Government’s $5 million invest­ment in the Going for Gold 50th Independence anniversary project produced by Machel Montano has thus far yielded a profit of $175,000, Planning Minister Dr Bhoe Tewarie told the Senate yesterday.

Tewarie said Montano’s compa­ny, Going for Gold Ltd, had been paid $5 million in full by the Government of Trinidad and Tobago because it met all its obligations.

Tewarie was responding to a ques­tion in the Senate, at Tower D, International Waterfront Centre, Port of Spain, from PNM (People’s National Movement) Senator Lester Henry, who asked whether Tewarie knew at what point this significant investment would be recovered, in terms of generating any kind of revenue and profit.

Tewarie said he did not know, “but just as you didn’t think there was an album and there is one,

just so, everything will come”.

Tewarie stated the accounts showed as of 2013, $4,762,925.31 was spent to develop the project.

These expenses included band fees; fees of professional producers, glo­bal and national; subsistence;

purchasing of merchandise; administrative fees; performers; dancers; costumes, etc, all related to the production of a 12-track music CD album, one documentary DVD; eight music videos; promotion of the album through launches and live performances in London, England; Miami, Florida, USA; and Trinidad.

According to Tewarie, the balance at the period end of June 2013 recorded a savings of $308,000. But he noted there were still outstanding expenses to be met by the Going For Gold Company, such as corporation taxes and VAT.

He said there were also monies to be received in terms of earnings for the project, which at the present time amount to $175,000.

Tewarie said on July 18, 2012, Gov­ernment entered into a $5 milli­on contract with Going for Gold Ltd,

of 39 Gordon Street, Port of Spain.

The Going for Gold project was launched in celebration of the country’s 50 years of independence. Machel Montano was the executive producer of the project.

The contract was signed by the permanent secretary in the Ministry of Planning, Arlene Mc Comie, for the Government and by Michael and Elizabeth Montano, on behalf of the company.

The obligation by the company included the creation of an album; securing the commitment of local writers and producers, artistes, recording engineers and creative collaborators necessary to create the album; the production of a documentary video entitled Going for Gold, highlighting the processes involved in the creation of the album; and performances at agreed dates outlined in the contract.

Tewarie said because the company met all of its contractual obli­gations, the $5 million had been paid in full.

(source Trinidad Express)