Opposition Member of the Joint Select Committee on State Enterprises, Senator Wade Mark, is calling for an inquiry into the management and operations of Petrotrin with specific focus on the findings of Petrotrin‘s Internal Audit Committee Report dated August 17, 2017.
Mark has written to the Chairman of the JSC, Senator David Small on the matter.
In his letter, mark noted that according to recent reports in the media, an Internal Audit Committee at Petrotrin has discovered fraudulent activities such as certain discrepancies in figures being recorded as purchased by the refinery from an operator, A & V Oil and Gas Ltd, and figures being recorded as received by the Company, which can be traced back to circa October, 2016, and are alleged to amount to approximately $100 million.
Mark said that as a Wholly Owned State Enterprise, Petrotrin falls under the purview of the Ministry of Energy and Energy Industries, as well as the Ministry of Finance, and is entrusted with taxpayers’ hard-earned income, with the expectation that it will be managed and invested prudently. He pointed out that yet again we are presented with evidence of mismanagement and fraud.
Mark added, “It is imperative that this Committee seize the opportunity and exercise its powers to launch an urgent inquiry to determine whether the citizens of Trinidad and Tobago are being defrauded of its moneys and whether the management of Petrotrin exercises due diligence in its operations.”
This matter, the Opposition Senator said, should be treated with the level of urgency that it deserves, since it not only has a financial impact on our Nation, but also further undermines the confidence of our citizenry in an already uncertain period. As such, there is need for an immediate resolution of this matter.