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#1 Dec 28, 2020 8:21 pm

New Historian
Active

More mushroom management from this government

https://caribbeanbusinessreport.com/new … H3JvbyRL1s

For 26 years Grenada has had very good electrical service; after Hurricane Ivan power was restored very quickly, and Grenlec is ranked among the region's more efficient utilities. Now we hear that "someone" has bought WRB's majority shares "on behalf of the government" - but not the identity of this mystery benefactor. As if we have to ask. Typical high-handed and un-transparent management of the economy, by this government.

Mushroom management: Keep them in the dark, and feed them shit. Wake up people.

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#2 Dec 29, 2020 2:42 pm

gripe
Active

Re: More mushroom management from this government

NH, that WRB matter is one that I have followed from a relatively early stage of the ICSID arbitration (my colleague at that early stage was very critical of the government's decision to chose another firm to represent the government).

The monetary settlement in absolute terms is a win for the government.

My reading of the current situation is that the government now has the opportunity to purchase additional shares to have full control of  Grenlec. According to one source, "Under that Agreement, WRB/GPP and related parties transferred their majority stake in Grenlec to the Government in exchange for the payment of US$63 million, thereby making the Government of Grenada the majority shareholder of Grenlec."  https://www.facebook.com/15273931154614 … 06560/?d=n

Therefore, the idea that a foreigner is the one who has that right or is the source to whom the government will grant that privilege is not what I understood from the linked article, the letter sent to Grenlec's employees, or, from the NDC's concern that the government is seeking assistance from a third party to raise money to buy the shares. If, however, the government plans to give that funding source control of Grenlec that will be a major problem since it will not be in the best interest of the country.

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