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Re: PNM in Gov't

this is how we do it.......

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hover11
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Re: Re: PNM in Gov't

Postby hover11 » May 28th, 2022, 5:31 pm

daxt0r wrote:similar to me?? i work in the private sector, this ent d land ah milk an honey, yuh work hard and collect yuh due pay at the end of the month. Increases, comission and bonuses are merit based as it should be and not because of some dumb collective agreement.
Survive and scrape by like all the rest of us folks who work for much less and have to perform or is immediate termination, and those who aren't fortunate to have permanent designation and its benefits as yourself, those who if they sick and still have to work or one day home means is termination, those who do get a dime in compensation like the divers if they get injured/die.

I agree with you that its a bad move for the economy but still has the benefit i guess of *going green* even if its in name only and for them an dey big boy pandas to bring in some high end EVs lol.

what is the benefit though of paying more money to those public servants that are already ineffcient and grossly underperform even if there are some are small handful diligent at their job like yourself? And this would be a recurrent expenditure unlike a tax waiver that the minister can cancel at any time.
So the public must give a bonus to:
1) The license officers who gives ah ticket in badmind and always moving slow when yuh trying to do a simple task
2) The police officers who does gives FULs to dey panda, and kill d fellas dat eh operating under dem or the criminal friends cartel. Or those officers who refuse to take reports and can only gang up and look bad to come to pick up the child/woman lifeless body after the fact.
3) The nurse an doctors who does watch people mother and father laying down on d ground in the waiting room groaning an say it coffee break time. or those who don't have time to see you at the hospital but can slip you a card to come in their private practice.
4) The IRD folks who does watch yuh in yuh eye when you waiting line long till outside ppl getting wet in the rain and dey will just sit dey like a pomyone until somebody start to jacka$$ up d scene.

Regardless, if this massive increase is paid, a greater rate of inflation will set in due to the fact that the public service does not contribute productively in economic terms, thus rendering the increased salaries to be just a dollar figure increase while those who work in the private sector will still be on the same meagre salary with no benefits remaining to suffer more with less purchasing power.

Here's a solution to take to the unions that i believe can work, allow the government to retrench with no benefits 30% of the workers in each respective service and increase the pay by 15% for the remaining workers. The increase could be potentially be more as lots of unnecessary high positions are created for poliitical appointees and friends and those positions get the higher pay so it would be more to spread around if they are removed. Or is it that value for money and the public service cannot coincide?
Dax

I understand where you coming from with regards to productivity, however, that is a management issue and the government is the employer who is not disciplining their employees that really stems from management and bureaucracy. Lemme ask you a follow up question , you outlined alot of public servants and their shortcomings ,however, I did not see you mention politicians who are the highest paid public servants who do less than desired. Their salaries were increased with no objection and little public discontent. How are we ok with them yet we have an issue with the workers? What is good for the goose must be good for the gander.

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Re: PNM in Gov't

Postby MaxPower » May 28th, 2022, 5:42 pm

Productivity is a culture issue.

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Re: Re: PNM in Gov't

Postby i_code_and_stuff » May 28th, 2022, 7:44 pm

if anything, i think this issue highlights that most of the public sector/union bodies are filled with entitled people who wish to complain, but cannot offer viable alternatives to the situation when prompted to do so (see response by JTUM leaders), simply because they do not understand numbers and mathematics. This is also why refusing the OWTU bid for the refinery was a wise move

they cite "inflation" as a justification for significant wage increases, but don't understand the extremely simple concept that you cannot significantly increase the wages of the largest workforce in a society, as a response to inflation, as all that does is further accelerate inflation like a snowball effect. every developed country in the world knows this, but smooth brain, lazy, gullible trinis want to pretend otherwise :lol:

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Re: Re: PNM in Gov't

Postby daxt0r » May 28th, 2022, 7:52 pm

hover11 wrote:
daxt0r wrote:similar to me?? i work in the private sector, this ent d land ah milk an honey, yuh work hard and collect yuh due pay at the end of the month. Increases, comission and bonuses are merit based as it should be and not because of some dumb collective agreement.
Survive and scrape by like all the rest of us folks who work for much less and have to perform or is immediate termination, and those who aren't fortunate to have permanent designation and its benefits as yourself, those who if they sick and still have to work or one day home means is termination, those who do get a dime in compensation like the divers if they get injured/die.

I agree with you that its a bad move for the economy but still has the benefit i guess of *going green* even if its in name only and for them an dey big boy pandas to bring in some high end EVs lol.

what is the benefit though of paying more money to those public servants that are already ineffcient and grossly underperform even if there are some are small handful diligent at their job like yourself? And this would be a recurrent expenditure unlike a tax waiver that the minister can cancel at any time.
So the public must give a bonus to:
1) The license officers who gives ah ticket in badmind and always moving slow when yuh trying to do a simple task
2) The police officers who does gives FULs to dey panda, and kill d fellas dat eh operating under dem or the criminal friends cartel. Or those officers who refuse to take reports and can only gang up and look bad to come to pick up the child/woman lifeless body after the fact.
3) The nurse an doctors who does watch people mother and father laying down on d ground in the waiting room groaning an say it coffee break time. or those who don't have time to see you at the hospital but can slip you a card to come in their private practice.
4) The IRD folks who does watch yuh in yuh eye when you waiting line long till outside ppl getting wet in the rain and dey will just sit dey like a pomyone until somebody start to jacka$$ up d scene.

