Breaking News

TCL to pay $20m owed to workers*

Trinidad Express / port of spain   LOCAL producer Trinidad Cement Ltd (TCL) will settle its remaining debt to workers who won a court case against the company two years ago by giving them $20 million in shares. TCL said in a notice on the Trinidad and Tobago Stock Exchange on Monday: “In December 2014 and January 2015, TCL published notices advising that a Memorandum of Agreement was entered into with the Oilfields Workers’ Trade Union (OWTU), regarding the order of the Industrial Court on certain trade disputes and all other outstanding items for the period 2012-2014.” Further to those notices, TCL said it “entered into a Deed of Settlement and Trust (the Trust Deed) on November 24, 2016 with First Citizens Trustee Services Ltd (FCTSL) as the trustee, in order to settle the remaining obligations to eligible employees under the order and the Memorandum of Agreement.” Become a subscriber to the Trinidad Express Newspapers for access to all our articles via our vNEWS. Subscribe to vNews | Log-In to vNews

About the author / 

mundiadmin

Related Posts

North America

Europe

Asia

Latin America

MundiSports