Connect with us

Caribbean & World

Update on Government of Grenada and WRB Enterprises

Published

on

Further to the Government of Grenada’s press release of Wednesday, 26 June 2019 on the matters in dispute between the Government of Grenada and WRB Enterprises Inc., the government elaborates as follows:

In 2016, after coordination with international consultants and local electricity sector stakeholders, the government passed the new Electricity Supply Act and Public Utilities Regulatory Commission Act. The Acts liberalised Grenada’s electricity sector, ended the monopoly on electricity generation, and established effective regulatory control over the sector. The liberalisation of the sector — and the passage of the legislation — were implemented as part of overarching structural reforms initiated and funded by the World Bank through the Eastern Caribbean Energy Regulatory Authority project (ECERA).

Following the 2016 reforms, WRB, the US-based majority shareholder of Grenlec, initially demanded that the government repurchase its shares in the company for US$65 million plus interest. In May 2017, WRB and its local subsidiary, GPP, initiated an international arbitration against the government seeking the compelled repurchase of the shares, on the basis of the 1994 Share Purchase Agreement. WRB’s demand has since been revised upward to EC $182 million plus interest (equivalent to approximately US $67 million plus interest).

In June 2019, WRB and the government concluded a hearing in front of an international arbitration tribunal at the World Bank’s International Centre for the Settlement of Investment Disputes. The tribunal will rule on whether — and if so, at what price — the government must repurchase WRB’s

As indicated in our earlier press release, the tribunal’s decision has not yet been issued and is expected in the coming months. Government policy remains that Grenlec’s shares should be held or purchased by private sector interests.

GIS

Source: Source link

Caribbean & World

Arrests made in Soubise drug bust

Published

on

By

Three men have been arrested and charged in connection with the 20 December 2019 drug bust at Soubise, St Andrew, which netted 698 pounds of cannabis.

The men, Ronald Thomas, 35 years of Post Royal, St Andrew; Rol Mc Queen, 31 years of La Fortune, St Patrick, both Fishermen, and Finbar Phillip, 43 years, Mechanic of Soubise, St Andrew will appear at the Grenville Magistrate’s Court on Tuesday, 25 February 2020.

Finbar Phiilip
Rol Mc Queen
Ronald Thomas

Thomas has been charged with Trafficking in a Controlled Drug, while Mc Queen and Phillip have been charged with Conspiracy to Traffic in a Controlled Drug.

One blue fishing boat with a 75 horse-power was also seized.

Police investigation continues.

Office of Commissioner of Police

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Source: Source link

Continue Reading

Caribbean & World

Traffic notice: Pearls Bridge, St Andrew

Published

on

By

The Ministry of Works and the Traffic Department of the Royal Grenada Police Force (RGPF) wishes to inform the general public and in particular, motorists that the Pearls Bridge, St Andrew will be closed to all vehicular traffic effective Tuesday, 25 February 2020 until further notice.

An assessment conducted by the Ministry of Works has determined that the bridge is unsafe and can no longer accommodate vehicular traffic.

Motorists are advised to use alternatives routes to get to their destinations. This action is a necessary measure to ensure the safety of the motoring public.

The Ministry of Works and the Traffic Department of RGPF apologise for any inconveniences caused.

Office of Commissioner of Police

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Source: Source link

Continue Reading

Caribbean & World

The coolest museum that you’ve never seen – Nas Daily

Published

on

By

In the small island nation of Grenada, there is a super cool museum… that is hidden… underwater! :O

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Source: Source link

Continue Reading

Trending