Supplementary funds approved for ministry to pay Dipcon judgment

-plus hefty interest

Winston Jordan

The National Assembly on Thursday approved an $800 million supplemental appropriation for the Ministry of Finance which is expected to be used to pay a court judgment of more than $400 million awarded to Trinidad construction company Dipcon in 2015.

Finance Minister Winston Jordan explained that of the $800 million, approximately $49 million is to be used for Ministerial outreaches while the majority is set aside to meet payment of the judgment which has incurred an interest nearly as large as the principal sum.

“The judgment attracted an interest of 6% from 2009 to 2015 and 4% thereafter until such time as it is paid,” the Minister explained repeating that of the $800 million roughly $750 million is for payment of this award…..

Around the Web

Comments