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DEEP in debt, energy firm NiQuan Energy Trinidad Ltd, currently under receivership and facing substantial debts to state entities and private creditors, is being questioned over claims that it has hidden financial support.

Anand Ramlogan, SC, raised the concern at the winding-up proceedings before Justice Westmin James. Ramlogan represents Niquan’s former vice president, David Small, who sought the company’s liquidation in 2024 to enforce over $20.5 million in damages and interest for breach of contract, relating to unpaid sums and a mutual separation agreement with the company upon his departure in November 2021.

Ramlogan complained that based on a June 9 report by the receiver, appointed in October 2024, it appeared that NiQuan was receiving financial support to the detriment of its creditors, including his client. He said the report showed NiQuan was fully funded for its legal arbitration costs by an unnamed litigation funder, with $2 million already posted for security. Niquan’s arbitration proceedings concern its terminated contract with the government. In August 2023, its contract with the Trinidad and Tobago Upstream Downstream Energy Operations Company Limited (TTUDEOCL) was terminated, leaving TTUDEOCL owed over US$22 million.