00:00According to its website, Amplia Communications Limited, formerly named Massey Communications, was purchased by TSTT in 2017.
00:11Public Utilities Minister Barry Padarath says he was in opposition then and called the circumstances surrounding the purchase suspicious.
00:19He says since taking office, he's been looking into the company's operations.
00:24I am advised that a company that was one-tenth or less thereof of the acquisition price that here, City
00:32paid for Amplia, was the value of Amplia at that time.
00:36And therefore, questions have to be answered.
00:39How could a company valued at such a small value be acquired at such a large river without any cabinet
00:47or ministerial approvals?
00:49And therefore, it tells me there's more in the motor than the vessel.
00:51Last week, Amplia's general manager was replaced.
00:56And Padarath says the next step will be to take a closer look at the company.
01:01We will be launching an investigation in terms of how Amplia was acquired, the circumstances, the financing, and who made
01:09that decision to acquire Amplia,
01:12a company that continues to bleed and duplicate the efforts of the main company, which is KS.
01:17You will hear more from me on this particular matter inside of the parliament.
01:22Speaking to reporters at the annual PowerGen Special Children's Sports Day, Padarath says more will be revealed in the coming
01:30weeks.
01:31Why was TSCT allowed to purchase that company for over $200 million?
01:37And on top of that, on top of that, under the former administration, Amplia was allowed to access a loan
01:46from TSCT of $300 million.
01:49So therefore, they bought the company at a much inflated price and then gave a loan from TSCT.
01:57So therefore, the minister at that time will have to answer.
02:00Cindy Raghubatika Singh, TV6 News.
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