Word: trintomar
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...directed at Citibank Trinidad, Trinidad is reconsidering another controversial deal, a complex 1998 interest-rate swap now under review by its attorney general. Conrad Enill, Trinidad's Finance Minister, says his government is closely watching what happens in Dominica. So far no one has been willing to reopen the Trintomar transaction, but Seereeram persists. It took his father 15 years to win his sugar battle. Seereeram has been fighting for only four...
...took out full-page ads in Port-of-Spain's daily newspapers in January 2001 defending its reputation. Citibank had commissioned Ernst & Young to conduct "an independent analysis of the entire transaction," the ads said. "The Ernst & Young report corroborates Citibank's own findings, that the 1993 transaction with Trintomar was fair, reasonable and appropriate...
...time, that was enough. Even now, Trintomar officials dismiss the idea that the deal took advantage of them. "I thought it was a well-taken decision," says Malcolm Jones, who signed the Citibank-Trintomar agreement on behalf of the state-owned gas firm. Jones says he relied on the finance staff of Petrotrin to evaluate the complicated deal. Petrotrin's president, Rodney Jagai, also defends the deal, arguing that the terms reflect Citibank's dominant position in the market at the time. "Citibank was the only game in town," he says, dismissing the offers made by other banks. "Were...
...spring of 2001, the investigations into the Trintomar transaction had fizzled out. Seereeram was distracted when a partner in his consulting firm was disgraced in a separate financial scandal. Seereeram was turning into a Dickensian figure: the aggrieved claimant in a never-ending dispute over money. This was a character he knew well: Seereeram's father, a sugar-cane farmer, spent 15 years fighting a law that required farmers to surrender a percentage of their profits to the sugar farmers' trade association...
Seereeram hunted for other transactions in which Citibank had used financial instruments like those in the Trintomar deal, which, he says, "made them [Citibank] feel like they could get away with this." His chase led him to the nation of Dominica, a speck of island 300 miles north of Trinidad. Dominica depends on connecting flights on small planes from larger islands, and its minor tourist trade is struggling. The government sought bond financing from Citibank Trinidad to build Dominica's first major airport, which would be able to handle larger jets from the U.S. and Europe...