PORT OF SPAIN, Trinidad, CMC—Lawyers for Ramsaran Dairy Products (RDP) on Monday threatened to sue the government over its inability to source foreign exchange to import paper-based cartoons.
In a pre-action protocol letter sent to Attorney General Reginald Armour, the company, a local beverage producer, it was said that in March and September 2017, Finance Minister Colm Imbert refused requests for foreign exchange made by RDP founder Rajnanan Ramsaran.
“It is here that we form the view that foreign exchange in Trinidad and Tobago may not be equally distributed, and as a result, we have asked for the policies surrounding the distribution of foreign exchange issued by the Central Bank, which governs the distribution of foreign exchange at the commercial banks,” said the company’s attorney, Richard Jaggasar.
He noted that at least four companies did not appear to face similar difficulties accessing foreign exchange.
“Ramsaran Dairy Products is a well-known brand/ product in Trinidad and Tobago. It is a reputable medium-sized family-owned business that has been in operation for several years,” the pre-action protocol letter stated. RDP has contributed to the local economy by providing jobs and locally made products packaged in paper-based cartoons.
It said other locally-based producers predominantly package their products in plastic packaging.
“It is universally acceptable that plastic is bad for the environment and degradable and reusable substances are preferred the world over,” according to the company, pointing to a large distributor as an “example of the unequal distribution of wealth and resources.
“To put it plainly, some companies appear to be gaining liberal access to foreign exchange while others are being unjustly denied equal and fair treatment.
“…Moreover, while some companies are mere agents or redistributors of imported materials, Ramsaran Dairy Products is a locally based product, meaning investments and revenue will circulate in Trinidad and Tobago.
“The agents and redistributors only drain our nation’s foreign exchange reserves and limit local growth and development. In that context, we argue it may be a bet.
The letter alleged that Ramsaran’s applications for foreign exchange necessary for his livelihood have consistently been refused while other companies and forex consumers are treated differently and more favorably.
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