ExporTT, CreativeTT and InvestTT will soon be merged into a new entity come April.
However, this move will lead to a loss of jobs, as the current total of staff members at those three agencies stands at 154.
According to reports, this number will be chopped to around 90 to 100 people.
The revelation was made by Trade Ministry permanent secretary Randall Karim yesterday when ExporTT appeared before Parliament’s Public Accounts (Enterprises) Committee.
The PAEC examined ExporTT Limited’s audited accounts, balance sheets and other financial statements for 2018 and followed up on the implementation of recommendations in PAEC’s 28th report.
When asked by PAEC chairman Wade Mark on the current amalgamation of the three companies, Karim said the purpose was to create a new entity that would be more operationally effective and to create synergies between exports and investment promotion. He said the legal process for amalgamation is nearly completed, and there are many legal and industrial relations issues that go with that.
Karim said currently the total headcount is approximately 154 people in the organisational structure, but he wasn’t sure that was the actual number employed.
“We’re looking at a new entity in the vicinity of about 90 persons, give or take a few more depending on some final decisions to be taken, so we’re moving from about 150 to about 100 persons,” he said.
He added ExporTT currently has 80 people, InvestTT, about 20 and CreativeTT, 50. ExporTT workers are represented by BIGWU, Karim added.
Mark also expressed a very deep, long loud concern on an auditor’s 2023 observations on ExporTT’s 2018 accounts where cheques were signed by personnel not included on the list of authorised signatories provided and authorised people were signing for amounts above authorised limits and this was honoured by banks.
ExporTT general manager (operations) Maria Padilla-Benjamin said from the 2020 audit there were two banking and signing resolutions in the same year so a decision was taken with a list of signatories and at some point in the same year another decision was taken.
“But the first set of people weren’t advised of the second change and so continued as the instrument presented to them said they were authorised until so told, to sign cheques on the entity’s behalf. So they continued signing.”
Mark, claiming there was a breakdown in ExporTT, called for a report. Karim said ExporTT gave the ministry a report and this will be sent to PAEC. He said the bank was notified of the inconsistencies, but Karim admitted “obviously something didn’t go well in 2028 and we’ve been assured by ExporTT the issues have been dealt with.”