Le Hunte: Kamla's plan to take UTC, NIB $$ 'ridiculous'

PNM vice-chairman Robert Le Hunte on Wednesday slammed UNC leader Kamla Persad-Bissessar for creating "false expectations" amongst the population by claiming the UNC will use funds in the Unit Trust Corporation (UTC) and the National Insurance Board (NIB) to finance government projects.

At some recent UNC virtual meetings, Persad-Bissessar has promised the creation of an infrastructure fund of $4 billion, with funding coming from the UTC and NIB. This proposal is also contained in the UNC's economic master plan 2020.

In a video entitled "Let's Keep it Real," Le Hunte said, "Building false expectations works for no one."

While he understood the need for designated funding, he said, "My problem with her suggestion, centres around her seed funding for the money and where she is going to get this $4 billion from. Her suggestion is that she will tap into the UTC, she will tap into the NIB and she will tap into the private sector."

Le Hunte said the plans to use funding from the UTC and NIB are "ridiculous positions" advanced by Persad-Bissessar.

A former banker, he explained, "UTC funding is made up of depositors' funds, investors' funds and basically some of their retained earnings. "That money is there to protect against future risk and to ensure that depositors get back their money."

Hewarned, "You can't just go in there and take out that money. Doing that will put that financial institution at risk. When an institution like that is at risk, you eventually pay."

In the case of the NIB, Le Hunte said, "The money in NIB is made up of contributions you have made so that when you make a claim, you will get your funds and you will be entitled to your pension over a period of time."

He said if money is withdrawn from NIB for the purposes outlined by Persad-Bissessar, people will be unable to be paid their pensions.

While there is no such thing as a free lunch, Le Hunte said the promises being offered by Persad-Bissessar and the UNC "just will not work." He urged the UNC to stop "trying to fool the people into thinking things are possible when they are not."

In a previous video, Le Hunte called on Persad-Bissessar to apologise for her statement that the exclusion of  TT nationals wishing to return home during the covid19 pandemic was worse than slavery and indentureship.

PNM leader Dr Keith Rowley criticised Persad-Bissessar's plan to tap into money at the UTC and NIB during a virtual meeting in San Fernando on Monday.

Rowley also said the PNM's 2020 election manifesto will be released later this week.