Regardless, if this massive increase is paid, a greater rate of inflation will set in due to the fact that the public service does not contribute productively in economic terms, thus rendering the increased salaries to be just a dollar figure increase while those who work in the private sector will still be on the same meagre salary with no benefits remaining to suffer more with less purchasing power.

Here's a solution to take to the unions that i believe can work, allow the government to retrench with no benefits 30% of the workers in each respective service and increase the pay by 15% for the remaining workers. The increase could be potentially be more as lots of unnecessary high positions are created for poliitical appointees and friends and those positions get the higher pay so it would be more to spread around if they are removed. Or is it that value for money and the public service cannot coincide?
Dax

I understand where you coming from with regards to productivity, however, that is a management issue and the government is the employer who is not disciplining their employees that really stems from management and bureaucracy. Lemme ask you a follow up question , you outlined alot of public servants and their shortcomings ,however, I did not see you mention politicians who are the highest paid public servants who do less than desired. Their salaries were increased with no objection and little public discontent. How are we ok with them yet we have an issue with the workers? What is good for the goose must be good for the gander.


Well boy if you ever followed my posts you would realize i absolutely despise everything PNM and the legacy of the gimme-gimme culture and illegal immigrants they brought into voter pad and rape/rob/kill the nation so i'm definetely as disgusted as you and your coworkers about that but in the private sector we can't afford to go just protest lest we give up pay days, possible termination etc.
If you ask me get rid of them all, make GG executive president, let's get sum FULs dished out to all PAYE/NIS contributors and then lets go squash cockroaches Duterte style starting in all PNM strongholds. Ah know GG is chit but at least he have the balls an he might have he better friend dem in high places but hopefully he arrogance go at least help we rid the country of some leeches even if is to protect he big mouth. :D

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Re: Re: PNM in Gov't

Postby timelapse » May 28th, 2022, 7:55 pm

daxt0r wrote:
hover11 wrote:
daxt0r wrote:similar to me?? i work in the private sector, this ent d land ah milk an honey, yuh work hard and collect yuh due pay at the end of the month. Increases, comission and bonuses are merit based as it should be and not because of some dumb collective agreement.
Survive and scrape by like all the rest of us folks who work for much less and have to perform or is immediate termination, and those who aren't fortunate to have permanent designation and its benefits as yourself, those who if they sick and still have to work or one day home means is termination, those who do get a dime in compensation like the divers if they get injured/die.

I agree with you that its a bad move for the economy but still has the benefit i guess of *going green* even if its in name only and for them an dey big boy pandas to bring in some high end EVs lol.

what is the benefit though of paying more money to those public servants that are already ineffcient and grossly underperform even if there are some are small handful diligent at their job like yourself? And this would be a recurrent expenditure unlike a tax waiver that the minister can cancel at any time.
So the public must give a bonus to:
1) The license officers who gives ah ticket in badmind and always moving slow when yuh trying to do a simple task
2) The police officers who does gives FULs to dey panda, and kill d fellas dat eh operating under dem or the criminal friends cartel. Or those officers who refuse to take reports and can only gang up and look bad to come to pick up the child/woman lifeless body after the fact.
3) The nurse an doctors who does watch people mother and father laying down on d ground in the waiting room groaning an say it coffee break time. or those who don't have time to see you at the hospital but can slip you a card to come in their private practice.
4) The IRD folks who does watch yuh in yuh eye when you waiting line long till outside ppl getting wet in the rain and dey will just sit dey like a pomyone until somebody start to jacka$$ up d scene.

Regardless, if this massive increase is paid, a greater rate of inflation will set in due to the fact that the public service does not contribute productively in economic terms, thus rendering the increased salaries to be just a dollar figure increase while those who work in the private sector will still be on the same meagre salary with no benefits remaining to suffer more with less purchasing power.

Here's a solution to take to the unions that i believe can work, allow the government to retrench with no benefits 30% of the workers in each respective service and increase the pay by 15% for the remaining workers. The increase could be potentially be more as lots of unnecessary high positions are created for poliitical appointees and friends and those positions get the higher pay so it would be more to spread around if they are removed. Or is it that value for money and the public service cannot coincide?
Dax

I understand where you coming from with regards to productivity, however, that is a management issue and the government is the employer who is not disciplining their employees that really stems from management and bureaucracy. Lemme ask you a follow up question , you outlined alot of public servants and their shortcomings ,however, I did not see you mention politicians who are the highest paid public servants who do less than desired. Their salaries were increased with no objection and little public discontent. How are we ok with them yet we have an issue with the workers? What is good for the goose must be good for the gander.


