Moonilal: PNM entered $26B loan arrangement without Cabinet approval

En­er­gy Min­is­ter Dr Roodal Mooni­lal has ac­cused the for­mer Peo­ple’s Na­tion­al Move­ment (PNM) ad­min­is­tra­tion of en­ter­ing in­to a $26 bil­lion loan arrange­ment with­out Cab­i­net ap­proval, al­leg­ing that a lack of trans­paren­cy, ac­count­abil­i­ty and prop­er over­sight con­tributed to the demise of State-owned oil com­pa­ny Petrotrin.

Speak­ing dur­ing Fri­day’s Pri­vate Mem­bers’ Day de­bate on the mo­tion ti­tled “Gov­er­nance of State En­ter­pris­es and State-Con­trolled In­sti­tu­tions” in the House of Rep­re­sen­ta­tives, Mooni­lal ques­tioned the Op­po­si­tion’s moral au­thor­i­ty to call for im­proved cor­po­rate gov­er­nance, giv­en its own record in gov­ern­ment.

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He de­scribed Petrotrin as a ma­jor ex­am­ple of the dis­man­tling of a State en­ter­prise un­der the PNM.