largest lawsuit in t&t ever

[Halfbreed07]

[quote]In what can be regarded as the biggest lawsuit against a T&T company, a New York firm has filed a breach of contract case against the Petroleum Company of Trinidad and Tobago (Petrotrin) in the US Federal Court in Manhattan, New York, seeking no less than $12 billion for their losses over the collapse of a joint venture project.

World GTL Incorporated and its subsidiary, World GTL (St Lucia), filed the lawsuit in the US District, Southern District of New York, on February 23. The case has been put on the docket of 77-year-old Judge Lawrence McKenna, one of the senior judges of the court. The action arose out of the alleged wrongful taking and expropriation of a nearly-completed $3 billion gas-to-liquid plant, being constructed inside the Petrotrin refinery, Pointe-a-Pierre. The lawsuit was filed by Manhattan law firm, Thompson and Knight, whose address is listed as 919 Third Avenue, New York.
Petrotrin has 21 days from the date of service to respond, failing which World GTL would enter a default judgment, with a demand for the compensation. No one could say with any certainty if Petrotrin was served with the US court documents. In the lawsuit, World GTL and its subsidiary are seeking compensation against Petrotrin for alleged fraud, negligent misrepresentation, breach of contract, unjust enrichment, negligence and expropriation (take from the owner for public use or benefit).

According to the documents filed in court, in May 2004, World GTL and Petrotrin entered into a memorandum of understanding to build a gas-to-liquid plant and four months later, a project agreement for the plant to be built at Pointe-a-Pierre. World GTL (Trinidad) was in charge of the project. The plaintiffs said at the behest of Petrotrin, Credit Suisse, was among the financial institutions approached to provide funding, largely because a former T&T Finance Minister was at Credit Suisse. The financial institution agreed to provide a US $125 million credit facility and on January 12, 2007, the plaintiffs and Petrotrin entered certain financial agreements.
Two months later, all construction was suspended as a result of sulfur emissions from the Petrotrin refinery. According to the documents, the plant was emitting sulfur dioxide and contaminating the entire facility. World GTL said despite Petrotrin’s plans to correct the situation, there continued to be plant evacuations and shutdowns. It contended that one worker died and the autopsy report listed the cause of death as, “acute respiratory distress syndrome due to toxic fumes inhalation.â€

[Terran]

They should hire Ramesh.

[ase_tt]

NO bOy! Adesh!

[RASC]

What's our yearly GDP again?

~29Billion USD

Let's just hope that 12Billion is in $TT and not $US.
Manning's days numbered

[Aaron 2NR]

its in US......

once Petrotrin have money to pay me i happy...but on the flip side, the government wud implement some new stupid taxes to make up money to pay GTL

[RASC]

its in US......

once Petrotrin have money to pay me i happy...but on the flip side, the government wud implement some new stupid taxes to make up money to pay GTL

How would Petrotrin be able to pay you if HALF the countries' entire yearly GDP gets wiped out?

[Mr Gear]

They cannot win that case. At best they are hoping for a settlement payment.

Taking bets if anyone doubts this.

[Greypatch]

rubs chin..

should anyone resign over this at the Party....ermm State owned oil company

[wagonrunner]

RASC,
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VS

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[Halfbreed07]

Heard they have a next suit coming from an usa based construction company
Just saying

[AbstractPoetic]

Judge Lawrence McKenna?

Thomas & Knight LLP?

Oh oh.

[evo-STI-k]

usual BITTER americans? we have oil you dont, whats next? earthquake machine to be aimed at trinidad?

[Halfbreed07]

usual BITTER americans? we have oil you dont, whats next? earthquake machine to be aimed at trinidad?

Stop talking filth, you know not of what you speak

[AbstractPoetic]

usual BITTER americans? we have oil you dont, whats next? earthquake machine to be aimed at trinidad?

Not bitter. One party did not agree to the terms of the credit facility agreement. There was a breach in contract and the defendant is right to seek compensation.

I wonder which law firm is representing the Plaintiff?

[Halfbreed07]

I reach, AP posting in my thread

[Redman]

Alternative financing was offered and the directive came down to deal with CSFB,

Again politics screws up excellent opportunities for us.