Well boy if you ever followed my posts you would realize i absolutely despise everything PNM and the legacy of the gimme-gimme culture and illegal immigrants they brought into voter pad and rape/rob/kill the nation so i'm definetely as disgusted as you and your coworkers about that but in the private sector we can't afford to go just protest lest we give up pay days, possible termination etc.
If you ask me get rid of them all, make GG executive president, let's get sum FULs dished out to all PAYE/NIS contributors and then lets go squash cockroaches Duterte style starting in all PNM strongholds. Ah know GG is chit but at least he have the balls an he might have he better friend dem in high places but hopefully he arrogance go at least help we rid the country of some leeches even if is to protect he big mouth. :D
A kindred spirit yes.Let the roaches hit the floor yes.

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Re: PNM in Gov't

Postby wing » May 29th, 2022, 12:36 am

Bribes and illegal transactions with social grants
by

15 hours ago
Sun May 29 2022

Minister of Sociial Development and Family Services Donna Cox

NISOLE DRAYTON

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SHALIZA HASSANALI

The Ministry of Social Development and Family Services is haemorrhaging millions of dollars in an apparent scheme being operated by some employees who are said to be receiving huge kickbacks and bribes to fast-track social grants applications that have been stuck in the system for months.

This was revealed by Donna Cox, Minister of Social Development and Family Services, days after the 2021 Auditor General’s Report exposed inconsistencies and irregularities that have resulted in state grants meant to assist the needy and vulnerable going into the wrong hands.

The report showed that people as young as 27 are collecting senior citizen pensions, food card beneficiaries obtaining double payments, pertinent information for the processing of grants missing from the ministry’s database, and a payout of $886,350 to 61 beneficiaries whose national IDs did not correspond with their date of birth and four centenarians between the ages 114 to 135 appearing on the system.

In an interview at her St Vincent Street, Port-of-Spain office on Friday, Cox said before the report was made public, her ministry had requested an audit after problems were encountered with the processing of grants. It is now the subject of an investigation by the T&T Police Service and an Investigation and Compliance Unit (ICU) was recently established to “ensure there is no attempt internally and externally to defraud the ministry in the grant payments.”

The ICU comprises 11 investigators, compliance officers, cybercrime experts, quality assurance officers, financial analysts and attorneys.

While many of the alarming issues stemmed from human error, lack of due diligence, checks and balances and accountability on the ministry’s end, Cox said measures have already been put in place to address the troubling issue. She admitted the ministry has also been operating with an old data system that was riddled with flaws, risks and gaps which some people were aware of.

Most of the inconsistencies discovered by the Auditor General are associated with data loaded before October 2019, Cox said.

“It is clear it is a mixture of human error and corruption. I am not here to make any excuses, many of these errors seem to be human errors associated with inputting the data, but there are others which seem to suggest that there may be illegal transactions within the system. I use the word corruption because there is corruption. There is an element of corruption. It is not just human error,” she said.


“This is very disturbing because they remind us of the gaps in the system that can be exploited by the criminal element and which we need to close as a matter of urgency.”

One area of corruption discovered was cheques issued to dead people being cashed. These cheques were returned to the ministry by the families of the dead clients.

“And some of that was taking place . . . it could not have been external persons. It must have been persons internally. The ministry has not been doing what is supposed to do. I can’t only blame the people. There are some vulnerable people who should be on the system and are not on.”

Cox said such encashments amounted to fraud and corruption and the ministry has put in a place a Reconciliation Unit to deal with such cheques.

On the matter of 27-year-olds qualifying for Senior Citizens’ Pension (SCP) grants, Cox said this was attributed to human error and is under investigation.

“The 21 persons who are below pensionable age and are receiving the SCP grants are being investigated by the ICU. You have to understand because of the flaws in the system and problems with the processing and so on persons would find ways to beat the system. These people will have to suffer the consequences of their actions based on the outcome of these investigations.”

The minister was unable to confirm exactly how much money the ministry was defrauded but said the police will treat with those fraudulent matters “from what may possibly be organised crime.” She said such gaps “can be exploited by criminal elements.”

Asked if there was an organised ring within her ministry with the distribution of grants, Cox said: “I cannot totally confirm it but there are a lot of elements pointing to that. There could be.”

It was also found that grants were given to undeserving people. Cox admitted this was not a new development.

“It’s like a criminal enterprise entrenched. This is a number of years. It is not now.”


She said this bothers her to no end and causes her sleepless nights.

“In the ministry, there are supervisors at every level and we feel that people weren’t being supervised properly.”

Action is now being taken against delinquent supervisors for failing to act against wrongdoers, while some employees have left the job. In going forward, Cox said staff must be trained and retrained.

“It is very difficult to pinpoint anyone based on how the process was lax, as to who did what. These are things that have been happening for a while. It’s a culture. Persons would know how to cover up, persons would know how to not say certain things,” she said.

Files of clients who have been beneficiaries of more than one grant have also mysteriously disappeared.


“I don’t know if that was deliberately done so that you would not be able to pinpoint certain persons,” Cox said.

“We have also had instances where there is a query . . . a file goes missing, so who is to be held accountable because that file might contain the information as to the person who may be such as the caseworker or the person who might have been the first point of contact for someone who comes into the office.”

