Trade and Industry Minister Paula Gopee-Scoon has rubbished claims of any impropriety in the sale of the Preysal Industrial Park to local conglomerate Ansa McAL Ltd, saying all proper procedures were followed.
Opposition Senator Wade Mark raised the issue at a Senate sitting dealing with the Special Economic Zones Bill 2021.
Mark said the sale of the park was not brought before the Senate and asked whether it was bought competitively, noting that it was last valued at $250 million, but sold for only $50 million.
He said the park, which was sold in December 2020, was 75 acres in area and consisted of 600 lots.
In her response and closing remarks on the sitting, Gopee-Scoon contended that the proper regulations on the sale of state assets were adhered to and accused Mark of trying to stir controversy.
Citing an advertisement published in two daily newspapers in April 2018, Gopee-Scoon said the industrial park, along with several other lots available for development, was made public for prospective buyers and accounting firm Ernst and Young oversaw the evaluation of the property.
She added that such transactions were necessary to promote enterprise in different communities and questioned whether Mark was supportive of revamping TT's manufacturing sector.
"A purely transparent process by eTeck, and I can tell you the result of it and yes, the lands were sold to Ansa McAL, and as stipulated within the scope of the executed contract of Ernst and Young and eTeck.
"Ernst and Young provided a draft report wherein a total of 29 bids were received. I think there may have been a total of nine bids for that property, with the highest being Ansa McAL Ltd.
"I can tell you I have been advised by Ansa McAL since August 2017 that the land is to establish two large-scale warehouse and distribution centres, as well as a new manufacturing centre, which would result in the creation of 200 jobs in the area.
"What could be wrong with an investment with warehousing, distribution and manufacturing, Senator Mark? It's as if you don't understand the concept of private-sector investment. What do you want? Do you want the government to hold onto lands? Where would the private sector invest?"
Attorney General Faris Al-Rawi also defended the sale of the park.
The bill was then sent to the committee stage.
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