Plipdeco issues notice of its president being sent on leave

THE Port Lisas Industrial Development Corporation (Plipdeco) has given official notice to the TT Stock Exchange (TTSE) about its president, Ashley Taylor, being sent on administrative leave.

The notice was issued on September 11.

Plipdeco said Taylor was placed on leave on July 29. The company said this was done in accordance with Section 64 (1)(b) of the Securities Act.

Plipdeco added that its vice-president (technical services) Dr Averne Pantin has been appointed to act as president while Taylor is on leave.

Reports claim Taylor was sent on leave as a result of questions about contracts negotiated during his 16 years at Plipdeco.

One was allegedly the terms of the lease agreement between Plipdeco and TT Iron and Steel Company in July, regarding the defunct, former Arcelor Mittal steel plant in the Pt Lisas Industrial Estate. Plipdeco is the owner of the estate.

TT Iron and Steel acquired the plant from its liquidator Christopher Kelshall on July 26.

ArcelorMittal closed its operations in Trinidad in March 2016.

The plant was then put in the hands of Kelshall, who signed the purchase agreement with TT Iron.

In a statement in July, TT Iron said it will immediately begin planning the refurbishment of the plant. The company did not disclose how much it paid for the plant.

It said, "This is a private transaction, bound by confidentiality agreements."

In Plipdeco's condensed consolidated interim financial statement for the six months that ended June 30, its chairman Daniel Dookie welcomed TT Iron and Steel as a new tenant on the estate.

"This move aligns with our commitment to fostering industrial growth and the provision of a conducive environment for business to thrive," he said.