As the ministry undertakes a “clean up exercise” they have also implemented a data verification system which is being integrated into a modern digitised system. The TTPS has conducted interviews with some staff members who have been uncooperative, Cox said.

The minister said she has received information that clients who have been waiting months for their social services grants were approached by staff members who promised to fast-track their applications for kickbacks and bribes. Some clients receive retroactive payments of over $100,000.

“You meet people and they just talk. I have seen people allude to it on Facebook and mentioned that we need to look at certain areas because there are people who are taking bribes or there are people who are asking for money so they can fast track the applications,” she said.


In another explosive and shocking revelation, Cox said they suspect “as much as 5,000 persons” living abroad are receiving SCP and other grants. There are 104,000 SCP recipients each of whom receives a $3,500 monthly payment.

She estimated the monthly payout to the 5,000 beneficiaries at “$50 million that we may be losing based on that.” The ministry distributes more than $4 billion in grants annually.

Cox said the ministry will soon sign an MOU with Immigration Division to put an end to these illegal transactions.

She said people have been receiving the grants because of a worker turning a blind eye or people flying into the country on the anniversary of their birthdays which is the time the ministry would request a follow-up interview.

“So, many people may not come forward now. The word is out that when you come into us, we are now asking for your passport information again. So, we have started doing that to help cut the cost down to reduce the burden placed on taxpayers. When we sign that MOU we will have access to anyone who we have a suspicion on… that we can ask for the information from Immigration Division as to their travel pattern. Once we confirm this we will take them off the system or decide if they will be prosecuted.”

Cox said, she recently found out that someone who has been receiving a disability grant has been living abroad for the past four years.

“This is one case which a family member reported. A number of people receiving disabilities are gainfully employed. The ministry also has to take some responsibility for that because we are supposed to conduct an investigation into these recipients every six months which we have not been doing.

“It is clear people are stealing from the poor and whether it is persons who are staff members or persons on the outside I want the law to take its course. I would like to see them brought to justice,” the minister said.

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 4:46 am

wing wrote:Bribes and illegal transactions with social grants
by

15 hours ago
Sun May 29 2022

Minister of Sociial Development and Family Services Donna Cox

NISOLE DRAYTON

ADVERTISEMENT

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SHALIZA HASSANALI

The Ministry of Social Development and Family Services is haemorrhaging millions of dollars in an apparent scheme being operated by some employees who are said to be receiving huge kickbacks and bribes to fast-track social grants applications that have been stuck in the system for months.

This was revealed by Donna Cox, Minister of Social Development and Family Services, days after the 2021 Auditor General’s Report exposed inconsistencies and irregularities that have resulted in state grants meant to assist the needy and vulnerable going into the wrong hands.

The report showed that people as young as 27 are collecting senior citizen pensions, food card beneficiaries obtaining double payments, pertinent information for the processing of grants missing from the ministry’s database, and a payout of $886,350 to 61 beneficiaries whose national IDs did not correspond with their date of birth and four centenarians between the ages 114 to 135 appearing on the system.

In an interview at her St Vincent Street, Port-of-Spain office on Friday, Cox said before the report was made public, her ministry had requested an audit after problems were encountered with the processing of grants. It is now the subject of an investigation by the T&T Police Service and an Investigation and Compliance Unit (ICU) was recently established to “ensure there is no attempt internally and externally to defraud the ministry in the grant payments.”

The ICU comprises 11 investigators, compliance officers, cybercrime experts, quality assurance officers, financial analysts and attorneys.

While many of the alarming issues stemmed from human error, lack of due diligence, checks and balances and accountability on the ministry’s end, Cox said measures have already been put in place to address the troubling issue. She admitted the ministry has also been operating with an old data system that was riddled with flaws, risks and gaps which some people were aware of.

Most of the inconsistencies discovered by the Auditor General are associated with data loaded before October 2019, Cox said.

“It is clear it is a mixture of human error and corruption. I am not here to make any excuses, many of these errors seem to be human errors associated with inputting the data, but there are others which seem to suggest that there may be illegal transactions within the system. I use the word corruption because there is corruption. There is an element of corruption. It is not just human error,” she said.


“This is very disturbing because they remind us of the gaps in the system that can be exploited by the criminal element and which we need to close as a matter of urgency.”

One area of corruption discovered was cheques issued to dead people being cashed. These cheques were returned to the ministry by the families of the dead clients.

“And some of that was taking place . . . it could not have been external persons. It must have been persons internally. The ministry has not been doing what is supposed to do. I can’t only blame the people. There are some vulnerable people who should be on the system and are not on.”

Cox said such encashments amounted to fraud and corruption and the ministry has put in a place a Reconciliation Unit to deal with such cheques.

On the matter of 27-year-olds qualifying for Senior Citizens’ Pension (SCP) grants, Cox said this was attributed to human error and is under investigation.

“The 21 persons who are below pensionable age and are receiving the SCP grants are being investigated by the ICU. You have to understand because of the flaws in the system and problems with the processing and so on persons would find ways to beat the system. These people will have to suffer the consequences of their actions based on the outcome of these investigations.”