Sadly this will cost the country a tidy sum.
Later

[Ignorant Ignis]

I reach, AP posting in my thread

[PapaC]

This is going to be interesting, considering all the alleged personal relationships(money passing) between GTL Management and Petrotrin Management

[nareshseep]

the PNM thief!!!!!!!!!!!!!!!!

[Aaron 2NR]

its in US......

once Petrotrin have money to pay me i happy...but on the flip side, the government wud implement some new stupid taxes to make up money to pay GTL

How would Petrotrin be able to pay you if HALF the countries' entire yearly GDP gets wiped out?

because once we bring the FCCU down later this year, they wud do anything to get it back up and running to make fuel lol....

[PapaC]

the PNM thief!!!!!!!!!!!!!!!!

Our leader is not pleased...

[Chimera]

Reports state that Petrotrin has retained the services of Juliana Pierre Devenish to act on their behalf.

On hearing this, World GTL has dropped their case and told Petrotrin "Sorry for bothering allyuh"

[teems1]

man

i bet the government wish they still had some of that money they spent on the summits, brian lara stadium, PM residence, national flag etc when the bill collectors come!

[Halfbreed07]

the motar has a lot more than the pestle this time around for sure.
que sasha mohammed investigative report...

[SmokeyGTi]

lemme analyse this

According to the documents filed in court, in May 2004, World GTL and Petrotrin entered into a memorandum of understanding to build a gas-to-liquid plant and four months later, a project agreement for the plant to be built at Pointe-a-Pierre. World GTL (Trinidad) was in charge of the project.

so world gtl was in charge of construction...joint project between them and petrotrin...

The plaintiffs said at the behest of Petrotrin, Credit Suisse, was among the financial institutions approached to provide funding, largely because a former T&T Finance Minister was at Credit Suisse. The financial institution agreed to provide a US $125 million credit facility and on January 12, 2007, the plaintiffs and Petrotrin entered certain financial agreements.

blah blah blah and they get a loan from credit suisse...




[quote]
Two months later, all construction was suspended as a result of sulfur emissions from the Petrotrin refinery. According to the documents, the plant was emitting sulfur dioxide and contaminating the entire facility. World GTL said despite Petrotrin’s plans to correct the situation, there continued to be plant evacuations and shutdowns. It contended that one worker died and the autopsy report listed the cause of death as, “acute respiratory distress syndrome due to toxic fumes inhalation.â€

[Freelander]

so who say alcohol and gas going up?

[honda hoe]

lemme analyse this

According to the documents filed in court, in May 2004, World GTL and Petrotrin entered into a memorandum of understanding to build a gas-to-liquid plant and four months later, a project agreement for the plant to be built at Pointe-a-Pierre. World GTL (Trinidad) was in charge of the project.

so world gtl was in charge of construction...joint project between them and petrotrin...

The plaintiffs said at the behest of Petrotrin, Credit Suisse, was among the financial institutions approached to provide funding, largely because a former T&T Finance Minister was at Credit Suisse. The financial institution agreed to provide a US $125 million credit facility and on January 12, 2007, the plaintiffs and Petrotrin entered certain financial agreements.

blah blah blah and they get a loan from credit suisse...




[quote]
Two months later, all construction was suspended as a result of sulfur emissions from the Petrotrin refinery. According to the documents, the plant was emitting sulfur dioxide and contaminating the entire facility. World GTL said despite Petrotrin’s plans to correct the situation, there continued to be plant evacuations and shutdowns. It contended that one worker died and the autopsy report listed the cause of death as, “acute respiratory distress syndrome due to toxic fumes inhalation.â€

[Country_Bookie]

Alternative financing was offered and the directive came down to deal with CSFB,

Again politics screws up excellent opportunities for us.

Sadly this will cost the country a tidy sum.
Later

Based on the timeline, Conrad Enill and Christine Sahadeo were the Ministers in the Ministry of Finance at the time, with Manning being the finance minister. I’m guessing Enill was the one with ties to Credit Suisse?

You have to wonder about some of these transactions involving State enterprises and international banks…...the Petrotrin 9.75% 2019s being an obvious example.

[tr1ad]

ah boy bechtel lining up for a lawsuit against petrotrin

[Halfbreed07]

ah boy bechtel lining up for a lawsuit against petrotrin

i eh saying nuttin eh, it have certain I.T managers that does be lurking on the boards looking to make trouble in dat office.
i eh want no trouble to fall on meh ex-colleagues..