00:00 During Wednesday's public hearing of the Parliament's Public Accounts and Enterprises Committee,
00:04 its Chairman, Opposition Senator Wade Mark, wanted to know how much money is owed
00:09 to the state-owned Urban Development Corporation of Trinidad and Tobago Limited.
00:14 Remember, our committee is here to help Unicorn,
00:20 to improve your delivery of services to the people of the Republic of Trinidad and Tobago.
00:29 So tell us, tell this committee, what is the state of play with those receivables?
00:34 What is the size, value and quanta? Who owe you?
00:39 How much they owe you? And when you intend to collect them?
00:43 The committee was examining Unicorn's financial statements for the years 2016 to 2018.
00:50 Unicorn's Acting Chief Executive Officer, Burton Andre Hinkson, responded to Senator Mark's question.
00:57 For the period of 2016, 2017 and 2018, our receivables averaged $1 billion.
01:05 Since that date of 2018, we have been making concerted efforts to work with the Ministry of Finance
01:12 and also with our variant client ministries.
01:14 As you know, we work with basically every ministry that we have.
01:18 The Acting CEO said the company has been making concerted efforts to reduce its receivables,
01:24 including having meetings with client government ministries to clarify any queries.
01:29 And we have brought that figure significantly down.
01:33 As of the end of this current fiscal, that figure is about, roughly about half, $500 million.
01:43 Can you tell us what has happened between 2019 to 2023?
01:48 Has it been reduced or have you grown in terms of receivables?
01:54 Oh, sir. Just to clarify, that half a billion is as of the end of this current fiscal that just finished.
01:59 A reference to the government's 2022 to 2023 financial year, which ended on September 30th.
02:06 Senator Mark said Unicorn borrows hundreds of millions of dollars
02:10 before he posed a direct question to Unicorn's Chairman, Noel Garcia.
02:15 The leading culprits, the leading delinquents in this outstanding scenario would be who, Mr. Garcia?
02:26 Who would be the entities that are owing Unicorn half a billion dollars as we speak?
02:33 Mr. Garcia also explained that the reason Unicorn was unable to provide audited financial statements
02:39 from 2019 to 2022 was that in 2016, KPMG voluntarily withdrew its services from Unicorn and other state enterprises.
02:49 He said Unicorn then had to change auditors, which he recalled to be the firm, PKF.
02:55 For the accounts of 2019, we are expected to deliver that sometime towards the end of November.
03:10 For 2020, we are looking somewhere in January 2024. For 2021, we are looking at April 2024.
03:27 And for 2022, we are looking at July 2024.
03:34 Mr. Garcia said that is on the basis that Unicorn does not run into any unforeseen circumstances.
03:41 Jule Brown, TV6 News.
03:43 Fox26houston.com, and I'm
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