The minister was unable to confirm exactly how much money the ministry was defrauded but said the police will treat with those fraudulent matters “from what may possibly be organised crime.” She said such gaps “can be exploited by criminal elements.”

Asked if there was an organised ring within her ministry with the distribution of grants, Cox said: “I cannot totally confirm it but there are a lot of elements pointing to that. There could be.”

It was also found that grants were given to undeserving people. Cox admitted this was not a new development.

“It’s like a criminal enterprise entrenched. This is a number of years. It is not now.”


She said this bothers her to no end and causes her sleepless nights.

“In the ministry, there are supervisors at every level and we feel that people weren’t being supervised properly.”

Action is now being taken against delinquent supervisors for failing to act against wrongdoers, while some employees have left the job. In going forward, Cox said staff must be trained and retrained.

“It is very difficult to pinpoint anyone based on how the process was lax, as to who did what. These are things that have been happening for a while. It’s a culture. Persons would know how to cover up, persons would know how to not say certain things,” she said.

Files of clients who have been beneficiaries of more than one grant have also mysteriously disappeared.


“I don’t know if that was deliberately done so that you would not be able to pinpoint certain persons,” Cox said.

“We have also had instances where there is a query . . . a file goes missing, so who is to be held accountable because that file might contain the information as to the person who may be such as the caseworker or the person who might have been the first point of contact for someone who comes into the office.”

As the ministry undertakes a “clean up exercise” they have also implemented a data verification system which is being integrated into a modern digitised system. The TTPS has conducted interviews with some staff members who have been uncooperative, Cox said.

The minister said she has received information that clients who have been waiting months for their social services grants were approached by staff members who promised to fast-track their applications for kickbacks and bribes. Some clients receive retroactive payments of over $100,000.

“You meet people and they just talk. I have seen people allude to it on Facebook and mentioned that we need to look at certain areas because there are people who are taking bribes or there are people who are asking for money so they can fast track the applications,” she said.


In another explosive and shocking revelation, Cox said they suspect “as much as 5,000 persons” living abroad are receiving SCP and other grants. There are 104,000 SCP recipients each of whom receives a $3,500 monthly payment.

She estimated the monthly payout to the 5,000 beneficiaries at “$50 million that we may be losing based on that.” The ministry distributes more than $4 billion in grants annually.

Cox said the ministry will soon sign an MOU with Immigration Division to put an end to these illegal transactions.

She said people have been receiving the grants because of a worker turning a blind eye or people flying into the country on the anniversary of their birthdays which is the time the ministry would request a follow-up interview.

“So, many people may not come forward now. The word is out that when you come into us, we are now asking for your passport information again. So, we have started doing that to help cut the cost down to reduce the burden placed on taxpayers. When we sign that MOU we will have access to anyone who we have a suspicion on… that we can ask for the information from Immigration Division as to their travel pattern. Once we confirm this we will take them off the system or decide if they will be prosecuted.”

Cox said, she recently found out that someone who has been receiving a disability grant has been living abroad for the past four years.

“This is one case which a family member reported. A number of people receiving disabilities are gainfully employed. The ministry also has to take some responsibility for that because we are supposed to conduct an investigation into these recipients every six months which we have not been doing.

“It is clear people are stealing from the poor and whether it is persons who are staff members or persons on the outside I want the law to take its course. I would like to see them brought to justice,” the minister said.
Social welfare need to revamp or cut period, too much money leaking out and saw no benefit with this country having two pensions. Then again politics will always come into play

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Re: PNM in Gov't

Postby wing » May 29th, 2022, 4:52 am

Heritage Petroleum records gross profit of $2.4 billion
by

Joel Julien
20 hours ago
Sat May 28 2022




Heritage Petroleum

RISHI RAGOONATH


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After paying more than $1.27 billion in taxes, Heritage Petroleum Co Ltd recorded a net profit of $682.7 million last year, according to its financial statement for the year ended September 30, 2021.

“Against the backdrop of strengthening demand for crude and higher market prices in 2021, Heritage and its subsidiaries (Heritage, the company) have continued to deliver strong earnings and cash generation for 2021,” its chairman Michael Quamina stated.

Heritage recorded revenue of $6.8 billion for the year which Quamina stated was driven by improved crude oil prices averaging 31 per cent higher than in 2020 and higher production levels.

Year on year, overall crude production grew by five per cent to 41,200 bopd. Quamina said in the face of the ongoing pandemic and a volatile economic environment, this is especially noteworthy and testament to the Company’s commitment and ability to rise above the operational challenges presented by COVID-19.


Heritage also had another successful year of Replacing Reserves with a top quartile 109 per cent reserves replacement ratio through a strong focus on workovers, production optimisation and Improved oil recovery, he stated.

According to Quamina in addition to the “strong” revenue generation, “disciplined” cost management has contributed to profit before tax of $2 billion.

This represented a 97 per cent increase when compared to the $1.6 billion made in 2020.

