Chairman of T&T National Gas Limited, Gerald Ramdeen, is rejecting claims from former Prime Minister Stuart Young that funds were withdrawn from the company to support the economy.
At a media conference today, he warned that comments like these risk undermining investor confidence and the possibility of impacting the share’s value.
According to Mr Ramdeen, while there was a $2.2 billion withdrawal, it was done to pay dividends to TTNGL’s 11,500 shareholders.
Mr Ramdeen claimed that in just six months, the new board has overseen a 302% increase in share value.
He added that the board will also consider giving shareholders the option to receive dividend payments in either TT or US dollars, in keeping with company policy.
Mr Ramdeen also denied claims that it will be pulled from the Government’s forex reserves, as the company is paid in USD.
