Even as she expressed grave concern for the increase in government borrowing, Opposition Leader Kamla Persad Bissessar is openly questioning why one financial institution, NCB Global Finance, is the chosen bank through which the government has borrowed at least TT$927 million.

The bank, she noted during an address at the Monday Night Forum hosted by the United National Congress at Gasparillo, stands to earn millions of dollars through interest rates on at least seven loans ( see below).

  “The CEO of that Company is a person by the name of Angus Young- the brother of the all-purpose Minister- Stuart Young,” Mrs Bissessar said on Monday night.

“When selecting a bank to borrow from, the government looks at the best offer, “Finance Minister Colm Imbert said on Tuesday morning, in response to the Opposition Ledare’s remarks. “NCB Global is one of the many banks invited to tender and it is owned by a Jamaican billionaire  Michael Lee-Chin. Angus Young is just an employee of NCB and he does not work there,” Imbert said.  “How does NCB Global Finance, which borrows money from First Caribbean International Bank and First Citizens, able to offer lower interest rates after it borrowed monies from these same banks?” Mrs Bissessar asked on Monday night.  “According to NCB Global Financial Statement for 2019, their asset base is TT$383 Million. How is it that a company with such a small asset base is able to loan the Government close to TT$1 Billion?” the Opposition leader asked after she outlined the range of loans which the government sourced through the bank. “Is it a coincidence that NCB Global Finance was able to offer the lowest interest rate in all these transactions outbidding well established financial institutions such as First Citizens Bank, Republic Bank, Scotiabank, Royal Bank and Ansa Merchant Bank?” she wondered aloud. “NCB Global Finance has one of the smallest balance sheets of all the well-established financial players in Trinidad and Tobago, yet it was able to offer all those financing arrangements on a fully underwritten basis meaning that NCB Global Finance guarantees that Government would receive the full sum of the funding in one disbursement, “Mrs Bissessar stated. “In the MTS Loan, NCB Global Finance submitted its bid very late, which was 5 days before the note was presented to the Cabinet. Can the Minister of Finance indicate the date in which the invitation to bid went out and the dates on which the other banks submitted their bids?”  the Opposition Leader asked.  “Did Stuart Young disclose to the Cabinet that his brother is the CEO of NCB Global Finance? Did Stuart Young recuse himself from the Cabinet meeting when all matters relating to the award of a mandate to NCB Global Finance limited was being deliberated?” Mrs Bissessar stated.

    The list of loans as revealed by the Opposition Leader on Monday night is as follows :

1. In July 2016, the NCB Global Finance was selected as the bank of choice by the NFM which advanced a US$10 Million loan.

1. On the 08^th December 2016, the National Insurance Board of TT invested US $35 Million in Guardian Holdings Limited. The arranger and lender for that transaction was who? NCB Global Finance.

1. From September 2015 to present- NCB Global Finance had forex transactions with Trinidad Nitrogen Company Limited in the total sum of $14.7 Million US dollars.

1. In April 2019, the Trinidad and Tobago Tourism Business Development Company added NCB Global Finance as an approved financial institution for loans to hotels under 50 rooms and tourism-related business in Tobago.

1. On 15^th November 2018, the same day that the Prime Minister assigned UDECOTT to be under the control of the Office of the PM, UDECOTT entered into a loan with NCB Global Finance in the sum of TT$180.3 million. So, NCB loaned UDECOTT TT$180.3 million and will now be making profits from the interest payment of this loan.

1. On 15^th June 2019, NCB Global Finance loaned Petrotrin US$16.127 million to repay a Republic Bank for a loan Petrotrin had taken from Republic Bank.

 “In summary, the Government would have borrowed approximately TT$357 Million from NCB Global Finance.

 “We are unaware what would be the interest rates and fees on those loans, so, therefore, we don’t know the profits that NCB Global Finance will make on those transactions,” the opposition leader stated.

 “I now have in my possession two Cabinet Minutes where two more loans were approved by the Cabinet to NCB Global Finance.

 “The first loan is in the sum of $400 Million to the National Maintenance and Security Company Limited,” she said while brandishing copy of the Cabinet Minute which was released to the public.

 “On the 09^th October 2019, the matter was considered by the Cabinet and on the same day the Cabinet approved the loan.

 “Cabinet approved that MTS acquire the loan from NCB Global Finance in the sum of $400 Million at an interest rate of 4.45% for a period of 9 years.

 “According to Appendix 1, of the Cabinet Note, NCB Global Finance will be receiving from the Government the grand total of $164.6 million in interest profit from that loan.

 “On the 31^st October 2019, Cabinet again on the same day it considered the matter agreed to acquire the loan in the sum of US$25 Million which was to refinance a previous loan Petrotrin had with First Citizens Bank,” she disclosed.

 “This loan the interest rate is 3.25% for a period of 2 years, so by a rough calculation, the profits that NCB Global Finance will make is approximately TT$11 Million after two years on this loan.

“You know who was the other bank which tendered for the loan? First Caribbean International Bank. They weren’t successful,” she further explained.

“But on the 02^nd May 2019, First Caribbean International Bank, was the collateral agent for NCB Global Finance when they received a loan in the sum of $US25 Million,” the Opposition leader said.

“Which means NCB Global Finance won the bid against First Caribbean which is the same Bank that is lending them money.

“According to documents registered in the Companies Registry and as I stated earlier, 02^nd May 2019, NCB Global Finance borrowed the US $25 Million and First Caribbean stood as security for that loan.

“NCB Global Finance also borrowed US$50 Million from First Citizens Trustee Services Limited. So, they are borrowing,” she noted.

 “It is the largest integrated financial services group of the Caribbean which owns Guardian Life,” the Finance Minister said, dismissing the Opposition  leader’s claims as “all nonsense.”