Refinances USD loan

“As of the date of this publication, I am pleased to report that the Company would have successfully closed the refinancing of the Senior Secured debt of the Group via a tender offer for the TPHL 2026 Notes and the issuance of a new Heritage 2029, US$500 million bond and a new US$475 million Heritage Term Loan.


“The refinancing provided significant benefits to the TPHL Group, including lowering our weighted average cost of debt, extending our average life of debt maturities thereby freeing up near term cash for production winning Chairman’s Report for the year ended 30 September 2021 activities and curing the administrative defaults that arose as a result of the late publication of the TPHL Consolidated 2019 Financials,” Quamina stated.

Heritage Chairman argued that importantly, from a national perspective, the refinancing has resulted in all of the non-core assets of TPHL, including agricultural, residential and recreational lands being made fully available to be best utilised by the Government of T&T for the benefit of the citizenry.

Quamina stated that Heritage will continue to shape its sustainability agenda and its first soon to be published ESG Report, tells the narrative of the company’s journey and achievements over the period 2020 to 2021.

“As part of our commitment to accelerating progress on our key sustainability programmes (protecting the environment, building community capacity, supporting economic development and empowering future leaders), we have undertaken a comprehensive review of our operations and systems. Our ESG Report reflects our commitment to continuous improvement as we strive to become a more sustainable and resilient business,” Quamina stated.

Quamina added that many plans for stakeholder engagement and exercises in community relations, were curtailed because of the COVID-19 pandemic and the restrictions that were put in place to stop its spread.


He whoever said the company was able to pivot and change its proposals to suit the needs of our fenceline communities.

“We delivered food hampers where there was significant need and our ‘Here We Grow’ Programmme donated over 4,000 seedlings to promote home gardening. During this very challenging period, we also supported the Collation Against Domestic Violence,” he stated.

For the upcoming year Quamina said as the pandemic is ongoing, Heritage will continue to take steps to support and protect its employees and contractors.

“The strong financial results of 2021, as well as a sustained period of robust oil prices and the expected launch of our Drilling Programme in the current fiscal year, gives me the confidence that we are well placed to show continued growth in 2022 and progress our strategy,” Quamina stated.

“We are delivering for today while planning for the future,” he added.

Heritage Petroleum was incorporated in T&T on 5 October 2018.

Heritage is primarily engaged in exploration, development, production and marketing of crude oil.

The sole shareholder is Trinidad Petroleum Holdings Limited (TPHL).

Prior to Heritage’s formation, its exploration and production activities were conducted by the Petroleum Company of T&T Ltd (Petrotrin).

Petrotrin undertook a restructuring in 2018 and by virtue of the Miscellaneous Provisions (Heritage Petroleum, Paria Fuel Trading Co Ltd, Guaracara Refining Company Limited (Vesting) Bill, 2018 effective 1 December 2018, Petrotrin’s assets relative to exploration and production were vested in Heritage Petroleum.

Petrotrin’s assets related to terminalling and refinery operations were vested to Paria and Guaracara respectively.

The associated decommissioning and dismantlement obligations in respect of E&P, terminalling and refining operations were also transferred to the respective entities.

As a result, Heritage’s opening assets and liabilities originated as a result of the above, with the corresponding liability due to Petrotrin.

Heritage (as well as Paria and Guaracara) is a guarantor of the parent company’s, (TPHL’s), senior secured and unsecured debt obligations.

Collectively, Heritage, TPHL, Paria and Guaracara are the loan parties.

TPHL and the guarantors are currently in default of certain covenants of the credit agreement and Indenture, according to the financial statement.

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Re: PNM in Gov't

Postby timelapse » May 29th, 2022, 6:19 am

AV drilling smiling

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 7:36 am

UNNECESSARY red tape in Trinidad and Tobago is what drove the founder of WiPay, Trinidadian Aldwyn Wayne, to move the headquarters of his financial technology (fintech) company from T&T to Jamaica.

https://trinidadexpress.com/business/lo ... ium=social

Don't worry some Syrian will pick up his idea and make millions off it in his place. Only the rich must get richer here

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Re: PNM in Gov't

Postby Kickstart » May 29th, 2022, 7:47 am

wing wrote:Heritage Petroleum records gross profit of $2.4 billion
by

Joel Julien
20 hours ago
Sat May 28 2022




Heritage Petroleum

RISHI RAGOONATH


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After paying more than $1.27 billion in taxes, Heritage Petroleum Co Ltd recorded a net profit of $682.7 million last year, according to its financial statement for the year ended September 30, 2021.

“Against the backdrop of strengthening demand for crude and higher market prices in 2021, Heritage and its subsidiaries (Heritage, the company) have continued to deliver strong earnings and cash generation for 2021,” its chairman Michael Quamina stated.

Heritage recorded revenue of $6.8 billion for the year which Quamina stated was driven by improved crude oil prices averaging 31 per cent higher than in 2020 and higher production levels.

Year on year, overall crude production grew by five per cent to 41,200 bopd. Quamina said in the face of the ongoing pandemic and a volatile economic environment, this is especially noteworthy and testament to the Company’s commitment and ability to rise above the operational challenges presented by COVID-19.


