Prime Minister Kamla Persad-Bissessar is defending the Government’s proposed divestment of selected State-owned companies, arguing that private-sector investment and management offer the best prospect of protecting jobs over the long term. Her comments come amid opposition criticism that the planned sales could amount to a “fire sale” of public assets.
The companies identified for proposed divestment are National Quarries Ltd, Hilton Trinidad and Magdalena Grand Beach and Golf Resort in Tobago. Persad-Bissessar confirmed that preparations were under way to issue requests for proposals for the three entities, although she has not provided a timeline for completing the process.
Opposition Chief Whip Marvin Gonzales accused the Government of planning to sell State companies to financiers and associates of the United National Congress (UNC). The criticism followed the Prime Minister’s announcement of the proposed divestments during a sod-turning ceremony for the new $500 million Marriott Resort at Rocky Point, Tobago, on Tuesday.
In defending the policy, Persad-Bissessar pointed to the financial performance of Lake Asphalt of Trinidad and Tobago Ltd, which she cited as an example of the problems facing State enterprises. She said the company’s cash balance stood at $279.34 million when the UNC left office in September 2015, but had fallen to $3,400 by September 2025, when a new UNC-appointed board took over after a decade of People’s National Movement administration.
The Prime Minister also claimed that the company’s assets declined in value from $399.47 million to $229.8 million during that period. She said retained earnings fell from $173.96 million to $1.37 million and alleged that a previous board paid a foreign company $21 million for bitumen that was never delivered. These figures and allegations were presented by Persad-Bissessar in support of her argument that continued State ownership can expose taxpayers to substantial losses.
The Prime Minister said the Government could no longer justify using public funds to sustain enterprises that consistently lose money. She argued that private-sector participation would give the businesses an opportunity to restructure, improve their operations and become profitable, while warning that bankruptcy and closure could otherwise threaten employment.
“Divestment is the best way to ensure that they keep their jobs in the long term,” she said in comments reported by the Trinidad Express. She also pledged that the Government would work with investors to ensure employees were treated fairly during the process.
The proposal has not yet reached completion, and the Government has not announced a final timetable for the three planned divestments. Persad-Bissessar also clarified that the possible divestment of La Brea Industrial Development Company Ltd remains under consideration rather than confirmed as part of the current process.
The central question now is how the proposed transactions will be structured and what safeguards will be established for workers. The Government maintains that private investment is necessary to prevent further losses, while the Opposition has challenged the approach and raised concerns about the proposed disposal of public assets.
