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Imbert to Express Newspaper on HSB article: Stop spreading misinformation!

The Express Newspaper is today being heavily criticised by the Finance minister for what he says is a grossly misleading article on the Heritage and Stabilization Fund.

In the Sunday Express June 11 2023, an article labeled: “HSF records US$913.5m loss for 2022, For the first time in its history” … some daunting statistics were quoted as it relates to the fund.

The article stated that TRINIDAD AND TOBAGO’S Heri­tage and Stabilisation Fund made a loss of US$913.5 million last financial year, as quoted recently by its published annual report.

It said that since its establishment in 2007, this was the first time the sovereign wealth fund recorded a total comprehensive loss for the year.

It went on to note that the US$913.5 million loss recorded last year was a sharp contrast to the US$624 million net pro­fit after tax the HSF made in 2021.

However during a press conference this morning at the Diplomatic Centre, St Ann’s Finance Minister Colm Imbert sought to clear the air on what he said were misleading and misinformed information contained in the article.

He said that all of the information in the article reflected a complete lack of research on the actual figures and stats as it relates to the HSF.

He said that the misleading article was followed by an equally uninformed article in the Express Newspaper today which bemoaned the fact that the Fund lost 16% in 2022.