The Veterans Footballers Foundation of T&T (VFFOTT) is calling on Trustee Maria Daniel to answer several questions in writing following her letter to creditors dated December 16, 2022, which indicated that payments to creditors are in jeopardy following the Extraordinary General Meeting (EGM) of members on December 10, 2022.
At that meeting, a vote was approved for an election of a new executive and that meeting is to take place by March 18, 2023.
The meeting also agreed that the FIFA-appointed Normalisation Committee which was appointed by FIFA in March 2020 needs to wrap up its mandate before the March deadline.
However, Daniel letter has suggested that the decision made in that meeting have affected the creditors who were to receive their payments by Christmas Day (December 25, 2022).
According to the release from Daniel, the proposal of TTFA appointed Trustee on November 8th, 2021, said: “Pursuant to Section 44 of the Bankruptcy Insolvency Act, I do confirm that the Proposal was approved and passed in the High Court of Justice on September 28, 2022. However, has raised some concerns by the financier as it relates to the non-financial requirements and terms and conditions of the financing.”
In its letter dated December 24, 2022, and addressed to Amiel Mohammed the acting General Secretary of the TTFA, VFFOTT’s President Selby Browne is requesting four items from Daniel, namely: copies of the Minutes of the meeting called by the Normalisation Committee to present for the TTFA Membership approval; the petition presented to the High Court of Justice of T&T on behalf of the TTFA Membership and approved on September 28, 2022; the name of the Financier for the proposes interest-free US$3.5 million financial instrument; the status of work done by both the Trustee and Normalisation Committee with the requirement for policies, guidelines, and management structure recommendations and whether both the Trustee and Normalisation Committee have plans to ensure payment to TTFA creditors will commence on or before January 15th 2023.
Meanwhile, when contacted by Guardian Media Sports on Tuesday Browne disagreed that the December 10 EGM should be used as a reason to delay payments to the Creditors.
He said: “Any attempt that seeks to indicate the grounds for the inability of the Trustee and the Normalisation Committee to implement the scheduled pre-Christmas payments to creditors, which was formally announced and confirmed with the TTFA creditors, cannot be as a result of the outcome of the December 10th TTFA EGM called by the Normalisation Committee. The pre-Christmas schedule must have been predicated on the preparation and deliverability of the relevant undertaking of section 1.7 of the proposal and agreement having been made by both the Trustee and the Normalisation Committee in its petition presented to the High Court of Justice of Trinidad and Tobago on behalf of the TTFA Membership. The inability to make the promised pre-Christmas payments has two things to do with the TTFA EGM of December 10, 2022, the First is “Nothing”, and the Second, “Absolutely Nothing”.
Asked if the AGM scheduled for March 18, 2023 should be the Normalisation Committee’s final act, Browne responded: “Most definitely. You retain the services of a contractor to perform certain services and upon competition of the items listed in the mandate you perform the final act for which you are paid and return to your respective areas of competence.”
With regards to amendments to the TTFA constitution, Browne said: “The mandate with respect to any amendments to the Constitution clearly states “if required. The facts are right next door in Guyana, the FIFA Normalisation Committee held an election for the new Executive a few months ago and the new Executive has presided over its constitution amendments.”
Asked if the membership is confident that the Normalisation Committee will finally hand over TTFA come March 2023 he pointed out that: “The Normalisation Committee has been appointed and is paid by FIFA to complete a mandate within a specific period, in this case for a two-year period initially and extended by a further year. It is quite possible the Normalisation Committee may wish to beg FIFA for additional time to complete the work originally assigned for a two-year period.”
Asked to comment as to who is footing the interest-free US$3.5 million financial instrument to pay Creditors, Browne revealed: “The short answer is not officially. That information has been requested by VFFOTT Letter of Demand to the TTFA General Secretary Ag, in addition to the copy of the minutes of the meeting called by the Normalisation Committee to present for the TTFA Membership approval, the petition presented to the High Court of Justice of Trinidad and Tobago on behalf of the TTFA Membership and approved on September 28, 2022. The response to this is already well-known.
The unfortunate reality is certain members of the NC and present and past members of the TTFA for some unknown reason have been of the view that the Normalisation Committee has been placed to administer football in T&T for eternity, and not a contractor appointed to complete a mandate within a specific period, for which due payment is made.”
SOURCE: T&T Guardian