Senior Reporter
geisha.kowlessar@guardian.co.tt
Amid this country’s forex challenges, the National Flour Mills (NFM) has been accused of using scarce foreign currency to send employees abroad for training.
The issue was brought up during the Public Accounts (Enterprises) Committee meeting in which the audited financial statements for the years 2021 and 2022 were discussed.
During the discussions, the committee’s chairman Wade Mark asked NFM officials if they know of a company called Inspirational Lab in the US.
NFM’s CEO Ian Mitchell responded that he did.
Mark went on to ask, “I would like to know why we (NFM) is spending half a million dollars outside of T&T, when we have a foreign exchange currency crisis, to an American lab or company called Inspirational Lab for training of senior mangers.”
Mark asked whether Mitchell had benefitted from such training which took place in the last four years.
Mark also asked what were the benefits the NFM had derived from such training and how was this reflected in its bottom line.
Mitchell who confirmed there is such a company that provides services to the NFM and said he would have to check on the cost and provide that information.
Seemingly unimpressed, Mark pressed for further details.
He asked how were the services of that training company procured and whether this was done through a competitive bidding exercise.
In response, Mitchell said a process like that would usually entail going through who were the providers and the services the company wants following which a selection would be made.
Mitchell also gave the assurance that the requested information would be given.
The Public Accounts (Enterprises) Committee heard from NFM’s chief financial officer, Michael Valentine, that the NFM is given a taxpayer subsidy of $400,000 a month which amounts to $4.8 million per year.
Valentine explained to the committee that the subsidy went towards the running of NFM’s plant at Carlsen Field as he replied to a question posed by Mayaro MP Rushton Paray.
On whether the NFM had carried out its plans to introduce new equipment and procedures which led a reduction in costs, Mitchell said this was the case as he further noted that the company’s before-tax profits rose from $9 million in 2022 to $54 million in 2023.
He further disclosed that NFM’s after-tax profit, Mitchell had risen from $1.4 million in 2021 to $6.9 million in 2022 and $35.5 million in 2023.
In outlining some of the company’s plans, director Ross Alexander said the NFM will focus on increasing exports, adding that the NFM intends to become a net earner of foreign exchange “given what is particularly happening in the country today in that area.”
Alexander said the company will aggressively pursue business in other regional countries.
