Energy World International 2013 Financial Report raises even more questions

The latest financial report (June 30, 2013 , a copy on the link below) from Energy World Corporation raises even more questions about the ability of the entity  to finance the US$737M  energy plant in Jamaica. On Saturday , 5th October 2013 I first raised the issue of the cash position of the company which from the 2012 report was reported to be  US$128M.  That position has changed drastically in the most recent falling  33% or US$42 to a mere US$86M, which makes the amount of funds available for use a equity to EWI in this project even less than it was before.

The company’s balance sheet shows a total asset base of US$1.14b, which is up US$200m or 21% from the US$940 in 2012. The main area which reflected this increase was plant, property and equipment, which now stands at US$684M up from US$460.8M or an increase of US$223.2M or a 48.5% increase. So how did the increase plant, property and equipment by such a large amount in such a short time.

Well the company reported it has now completed the expansion of a 60MW plant in Sengkang power plant in Indonesia  to 195MW and as such has moved the figure related to the cost of this plant from project under construction into Plant Property and Equipment,

Projects under construction have moved from US $316.2m to US$477.6m or an increase of US$161.4m or 51%. The company is report that this increase of over 50% is reflective of the progress they have made on three main projects:

• Sengkang LNG
• Phillipines LNG Hub ( on the books since 2008) * This is the one to pay close attention to, as this is where our LNG is to be supplied from.
  
• Power projects
• Other developments projects ( whatever that is).

I have to spend some more time reviewing the 2013 financial statement, but here it is for  your review.

ewc 2013 report

Enjoy

 

Report on completion of Sengkang Power Plant

Sengkang Power Plant Expansion

 

EWC searches for LNG for its recently expanded  Sengkang plant, which  currently does NOT use LNG but instead uses fuel oil. Now this company has said it can build an LNG fired plant in Jamaica, but based on all I have read it has no steady source of LNG to supply this plant.

EWC search for LNG

 

PNP taxes the poor but give duty concessions for luxury cars imports .

This PNP administration led by Portia Simpson Miller is one of the most  WICKED AND UNCARING government that I have ever seen in the last 50 yrs.

This is a government which has leveled taxes more taxes on the poor, while claiming to be a government that will always ensure that the poor and most vulnerable are protected.

Just last week the Gleaner reported on tax concessions of over $12m being given to individuals and organizations for the importation of luxury cars. In once case one person got  a tax concession for $2m  for the importation of a Porsche and an institution of a tax waiver of $6.4m for the importation of a luxury landrover. Not to be excluded was tax waiver for  a sitting politician on the PNP.

http://jamaica-gleaner.com/gleaner/20131002/lead/lead3.html

This week the agents of the government decided that everyone must pay their fair share of taxes and has decided to tax the poor handcart man $3000 to load up and push his cart on the dirty and filthy streets of Kingston.

So much for loving and protecting the poor.

U could a bad like Shane Warne or Muttiah Muralitharan, a want see unno spin that.

Courtesy: Jamaica Observer

Has Portia Simpson Miller retired as Prime Minister of Jamaica

When PJ Patterson, Edward Seaga, Bill Clinton left political office, they were engaged on many occasions to be key note speakers at many functions across their country.

They at times would become involved  ( PJ and Bill) in drumming up support for their party, to which they remained loyal even after giving up active politics.

Here we have Portia Simpson Miller behaving as if she has retired and is no longer the Prime Minister of Jamaica. why do I say this.

Well, Portia only delivers key note address at various functions across, Jamaica, she never speaks to the Jamaican public as Prime Minister, she attends and drums up support for any candidate running for a by election and she is always speaking at party events and conferences.

The above are all the hallmarks of a retired head of state and not those of someone, who is supposedly to be actively working to extract Jamaica from its economic quagmire .

I have therefore come to the conclusion that Sister P has arrived and really no longer needs the public. She has achieved her life long dream of being elected the Prime Minister of Jamaica and that is an achievement in its own. It now does not matter how she performs as a leader/Prime Minister, the fact is history will record she won an election and became Prime Minister of Jamaica.

Having achieved that major feat, the job is over, just sit back don’t talk and eventually people too will stop asking questions allowing you to enjoy an easy ride, before becoming vocal once again as you try to secure another term.

For the PNP and Portia , it’s hardly about moving Jamaica forward, its all about winning and keeping power, the sad thing is the poor continues to hang unto the hope that one day Sister P will make life easier for them.

To the poor I say Sister P is 67 and is working to secure her retirement, she has been working for the poor for the last 30+ years and we have more poor today than 30 yrs ago when she was younger and had the ability to work harder.

The fact that we have more poor and she has been part of the party in government for 22.5 yrs out of that 30 yrs, speaks to her fine achievements as champion for the poor.

You become a Champion by winning or by creating a lot of what you intend to become champion for and in this vien PSM has indeed been a great champion given that we have created more poor over her tenure.

True champion indeed.

PNP Cabinet ministers turn out to support criminality !

Surrounded by a rowdy group of People’s National Party (PNP) supporters, embattled Mayor of May Pen, Scean Barnswell, was yesterday briskly whisked away from the Half-Way Tree Resident Magistrate’s Court, where he had gone to answer to charges of breach of the Contractor General Act.

State minister in the Ministry of Finance and North Clarendon Member of Parliament (MP), Horace Dalley, along with Eastern St Catherine MP Denise Dalley, was also in attendance.

http://jamaica-gleaner.com/gleaner/20131009/lead/lead3.html

Lending passive support is one thing, but to be active and visible is a totally different thing.

Comrades will always support corruption and I tell you this stamping out this in Jamaica means firing the entire public sector and rehire folks based solely on qualification and experience  and not on party affiliation.

Drastic as it may sound, it is necessary as the PNP has successfully corrupted every single public sector institution and has place comrades operatives in key positions in these sectors, who in turn have employed “eat a food” people to complete the rot.