**Foreign Reserves Rebound, Proman Settlement Raises Questions, and TTNGL AGM Postponement Draws Scrutiny**
Recent data from the Central Bank has brought unexpected but welcome news on Trinidad and Tobago’s foreign exchange position, even as unresolved questions linger over a major energy settlement and the transparency of disclosures by publicly listed companies.
In a January 15, 2026 column titled *When will T&T’s foreign reserves run out?*, it was reported that the country’s net official foreign reserves stood at US$4.878 billion at the end of November 2025—equivalent to 5.7 months of import cover. This represented a decline of US$1.39 billion, or 22.17 per cent, over a two-year period, averaging annual depletion of roughly US$695 million.
However, a review of the Central Bank’s Data Centre over the weekend revealed a sharp rebound in December. Net official reserves increased by US$491 million, rising to US$5.369 billion—an increase of about 10 per cent in a single month. Importantly, this figure is net of the routine monthly foreign exchange injections of approximately US$200 million made by the Government through the Central Bank.
Government sources indicated that the December increase was driven by several factors, including US$150 million from a fixed-rate, three-year senior unsecured bond arranged by Guardian Group Trust Ltd at six per cent interest; dividends from State-owned enterprises; and foreign currency conversions by private and State-owned companies seeking local liquidity. Another contributor was a US$14.5 million payment arising from the settlement of the long-running Clico Energy matter with Swiss petrochemical company Proman.
That particular payment has raised significant questions. In a January 22 column titled *What did T&T get from Proman for Clico Energy?*, it was reported that High Court judge Devindra Rampersad voided the controversial sale of a majority stake in Clico Energy—later renamed Process Energy Trinidad Ltd—to Proman. The ruling ordered the restoration of CL Financial’s 51 per cent shareholding, the repayment of the US$46.5 million purchase price, and an accounting for dividends and distributions generated between 2009 and 2021, which the Court of Appeal previously quantified at US$185.9 million plus interest.
Justice Rampersad also suggested that amounts owed by Proman to CL Financial could be set off against sums owed in the opposite direction, resulting in a net figure of US$139.41 million. With interest at 2.5 per cent per annum compounded through to late 2025, the total liability could rise to approximately US$229.48 million—well above the US$14.5 million reportedly received so far. Absent clarity on the full settlement terms, questions remain as to how much Trinidad and Tobago can ultimately expect from the Proman-Clico Energy matter.
Meanwhile, concerns about corporate transparency have resurfaced following the postponement of the 10th annual meeting of publicly listed Trinidad and Tobago NGL Ltd (TTNGL). On January 30, the company issued a brief notice stating that the meeting, scheduled for early February at the Hilton Trinidad, was postponed “due to unforeseen circumstances.”
For shareholders and market observers, the explanation was seen as inadequate. Under the Securities Act, a material change is defined as any development in a company’s business, operations, assets or ownership that would be considered important to a reasonable investor. Critics argue that the postponement of an annual meeting—without further explanation—may meet that threshold.
Similar wording has been used by other majority State-owned listed entities, including National Flour Mills and Point Lisas Industrial Port Development Corporation, prompting broader questions about disclosure standards. In the case of TTNGL, speculation has intensified amid unusual trading volumes in recent months and unresolved issues surrounding impairment accounting and the status of the OFAC licence linked to the Dragon gas field project.
In the absence of fuller disclosure, shareholders have been left to speculate, contributing to selling pressure that has reversed much of TTNGL’s sharp share price gains recorded in January.
Together, the rebound in foreign reserves, the opaque nature of the Proman settlement, and concerns over corporate disclosure underscore the need for clearer communication from both State authorities and publicly listed companies—particularly at a time when investor confidence and economic stability remain closely intertwined.
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