I hope you are ready to read this.
In October,2018 it was reported that the Oilfield Workers’ Trade Union (OWTU) has had a change of heart. And will do so with foreign partners.
The union’s partners in this new proposal are Suriname-based investment bank SunStone Equity and MAK England LLC, a commodities trader with operations in the US, UK and UAE.
SunStone was reportedly responsible for creating a financial model for the acquisition of Petrotrin that was “acceptable to the government and the people of TT.” MAK will provide the crude oil needed to run the refinery as well as provide management.
Given the Rowley led PNM government decision to sell the Petrotrin refinery to Patriotic Energies and Technologies Company Limited, one must wonder if SunStone is involved in the deal.
I would like to ask if SunStone Equity is directly or indirectly involved in the contract arrangement.
SunStone Equity Nv (SunStone) is a Caribbean private investment Fund platform chartered in the Republic of Suriname, South America. Surinam is an independent Dutch speaking country located between Guyana (west), French Guiana (East) and Brazil ( to the South) and a full member of Caricom.
☆☆☆SunStone was established in January, 2015 under Suriname law.
SunStone provides private investment fund platforms. Our services are to sovereign, private and corporate clients worldwide in a protected environment supervised by a Trustee. SunStone maintains offices in both Surinam and Trinidad & Tobago.
Trinidad Acquisition done by SunStone Equities 2015
SunStone Equities NV the acquired 35%equity in Zircon Minerals Ltd, a sales and Marketing company specializing in silica & Aggregate distribution in Trinidad & Tobago. It is "guesstimated" that CAD will sell over 1.2 million tons of Silica and 500,000 tons of aggregate by the end of 2018-19.
SunStone recently announced the formation of a daughter concern, United Merchant Services Ltd, a Trinidad & Tobago company, that will provide affordable merchant processing services for merchants both in the Caribbean and beyond Annual sales are anticipated above 600 million annually, which will give UMS a volume price advantage in needs to extend savings to its clients and enhance the performance of the fund
☆☆☆The Chinese connection.
SunStone CEO, John E. van Dyke has joined the Unison group of Trinidad & Tobago. Unison is a consulting firm whom through strategic relationships helps guide large scale infrastructure and social housing projects to success in the region. It acts as a liaison group between government, private enterprise and two of China's largest companies, China Railroad and China Harbor. At present projects in Grenada, Tobago, Trinidad and Suriname are being evaluated.
Chinese companies have been the centre of questionable ethics behaviour Bangladesh which blacklisted a top Chinese construction firm for allegedly trying to bribe a senior government official and stopped its work in the country.
In 2018, China Harbour Engineering was publicly accused of offering a bribe to a government official in connection with a highway construction project in Bangladesh.
The World Bank debarred China Railway Construction Corporation and its wholly owned subsidiaries, China Railway 23rd Bureau Group Co and China Railway Construction (International), for nine months recently, citing misconduct during the procurement process for the ‘East-West Highway Corridor Improvement Project’ in Georgia.
In August 2019 the World Bank blacklisted six Chinese companies currently operating in Nigeria over alleged fraud and corruption.
The companies, according to an announcement published on the World Bank’s website, are CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited and CCECC Nigeria Company Limited.
Others are China Railway Construction (International) Nigeria Company Limited, China Railway 18th Bureau Nigeria Engineering Company Limited and CCECC Nigeria Lekki (FTA) Company Limited.
Companies involved in World Bank projects including contracts are obliged to adhere strictly to the guidelines, which stipulate a high level of ethics and frowns on all manner of fraud and corruption including bribery and misappropriation of funds.