PAN TRINBAGO INVESTMENT CORPORATION
The Pan Trinbago Investment Corporation Ltd (PANVESCO) was established in 1991 but officially commenced operations in 1994 when funding was provided. It is a limited company incorporated under the Companies Act and a wholly owned subsidiary of Pan Trinbago Inc.
The rationale/stimulus for the establishment of this body was based on a deep belief by those who conceptualized the institution that the Pan fraternity was an entity with tremendous potential for economic development such that the steel band movement could have developed into an investment or entrepreneurial class. Unfortunately, its existence over several decades had not translated into any significant benefits or results. The think tank referred to above, thought therefore of creating a commercial component within the Pan fraternity which could benefit the entire fraternity.
Among key personnel who provided significant contributions were the present Chairman, Mr Clarry Benn and other Pan stalwarts. The Government of the day placed trust in Mr Benn as he was entrusted with the funds and with a mandate. The think tank was not in full agreement with that mandate given its knowledge of the Industry so the group collaborated and formulated a revised proposal which received approval of Cabinet.
Thus PANVESCO came into existence with a three pronged aim of business, financial and commercial arm of the steel band movement. In its early operations, recognition was given to a major challenge faced by the Pan fraternity in terms of readiness for the National Panorama for which a loan facility was provided. The facility was then expanded to include project financing for projects of a capital nature such as development of their Pan yards for the accommodation of activities.
PANVESCO core business is the provision of loan financing, support activities designed to ensure the ability of the borrower to repay through capacity building and institutional strengthening and the provision of ancillary services including event management and public education.
To manage as trustee, an investment fund which generates adequate income for promoting Capital for projects approved by Pan Trinbago; and to provide to the Steel band movement, Financial Management and Technical advice and service designed to enhance the status, welfare and development of Steel bandsmen.
To become the premier financial Institution of the steel band fraternity and the national landscape by providing revolutionary and innovative leadership aimed at unleashing the creativity of the Pan movement.
- To lend and advance money to steel bands on such terms and conditions as the Company may think desirable, and to recover such sums lent or a advance or any portion thereof remaining outstanding or unpaid-including interest accruing on such loans/advances.
- To draw, accept, endorse and discount bills of exchange, promissory notes or other securities in pursuance of the above.
- To invest money in or with Steel bands on such terms as the Company may consider desirable and also to acquire, hold, sell, and deal in shares, stocks, bonds and other securities in any company or association.
- To generate income to assist in promoting capital projects approved by Pan Trinbago
- To raise mobilize, borrow and procure capital and finance and to utilize such finance and capital in:-
a. Operating the business of the fund
b. Providing finance and assistance in the form of loans, advances and guarantees to and from member steel bands of Pan Trinbago.
- To provide or assist in the provision of Management and technical advice and services to member steel bands of Pan Trinbago and to Pan Trinbago.
- To accept grants and funds from any legitimate source and to utilize such grants and funds in pursuance of the objective of the company and/or for meeting its operating costs..To provide ancillary services and loan financing to the parent company with specific guidelines.
BOARD OF DIRECTORS
- Mr. Clarry Benn - Chairman
- Mr. Winston Gordon - Director
- Mrs. Sharon Rodulfo - Director
- Mr. Keith Simpson - Director
- Ms. Lauren Pierre - Director
- Mr. Douglas Williams - Director
- Mrs Fern Narcis-Scope - Corporate Secretary