Lee: Keep an eye on NGC chairman Khan

UNITED National Congress deputy leader David Lee called NGC chairman Joseph Ishmael Khan someone “to keep an eye on” after the revelation of the company’s $1.3 billion loss and the way it was announced.

Lee didn’t mince words at the UNC’s cottage meeting at the party headquarters in Chaguanas on December 16, raising alarms about NGC’s massive loss for 2023.

“This is the second time in three years that the NGC has reported a loss of such magnitude,” Lee said. “The same government that claimed to have stabilised the energy sector is responsible for a business model that has historically generated billions in profits, only to now be in a position of vulnerability, having recorded two massive losses in just three years. Those losses total $3.4 billion.”

Lee wasted no time holding the government accountable, calling out the PM and Energy Minister Stuart Young for mismanaging the energy sector. He pointed to the PNM administration’s handling of the NGC, accusing them of creating the conditions that led to these financial setbacks.

“This government is the same one that boasted about restoring growth to the energy sector,” Lee said. “But the truth is, they’ve broken NGC. Only Rowley and Young could turn a successful business model into one that now suffers significant losses.”

Lee’s criticism extended beyond the losses. He also focused on what he described as the government's lack of transparency. He specifically took aim at Khan for the way the loss was revealed during a recent press conference.

Last week, NGC officials held a press conference behind closed doors in a hotel in Port of Spain to announce the 2023 results.

“The timing is suspicious, as we’re nearing the end of 2024, yet they’re only now making this announcement. What else are they hiding at NGC?”

Lee also addressed NGC chairman Khan’s reported earnings of about $114,000 a month in board fees, while the company is reporting significant losses.

He also criticised Khan for spending over $210,000 on overseas travel while the company struggles.

“Can you imagine? The NGC chairman is travelling the world at taxpayers' expense, and yet this same company has lost $1.3 billion. This government wants to say we’re attacking individuals, but the real attack is on every citizen of this country, due to the failed management of NGC.”

Lee also addressed the delay in naming a new president for NGC, suggesting the current chairman may be stalling due to political motivations.

“Why is the chairman delaying the appointment of a new president?” Lee asked. “Could it be because the chairman knows the PNM will lose the next election, or is he just trying to collect more board fees?

"Either way, it’s the taxpayers who are suffering.”

Lee questioned the government’s handling of ongoing projects, specifically the Dragon Gas Project. He also referred to Rowley’s recent trip to Barbados, questioning its significance in light of an impending change in the US administration.

“Minister Young has never delivered any results in the energy sector,” Lee said. “Yet he continues to act as if he is the sector’s expert. It’s time for accountability, and the government needs to stop playing politics with the future of NGC and TT’s energy sector.”