Known for his
controversial position on financial matters, Harnarine singled out
CL Financial (CLICO), Sagicor, and Scotiabank, which he accused
of using the monies of their depositors to finance the setting up
of large, international companies in Trinidad and Tobago to compete
unfairly with local small enterprises.
According to Harnarine, East Indians traditionally run hardware
(stores), groceries, pharmacies, and other small retail businesses.
These small businessmen deposit money into Scotiabank and purchase
financial services from Sagicor and CLICO.
“How many East Indian businessmen understand that you put
money into Scotiabank, and Scotiabank joined with Rahael, and they’re
now having Superpharm?” he asked.
He continued: “So every small pharmacy owner is in trouble
with a multinational company coming here now to compete with you
and Rahael.
“So Scotiabank didn’t consider it was you the East Indian
businessman who put the money, but they’re now financing Rahael
(and) Superpharm, and Sagicor as well.”
Harnarine also accused CLICO of using “interlocking directorships”.
He said: “By the acquisition of Republic Bank, it comes now
like CL Financial owns Neal and Massy, it comes like they own Hi-Lo
groceries, Tru Valu groceries and they buying up the supermarket
industry.”
He continued: “So (CLICO) salesmen coming to your homes, taking
your money, and they now competing with you in the supermarket industry.”
Harnarine also warned that the furniture manufacturing industry
is next: “They lick up all the saw millers in Guyana and Suriname,
and they buying over BS Hosein Furniture Store in Arima.”
He also alleges that CLICO has its eye on the large Courts Furniture
Chain and has plans to bring the US-based Home Depot chain to Trinidad
and Tobago.
“So when they take over Courts (and) the furniture manufacturing
industry, what will happen to the East Indians who sell furniture?”
he asked.
“How do politics and economics protect us from these things?”
he asked.
He added that he won’t say that Home Depot should not come
into Trinidad.
“They can come, but we must be able to unite ourselves; if
we have a super store, we must be able to compete with them side
by side.”
Harnarine continued: “We must be able to compete with them
fairly, and we as the East Indian business community, and the Africans,
who have the purchasing power, must know that they can have ownership
of a large, people-owned conglomerate by the HCU ownership.
“This is why my vision and my dream is to build a conglomerate
that would be owned by the people, and we would have an equal place
in the corridors of financial power,” he concluded. |
