Give up the ‘sugar’

The new company which took over the sugar industry ten months ago is still waiting for Government to sweeten the deal by removing itself completely from the operations.

In a stinging report to members on November 15, president of CoopEnergy Barbados, Trevor Browne, stated that Government had reneged on the agreement to have the new operations 100 per cent privately owned and had submitted a new agreement, after the official handover, to retain a 25 per cent interest in the new operations and also have two members of the Barbados Agriculture Management Company (BAMC) sit on the board.

In addition, Browne charged that Government had to date failed to provide the new company with any financial reports and this was thwarting its efforts in moving forward.

In the two-page report to update members on the initiative, he explained that the divestment agreement it made in 2023 stated:

• The new operations were to be 100 per cent privately owned and managed;

• BAMC’s former sugar workers were to become 20 per cent shareholders of the new operation;

• CoopEnergy was assigned 55 per cent shareholdings;

• The remaining 25 per cent shares were to be made available for private investors; and

• BAMC was to withdraw from the business.

“Our proposal was accepted in principle by the BAMC and Ministry of Agriculture, and the usual transfer process commenced around May 2023,” Browne wrote.

He pointed out that on December 18, 2023, the BAMC officially wound up its sugar operations and handed control over to two new entities – the Agricultural Business Company (ABC) and the Barbados Energy and Sugar Company (BESCO).

“This time frame was set to conform with IMF (International Monetary Fund) stipulations in relation to the imminent disbursement of certain loan funds to Barbados.”

However, Browne said that following the handover, Government changed the deal. (MB)

Subscribe now to our eNATION edition for the full story.

For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.

The post Give up the ‘sugar’ appeared first on nationnews.com.