RBTT forecloses on Intelco

There is news today on the telecommunications front…although we’re not totally sure what it means. The public had been led to believe that Intelco, the failed venture headed by Glenn Godfrey and breastfed by Government, had been sold to BTL’s Jeffrey Prosser. Apparently, somebody jumped the gun as News 5 has confirmed the reports in today’s Amandala that Intelco’s biggest lender, RBTT of Trinidad and Tobago, has foreclosed on the company and appointed a receiver. That receiver is certified public accountant Cedric Flowers. Contacted this evening, Flowers told New 5 that he could not offer any details as he was only appointed Wednesday evening and still had much groundwork to do, but would be able to comment sometime next week. That did not stop the United Democratic Party, which issued a gloom and doom press release today saying that millions in Social Security funds would now be lost. That interpretation, however, cannot be substantiated as it would seem that whatever transaction Prosser wanted to complete for the purchase of Intelco can still proceed under the receivership. The only difference is that Prosser may now get a better deal at a “fire sale” while Glenn Godfrey, the man at the centre of the scam, may have his take slightly reduced.