Acting Minister of Energy, Finance Minister Colm Imbert has outlined the debts Petrotrin owes to the state.
The Minister told the Senate Tuesday morning that Petrotrin owes the state royalties amounting to $1.2 billion.
He added that Petrotrin owes the Board of Inland Revenue $1.78 billion.
He told the Senate that the Government only recently found out that the previous government had been hiding losses of $4.2 billion over 5 years.
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Finance Minister Colm Imbert will leave the country next month in a bid to sell US$1 billion in bonds to financial institutions in the United States.
The Minister told today's post-Cabinet meeting that he was going to visit several cities, including New York and perhaps Los Angeles, to engage financial institutions there.
He will be accompanied by officials of the Ministry of Finance and they will market the economy of this country to the institutions.
The Leader of the Congress of the People, Prakash Ramadhar, is seeking to meet with Finance Minister Colm Imbert to get clarification regarding Property Tax.
The COP Leader's office issued the following statement to the media today:
"The Congress of the People has written to Finance Minister, Colm Imbert, requesting a meeting between a team from the party and the Honourable Minister for the purpose of clarifying several issues regarding the Property Tax which is being implemented.