Port of Spain, Trinidad & Tobago – January 2024 – During a Public Accounts (Enterprise) Committee Meeting held on Wednesday, it was disclosed that the Vehicle Management Corporation of Trinidad and Tobago (VMCOTT) is currently owed a substantial $37.4 million.
Neil Bennet, Chairman of VMCOTT, confirmed that this significant amount represents money owed to the state enterprise dating back from 2012 to the present. He explained that VMCOTT’s accounting department has been actively contacting clients in an effort to recover the outstanding funds. Despite the large sum, VMCOTT is reportedly unable to take legal action in this matter, complicating the debt collection process.
Conversely, VMCOTT itself also owes approximately $8.6 million to other entities. This dual financial challenge highlights the complex fiscal situation facing the corporation and underscores the need for strategic resolution to ensure its financial stability and operational efficiency.
