(Trinidad Express) Misleading and mischievous..
This was the response yesterday from Patriotic Energy Services Company Ltd, owned by the Oilfields Workers’ Trade Union (OWTU) to Energy Minister Stuart Young’s statement that the company provided a fake and fraudulent document during its bid for the former Petrotrin refinery at Pointe-a-Pierre.
In a media release, Patriotic said Young’s statement made during his contribution to the budget debate in Parliament on Friday was misleading and mischievous, “as what he presented, under parliamentary cover, was not Patriotic’s financial partner that met with the Cabinet-appointed evaluation committee”.
It stated: “The solely selected financier would have been submitted to the evaluation committee and Scotiabank International which both accepted as our preferred financier.”
Patriotic said its preferred financier would have been interviewed and vetted by the evaluation committee, and no alarms were raised by Scotiabank International or the evaluation committee about its financier, as no “communication or indication” was received on the “unsuitability of our preferred financial partner”.
“As a matter of fact, there was some level of comfort and satisfaction with the preferred financial partner. We remain confident that our preferred financier can stand the scrutiny of any due diligence process and invite the same.
“Patriotic remains confident that we met all the requirements and have presented the best proposal for and on behalf of the workers and the people of Trinidad and Tobago,” it stated.
On Friday, Young said while the document provided by Patriotic Energy stated that the company had US$1.5 billion to purchase the Petrotrin refinery, the company did not have the money.
Referring to “reckless” statements from OWTU president general Ancel Roget that the Government was engaging in “political football”, that prevented Patriotic Energy from getting the refinery, Young said the evaluation committee consisted of foreign, independent experts who looked at experience and financial capability.
Patriotic Energies was one of ten companies the Government received expressions of interest (EOIs) from, he said.
He added that Patriotic Energy was unable to provide its financial standing when it first submitted its EOI, and the company was given more time to secure the financing.
However, the minister said despite being given more time to raise the financing, the document Patriotic Energy submitted with regard to the US$1.5 billion was fake.
In a Facebook post yesterday, Young said the statement from Patriotic Energies did not address the submission of a “fake document” it provided during the bidding for the refinery. Instead, he said the response did not “refute the fact that they submitted a fake wire transfer document but instead they introduce the concept of having a ‘preferred financial partner’”.
“I stated, with the evidence in my hand, that Patriotic Energies, produced a fake document purporting to be wire transfer to a local bank for US$1.5 billion. Due diligence confirmed that no such wire transfer was received by the local bank to the account of Patriotic Energies,” he continued.
“It is clear and obvious that Patriotic Energies is avoiding responding to the fact of the fake document that they submitted. They should be asked whether there was a document submitted by them that indicated a purported wire transfer of US$1.5 billion and if so, where is the money, or was the document fake,” he said.
Patriotic Energy issued another statement yesterday evening which it said was meant to clarify Young’s statement in Parliament and his Facebook post surrounding “our bid for the Petrotrin refinery”.
It said “whatever document the minister was brandishing is totally irrelevant”.
Patriotic’s statement said: “On May 10, 2024, Patriotic submitted a non-binding proposal identifying three potential financiers.
At a meeting held on June 7, 2024, both Scotiabank International and Patriotic indicated that we were still doing our due diligence and verification to substantiate the funding capabilities of the three that were submitted.
Patriotic after its due diligence and since we could not substantiate the proof of funding we eliminated them all and on August 3, 2024. we submitted a new financier to Scotiabank International for consideration by the evaluation committee.
On August 21, 2024, our preferred financial partner, along with representatives of Patriotic, met with the Cabinet-appointed evaluation committee and presented their comprehensive details of the financing plan. All documentation provided was thoroughly reviewed, and no concerns were raised regarding their validity at the meeting. At no time was any of the eliminated three potential financiers submitted to the evaluation committee or brought back into the process as they did not meet Patriotic’s requirement. Therefore, whatever document the minister was brandishing is totally irrelevant.
If the minister’s claims are the basis for rejecting Patriotic’s bid we therefore respectfully call for a reassessment of everything that was presented by our financial partner to the Cabinet-appointed committee on August 21, 2024, as we are assured that we already adhered to all the procedures and processes required.
Patriotic Energy Services Co Ltd remains committed to transparency and fair processes. We invite open communication with all stakeholders, including the Honorable Minister, to address any concerns or questions and to facilitate a fact-based discussion.”
