A MEETING is expected to soon with Finance Minister Colm Imbert, the Telecommunications Services of Trinidad & Tobago Limited (TSTT) executive and representatives of the Communication Workers’ Union (CWU).
Prime Minister Dr Keith Rowley directed that Imbert meets with TSTT and CWU to discuss the matter of a forensic audit being conducted at TSTT.
The CWU had requested of the Prime Minister that an audit be done into the financial aspect of TSTT via letter dated January 28.
In a letter dated February 2, directed to CWU’s secretary-general Clyde Elder, Permanent Secretary to the Prime Minister informed that the directive was given.
TSTT in a statement on Friday stated it was planning to finance its restructuring without the need for a government guarantee.
The company had commenced the process to secure funding from the financial markets to cover the separation costs of its proposed restructuring exercise, TSTT stated.
TSTT stated, “TSTT anticipates that, if given effect to, the high anticipated cost of the proposed restructure will be readily offset by savings in personnel costs, the elimination of maintenance costs associated with obsolete plant and technology and revenue from new streams of business, which will partially offset the loss of revenue from voice calling services, local and international.”
TSTT repeated its statements that the restructuring was an effect of the Covid-19 pandemic amongst other factors resulting, with TSTT’s revenue falling by TT$453 million during the past financial year ended March 31, 2021 – 18% less than the prior year.
Various initiatives were implemented to counteract these debilitating conditions, including reducing non-personnel costs in response to these trends but were not enough, TSTT added.
The company added that it continues to consult with the representative unions who have clearly stated that they will continue to fight for the workers to be able to keep their jobs.