Heritage also had another successful year of Replacing Reserves with a top quartile 109 per cent reserves replacement ratio through a strong focus on workovers, production optimisation and Improved oil recovery, he stated.

According to Quamina in addition to the “strong” revenue generation, “disciplined” cost management has contributed to profit before tax of $2 billion.

This represented a 97 per cent increase when compared to the $1.6 billion made in 2020.

Refinances USD loan

“As of the date of this publication, I am pleased to report that the Company would have successfully closed the refinancing of the Senior Secured debt of the Group via a tender offer for the TPHL 2026 Notes and the issuance of a new Heritage 2029, US$500 million bond and a new US$475 million Heritage Term Loan.


“The refinancing provided significant benefits to the TPHL Group, including lowering our weighted average cost of debt, extending our average life of debt maturities thereby freeing up near term cash for production winning Chairman’s Report for the year ended 30 September 2021 activities and curing the administrative defaults that arose as a result of the late publication of the TPHL Consolidated 2019 Financials,” Quamina stated.

Heritage Chairman argued that importantly, from a national perspective, the refinancing has resulted in all of the non-core assets of TPHL, including agricultural, residential and recreational lands being made fully available to be best utilised by the Government of T&T for the benefit of the citizenry.

Quamina stated that Heritage will continue to shape its sustainability agenda and its first soon to be published ESG Report, tells the narrative of the company’s journey and achievements over the period 2020 to 2021.

“As part of our commitment to accelerating progress on our key sustainability programmes (protecting the environment, building community capacity, supporting economic development and empowering future leaders), we have undertaken a comprehensive review of our operations and systems. Our ESG Report reflects our commitment to continuous improvement as we strive to become a more sustainable and resilient business,” Quamina stated.

Quamina added that many plans for stakeholder engagement and exercises in community relations, were curtailed because of the COVID-19 pandemic and the restrictions that were put in place to stop its spread.


He whoever said the company was able to pivot and change its proposals to suit the needs of our fenceline communities.

“We delivered food hampers where there was significant need and our ‘Here We Grow’ Programmme donated over 4,000 seedlings to promote home gardening. During this very challenging period, we also supported the Collation Against Domestic Violence,” he stated.

For the upcoming year Quamina said as the pandemic is ongoing, Heritage will continue to take steps to support and protect its employees and contractors.

“The strong financial results of 2021, as well as a sustained period of robust oil prices and the expected launch of our Drilling Programme in the current fiscal year, gives me the confidence that we are well placed to show continued growth in 2022 and progress our strategy,” Quamina stated.

“We are delivering for today while planning for the future,” he added.

Heritage Petroleum was incorporated in T&T on 5 October 2018.

Heritage is primarily engaged in exploration, development, production and marketing of crude oil.

The sole shareholder is Trinidad Petroleum Holdings Limited (TPHL).

Prior to Heritage’s formation, its exploration and production activities were conducted by the Petroleum Company of T&T Ltd (Petrotrin).

Petrotrin undertook a restructuring in 2018 and by virtue of the Miscellaneous Provisions (Heritage Petroleum, Paria Fuel Trading Co Ltd, Guaracara Refining Company Limited (Vesting) Bill, 2018 effective 1 December 2018, Petrotrin’s assets relative to exploration and production were vested in Heritage Petroleum.

Petrotrin’s assets related to terminalling and refinery operations were vested to Paria and Guaracara respectively.

The associated decommissioning and dismantlement obligations in respect of E&P, terminalling and refining operations were also transferred to the respective entities.

As a result, Heritage’s opening assets and liabilities originated as a result of the above, with the corresponding liability due to Petrotrin.

Heritage (as well as Paria and Guaracara) is a guarantor of the parent company’s, (TPHL’s), senior secured and unsecured debt obligations.

Collectively, Heritage, TPHL, Paria and Guaracara are the loan parties.

TPHL and the guarantors are currently in default of certain covenants of the credit agreement and Indenture, according to the financial statement.
Those profits will be corrupted away and never reach the avg deserving citizen

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Re: Re: PNM in Gov't

Postby pugboy » May 29th, 2022, 8:01 am

that money reserved for ferris rent

in other news

https://www.guardian.co.tt/news/bribes- ... 0c27b74af7

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Re: PNM in Gov't

Postby wing » May 29th, 2022, 8:48 am

hover11 wrote:UNNECESSARY red tape in Trinidad and Tobago is what drove the founder of WiPay, Trinidadian Aldwyn Wayne, to move the headquarters of his financial technology (fintech) company from T&T to Jamaica.

https://trinidadexpress.com/business/lo ... ium=social

Don't worry some Syrian will pick up his idea and make millions off it in his place. Only the rich must get richer here
Unnecessary red tape, one of the major problems in the public service. Thus the ease of doing business suffers and potential investors and employers look elsewhere. While the solution to red tape is a management function, it doesn't help at all that the public servants who execute the bereaucratic functions seem to take pleasure in the run around for the simplest things.

