Contrary to what has been reported in the media The National Infrastructure Development Company Ltd (Nidco) has not run out of money.
Reports indicate that NIDCO is in a financial crisis and could be out of money by the end of this month.
Reports further indicate that the company had also accumulated $49.7 million in losses as at the end of March this year and owes some $475 million to contractors.
This was revealed by Nidco’s deputy chairman Stephen Gardiner before the Public Accounts and Enterprise Committee (PAEC) of the Parliament yesterday. However, Gardiner quickly noted that the company has an emergency plan to salvage its finances and to take the company to the end of year.
However, former Chairman of NIDCO Dr. Carson Charles has revealed that this is far from the truth.
He said that during his time as chairman of the Organization, NIDCO never ran out of money.
Speaking on the Power Breakfast Morning Show on Power 102.1fm this morning, Dr. Charles revealed that the reports stemmed from a misunderstanding of what NIDCO is.
He maintained that the Point Fortin Highway extension was 63 percent complete.
He said any discrepancy with that figure had to do with deductions by NIDCO.
He also responded to comments BY LAWYER FOR THE Leader of the Highway Reroute Movement Dr Wayne Kublalsingh, Ramesh Lawrence Maharaj that one Minister benefited financially from the project.
He said that he had no evidence that this occurred, and criticized what he referred to as mud-slinging and unnecessary tarnishing of persons’ characters.
Former Chairman of NIDCO Dr. Carson Charles.