Thursday 5th June, 2003

 

UTC ‘conversion’ coming soon, says chairman

 
 
 
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By Joanne Briggs

The Unit Trust Corporation is hoping that Government passes legislation soon so that it can be converted to a limited liability company, UTC chairman Hubert Alleyne said yesterday.

He was responding to a unitholder’s concern at UTC’s 21st annual general meeting held yesterday at Central Bank Auditorium.

Plans to make UTC a limited liability company have been on the drawing board for nearly five years.

A vesting bill was laid in Parliament on two occasions but has never been debated.

The bill, once made law, would allow for the vesting of UTC’s assets into three entities, repealing the UTC of Trinidad and Tobago Act.

Alleyne also reassured potential shareholders that UTC will remain a “small people’s” organisation.

“We have no intention of changing UTC, but we will keep the objective of the forefathers when it was established in 1982,” he said.

In his remarks, Alleyne said UTC paid out $473 million to unitholders for the financial year 2002, which he believes is the highest amount ever paid to investors of a financial institution in T&T.

The commercial banks, he explained, used twice the amount of money to distribute 33 per cent less than UTC.

This was an average of $17 billion with 11,000 stockholders per bank while UTC used $8 billion with 400,000 stockholders.

The comparison with the banks excludes First Citizens Bank Ltd, he said, since it operates under the control of the Central Bank.

Executive director, Clarry Benn also spoke.

©2003-2004 Trinidad Publishing Company Limited

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