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…says Finance Minister flouting Parliamentary ordersRules are needed to penalize Government Ministers who refuse to comply with directions of the National Assembly, Khemraj Ramjattan, Leader of the Alliance for Change (AFC) said on Thursday.Ramjattan said that Finance Minister, Dr Ashni Singh, has not complied with a motion passed in the National Assembly calling for, among other things, an audit into the operations of NICIL, the government agency responsible for the sale and disposal of state assets, including lands.Khemraj RamjattanThat motion, which called for details of the sale of state assets and the criteria used in such sales,Cheap Jerseys From China Online, was passed on June 27, last.In a new motion slated for debate on Monday, Ramjattan said that the process by which NICIL set up a company to build the US$60 million hotel project is illegal, and that all funds accrued by NICIL should be deposited into the Consolidated Fund.In the face of the government ignoring motions passed by the opposition-led National Assembly, Ramjattan said that new rules need to be created to hold Ministers accountable.“We have to start creating new rules in the Parliament so that we can hold the Minister accountable,” Ramjattan declared, “and if it comes to that, to penalize them.”He said that without such provisions the National Assembly would be rendered incompetent.He said that in a case where there is “executive lawlessness” the opposition exists to hold the government accountable for its actions.Ramjattan contends that in the case of the Marriott project, what the government is doing is unconstitutional since money from the public purse is being used to fund a project at the whims and fancies of the government.He said that if the money from NICIL were paid into the Consolidated Fund, then any money spent on the Marriott would have required Parliamentary approval.In the case of Marriott, NICIL,Bayern Trikot Ausw?rts 18/19, which itself is a private company,Jerseys Wholesale, formed another private company –Atlantic Hotels Incorporated – to build the Marriott using taxpayers money.“What they are doing is perpetrating a scam,” Ramjattan declared.In the new motion before the National Assembly, Ramjattan is calling for NICIL to pay into the Consolidated Fund all revenues and proceeds from the sale of all properties and shares of companies belonging to the State and vested in the name of NICIL during the period 1992 to 2012.Further, the motion calls for no further expenditure to be incurred by NICIL or its subsidiary Atlantic Hotels Incorporated on the Marriott Hotel Project without the authorisation and approval of this National Assembly.“When we pass that motion, all of NICIL’s monies as a command of National Assembly must go into Consolidated Fund,” Ramjattan declared.While the government is pressing ahead with the Marriott hotel project, occupancy rates across the sector suggest that the project lacks viability.The main hotels in the country are averaging occupancy rates of just over 50 percent.Robert Badal, the owner of the Pegasus Hotel, which has been against the project mainly because he sees it as unfair competition, said that if the project was feasible,Cheap NFL Jerseys China, the private sector, including him, would have jumped at it.The project puts taxpayers at risk of losing US$48 million plus escalation costs if the project fails.The financial plan only has investors putting US$8 million in the project, with NICIL, the government’s investment arm putting US$21 million and another US$$21 million coming from a bank bond that industry sources believe has the backing of the government despite its denial.In the arrangement with Republic Bank (Trinidad),Wholesale Jerseys, taxpayers’ rights rank last to other investors.The syndicated loan, as is the arrangement with Republic Bank,Jerseys From China, is one that is provided by a group of lenders and is structured, arranged and administered by one or several commercial banks or investment banks.In this case, the loan is being administered by the Republic Bank but the government has not named the other lenders.By agreeing to this type of loan arrangement, the government is agreeing for the investors who are part of the syndicate, to get back their investment first ahead of any other investor in the project.So, if in a scenario where the project fails and the value of the property depreciates to a value below what the investors have plugged, then the investors will get back their money, and there would be nothing to return to NICIL, meaning that taxpayers’ dollars would go down the drain.