000 issued shares in the company for the asking price of $7.5 million. I did not, as Senator Mark has falsely alleged, buy the land or company in question for $1.75 million.

As the actual payment exceeded the nominal value of the shares, the Board of Inland Revenue assessed the stamp duty based on the former, $5 per $1,000 of the actual payment (of $7.5 million,) which Imbert's attorneys paid in January 2013. He did not state the sum paid in stamp duty.

“It is also noteworthy that neither the property nor the company has ever been valued at $12 million by anyone."

He said he was in no transaction for the sale, purchase or conveyance of title of the land before he acquired the shares in the company that owned the land.

“In summary, there is no truth whatsoever to Senator Mark's false allegations of tax evasion, land fraud, and money laundering with respect to the acquisition of this company by me or its associated land.”

Imbert said the land and the shares are not held in any hidden trust deed or secret trust.

He said the share ownership has been listed in the Companies Registry since the company was formed by its previous owners in 2010.

Imbert had also declared his ownership of the company to the Integrity Commission, and its value, since 2013.

“Senator Mark has made false and defamatory accusations about me without a shred of evidence, and without any factual basis whatsoever. As has occurred before in my case, he cannot produce a single document to back up his false allegations, whereas I have the documentary evidence that confirms that what he has said is simply not true.”

Later on Wednesday, Imbert called a virtual media conference to say what he would not in Senate as he emphasised that his hands were clean of any wrong doing.

Imbert disclosed that he paid $37,500 in stamp duties and he had mortgaged his home, took an additional loan and used savings to pay for the shares in the company.

Imbert said he would consider taking Mark to the Privileges Committee although that process will take months even years to be adjudicated resulting in Mark’s possible suspension from the Senate. He called on Mark to repeat the allegation outside of the protection of parliamentary privilege.

“With that comes the whole question of responsibility and that is why there is the privileges committee.”
(With reporting by Jensen La Vende)

This story has been adjusted to include additional details. See original post below.

FINANCE Minister Colm Imbert said his acquisition of land at Picton Street, Port of Spain, was above-board and done at prevailing market prices (by buying company shares,) as he defended himself against Opposition allegations of impropriety.

In the Senate on Wednesday, Imbert, in a personal explanation, replied to Senator Wade Mark’s question as to whether he had paid $1.7 million for land worth $12 million, so denying the State proper stamp duty.

Imbert hit Mark for "false allegations under the cover of parliamentary privilege," on the alleged non-payment of millions of dollars in stamp duty.

“Senator Mark also insinuated that as Minister of Finance I was somehow involved in money laundering and land fraud."

He lamented the wide publication of the accusations and said the Senate had been abused to defame his character and spread untruths.

Imbert said all of Mark's allegations were false.

“Contrary to Senator Mark's outrageous insinuations, I did not, in my capacity as Minister of Finance or otherwise, purchase any such land in Port of Spain at an undervaluation, nor did I deprive the Treasury of stamp duty nor did I engage in land fraud.”

Imbert said in December 2012, when he was in the opposition, and the UNC was in government, he had acquired the shares in a company that owned the land.

He said the law says stamp duty owed on the transfer of company shares is calculated as the greater of either $5 per $1,000 of the actual payment made for the shares or $5 per $1,000 of the shares value as determined by the company's auditor.

“The company was not transacting any business at the time in 2012, and the company's auditor, a chartered accountant, valued the 30,000 issued shares in the company at $1 per share at par value, which would yield stamp duty of $150, if the value of the shares was the determining factor."

However, Imbert said the company, which owned land in Port of Spain as its only asset, was being offered for sale for $7.5 million. His own certified valuation surveyor then valued the land at $7.5 million.

“One month later, in December 2012, I purchased the 30,000 issued shares in the company for the asking price of $7.5 million. I did not, as Senator Mark has falsely alleged, buy the land or company in question for $1.75 million.

As the actual payment exceeded the nominal value of the shares, the Board of Inland Revenue assessed the stamp duty based on the former, $5 per $1,000 of the actual payment (of $7.5 million,) which Imbert's attorneys paid in January 2013. He did not state the sum paid in stamp duty.

“It is also noteworthy that neither the property nor the company has ever been valued at $12 million by anyone."

He said he was in no transaction for the sale, purchase or conveyance of title of the land before he acquired the shares in the company that owned the land.

“In summary, there is no truth whatsoever to Senator Mark's false allegations of tax evasion, land fraud, and money laundering with respect to the acquisition of this company by me or its associated land.”

Imbert said the land and the shares are not held in any hidden trust deed or secret trust.

He said the share ownership has been listed in the Companies Registry since the company was formed by its previous owners in 2010.

Imbert had also declared his ownership of the company to the Integrity Commission, and its value, since 2013.

“Senator Mark has made false and defamatory accusations about me without a shred of evidence, and without any factual basis whatsoever. As has occurred before in my case, he cannot produce a single document to back up his false allegations, whereas I have the documentary evidence that confirms that what he has said is simply not true.”