Prime Minister Kamla Persad-Bissessar SC is defending Government’s plan to divest loss-making State Enterprises, arguing that taxpayers should not be forced to continue funding companies she says have been mismanaged for years.
On Tuesday at the sod turning ceremony for a Marriott branded hotel in Tobago, Mrs. Persad-Bissessar announced Government’s intention to to divest the Magdalena Grand Hotel and Golf Resort, Hilton Trinidad, National Quarries, and the La Brea Industrial Development Company Limited, LABIDCO, saying the State should not be responsible for running these operations.
In a social media post on Thursday, the Prime Minister accused the People’s National Movement of mismanaging State Enterprises, citing findings by Lake Asphalt’s Board of Directors when it assumed office in October 2025.
She said the Key Findings of the Board found that that the company had more than $279 million in cash reserves when the UNC left office in 2015. But she said when the new UNC board assumed control in October 2025 – 10 years later – the company’s bank balance had fallen to just $3,475.
Mrs. Persad-Bissessar added that over the ten-year period, the company’s assets declined by $169 million, while retained earnings dropped by more than $172 million.
The Prime Minister also revealed that a previous board paid $21 million to a foreign company for bitumen that was never delivered.
She argued that the financial position of Lake Asphalt highlights the need for reform and rejected the Opposition PNM’s criticisms of Government’s divestment policy.
Mrs. Persad-Bissessar insisted that taxpayer money should be used to improve the lives of citizens rather than support failing State Enterprises or benefit any particular political party, adding that Government remains committed to divesting loss-making State entities.