Trinidad and Tobago Unit Trust Corporation
Notes
to the Consolidated
Financial Statements
FOR THE YEAR ENDED
31 DECEMBER, 2012
Expressed in
Trinidad and Tobago dollars
A29
28) NET LOSS FROM
DISCONTINUED OPERATIONS
a) Unit Trust Corporation (Belize) Limited
During 2011 the Unit Trust Corporation (Belize) Limited ceased
operations and appointed a Liquidator who disposed of the assets
of both the Fund and the Company and has repaid both unit
holders and creditors. The Liquidator expects to submit his final
report during 2013. The Corporation does not expect to recover
either its investment of $17.7 million or the advances outstanding
at December 2011 - $0.4 million. These losses were recognised
as a Loss on Discontinued Operations in the 2011 Consolidated
Statement of Income.
b) Merchant Banking Department
During 2011 the Corporation disposed of 99% of its Merchant
Banking Portfolio. The loss of the Merchant Banking Department
for 2011 is provided below.
2012
$’000
2011
$’000
Interest income
-
90,794
Other income
-
2,508
-
93,302
Interest expense
-
(53,789)
Impairment
-
(17,517)
Administrative expenses
-
(17,203)
Loss on disposal of assets
-
(10,374)
Foreign exchange loss
-
(1,192)
-
(100,075)
Net Loss from Discontinued Operations
-
(6,773)
Unit Trust Corporation
Annual Report 2012
