Private Notice Question - STC: difficult baptism of fire for Michael Sik Yuen
17 Juin 2011 - Défi Media Group
Photo Défi Media Group
For its first Private Notice Question (PNQ), the new Minister of Commerce has been busy. The Opposition has shown aggressive, especially on the losses incurred by the State Trading Corporation (STC) on the "hedging" fuel for which the user must pay.
Àpeine in command of the Ministry of Commerce, Michael Sik Yuen has been dealing with a particularly aggressive opposition. The theme chosen by the Leader of the Opposition, Paul Berenger, on the Private Notice Question (PNQ), was subject to controversy.
Michael Sik Yuen has fumbled several times and, moreover, said he is on duty for one week and give it some time. He, however, played transparency as possible on an issue usually doomed to opacity. Thus, he admitted that the "hedging" on fuel, practiced by the State Trading Corporation (STC), has cost Rs 4.7 billion, more than Rs 250 million of bank interest. All financed by the road user."It is important that someone pays the costs. Users must of course pay this amount, "says the Minister. At Rs 3 collected on each liter of fuel, the reimbursement was completed in April 2012. As this amount was reduced to Rs 1.25 per liter for petrol and Re 1 per liter of diesel in March, the repayment period was extended.
What makes Paul Berenger moan: "We believed that the drop in load was permanent. Now we learn that the amount of Rs 3 per liter could be reintroduced. "Michael also revealed Sik Yuen, only three times, petroleum products have been contaminated during transport from India to Mauritius. That was in February, March and July 2009, and for Rs 110 million. In the absence of comprehensive insurance, STC appealed to the International Court of Arbitration in London to recover the money. No decision has been made so far.
Mangalore Refinery & Petrochemicals Ltd (MRPL), Indian state-owned company that provides petroleum products, "she expressed serious concerns over the loading of products? "Asks Paul Berenger. "No," said Michael Sik Yuen.
Betamax addition, STC also taken out insurance to cover the transportation of petroleum products to Mauritius. Paul Bérenger wants to know how much is the invoice. "Less than a penny per liter," said Bernard Sik Yuen who will go through a good moment's hesitation when the Leader of the Opposition asked the exact amount.
"The ship can carry enough heavy oil to meet the monthly demand of the Central Electricity Board (CEB). It will take another ship. At what price?"Asks Paul Berenger. "I do not know where the honorable member had this information! "Is the minister's response. "But it has been said here in this House, and it was published in the press, without correction of the STC," Paul Berenger carried away before asking if there have been discussions to build a refinery in Mangalore in Mauritius. "There was a proposal and we study it. We will decide then if we talk to them or not, "says Michael Sik Yuen.
The confidential report of "Inside Forensic Ltd," Transactions of the STC, is then discussed. Citing some points, which revealed questionable practices, Paul Bérenger wondering if it was referred to the police. "A committee was formed to examine the report," said Minister Sik Yuen."The MCTS Ltd did not go through the procedures for bidding on several occasions. There was evidence to the police? "Michael Sik Yuen returns again to the committee:" I'm only here for a week. Give me some time. "
"How many casualties did the STC suffered because of this sister company? "Paul Berenger wants to know. "The committee working on it," said the minister. This will go no further, despite the insistence of the Leader of the Opposition. On the restructuring announced the STC, the minister said "he's working on it. The past is the past. Looking into the future. "
The interrogation continued with Jean-Claude Barbier, Rajesh Bhagwan, Joe Lesjongard, Kee Chong Li Kwong Wing, Alan Ganoo, Reza Uteem and Raffick Sorefan that put the Minister on the grill. On several occasions, the minister Michael Sik Yuen, however, has not been able to answer.
Dramatic decline in profits of the Bank of Mauritius
Net profits of the Bank of Mauritius declined dramatically. To a question from Labour MP, Surendra Dayal, Deputy Prime Minister and Finance Minister Pravind Jugnauth said that Rs 1.4 billion in 2008-09, they rose to Rs 72M for 2009-10. This is due to several reasons, says the Grand fundraiser.
Among the returns on investments abroad and the rising cost to print money and coinage. Surendra Dayal noted that last year, the Central Bank of Singapore has recorded record profits and asked what is being done to rectify the situation. Several investment options to maximize profits are being considered.
Suren Dayal also asked what the Department of Finance to compensate."We can not compensate. If we do not receive dividends, we have to do with what we have and we will have a shortfall, "says Pravind Jugnauth.