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 8:54 am

wing wrote:
hover11 wrote:UNNECESSARY red tape in Trinidad and Tobago is what drove the founder of WiPay, Trinidadian Aldwyn Wayne, to move the headquarters of his financial technology (fintech) company from T&T to Jamaica.

https://trinidadexpress.com/business/lo ... ium=social

Don't worry some Syrian will pick up his idea and make millions off it in his place. Only the rich must get richer here
Unnecessary red tape, one of the major problems in the public service. Thus the ease of doing business suffers and potential investors and employers look elsewhere. While the solution to red tape is a management function, it doesn't help at all that the public servants who execute the bereaucratic functions seem to take pleasure in the run around for the simplest things.
Public servants don't create policies sir but nice try. Like I tell the general public, I don't create the policies I simply follow them when they have a problem rules are rules. Vote for betterment next rounds.
Last edited by hover11 on May 29th, 2022, 8:54 am, edited 1 time in total.

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Re: Re: PNM in Gov't

Postby De Dragon » May 29th, 2022, 9:21 am

Coxxie hadda tell we how much of that alleged corruption is LFD RFD PNM driven.

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 9:32 am

Heritage profit declines by 33%

https://trinidadexpress.com/business/lo ... ium=social

Convenient manipulation of so called facts as CPO negotiates

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 9:40 am

Public servants can be categorised as the “working poor” after almost a decade of no salary increases coupled with high inflation.

President of the Public Services Association (PSA) Leroy Baptiste said the impoverishment of public servants has resulted in the disappearance of T&T’s middle class.

https://guardian.co.tt/news/public-serv ... c8cdda2f54

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Re: Re: PNM in Gov't

Postby DMan7 » May 29th, 2022, 9:46 am

Just be grateful to have a job nah, look how much people were out of jobs for the 2 years of the pandemic and still is. Allya too damn ungrateful.

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Re: Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 9:52 am

DMan7 wrote:Just be grateful to have a job nah, look how much people were out of jobs for the 2 years of the pandemic and still is. Allya too damn ungrateful.
Just be grateful you sleep in the house.....blacks during slavery. That's how you sound

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Re: Re: PNM in Gov't

Postby DMan7 » May 29th, 2022, 9:59 am

Men comparing slavery to not getting a heft increase in their salaries while everyone around them has been suffering to even get a jobs? If ah laff ah dead yes.

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Re: PNM in Gov't

Postby sMASH » May 29th, 2022, 10:13 am

Give de people they money!
Rowley and his gang need to wean their selves off the treasury.

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 10:55 am

Another overstaffed non performing entity,nobody in tstt works for less than $12000
FB_IMG_1653836087545.jpg

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Re: Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 11:10 am

DMan7 wrote:Men comparing slavery to not getting a heft increase in their salaries while everyone around them has been suffering to even get a jobs? If ah laff ah dead yes.
Suffering LOL

Meanwhile.... vehicle series finishing in less than a month

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Re: Re: PNM in Gov't

Postby DMan7 » May 29th, 2022, 11:14 am

Exactly "suffering", so if they "suffering" then why they protesting for higher wages on the street?

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Re: Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 11:19 am

hover11 wrote:
DMan7 wrote:Men comparing slavery to not getting a heft increase in their salaries while everyone around them has been suffering to even get a jobs? If ah laff ah dead yes.
Suffering LOL

Meanwhile.... vehicle series finishing in less than a month
I was talking about the country on the whole you said everyone suffering how could everyone else be suffering when vehicle series finishing in less than a month time. Maths not mathsing. Raise the salaries let public servants live too ....it will raise whether you like it or not cuz fact is if public servants put they feet down and don't work essential services and day to day operations are suspended. Is up to the government to see how long this will drag on for.

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Re: PNM in Gov't

Postby MaxPower » May 29th, 2022, 11:53 am

Many public servants also contribute to why the series finishing so fast.

Things nice, i won’t say great, but manageable for them.

The rel ppl that ketching their ass are those that working for minimum wage and less. Those are the ones we should be helping, not the fortunate and ungrateful.

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Re: PNM in Gov't

Postby Mmoney607 » May 29th, 2022, 11:57 am

MaxPower wrote:Many public servants also contribute to why the series finishing so fast.

Things nice, i won’t say great, but manageable for them.

The rel ppl that ketching their ass are those that working for minimum wage and less. Those are the ones we should be helping, not the fortunate and ungrateful.


They ketching they tail but half their salary going towards a Kia or Hyundai

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 12:01 pm

Mmoney607 wrote:
MaxPower wrote:Many public servants also contribute to why the series finishing so fast.

Things nice, i won’t say great, but manageable for them.

The rel ppl that ketching their ass are those that working for minimum wage and less. Those are the ones we should be helping, not the fortunate and ungrateful.


They ketching they tail but half their salary going towards a Kia or Hyundai
Anybody could go in southern sales with a job letter and payslip and come out with a brand new car

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Re: PNM in Gov't

Postby matix » May 29th, 2022, 12:18 pm

Too many people have 7 year loans for vehicles.

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Re: PNM in Gov't

Postby hover11 » May 29th, 2022, 12:20 pm

matix wrote:Too many people have 7 year loans for vehicles.
They see that as an investment

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