Talk about the government repurchasing GRENLEC took centre stage in the Grenada Senate today, with the Leader of Government Business, Simon Steil, seeing the Share Purchase Agreement design as the major sticking point which turned over monopoly control of the Company to WRB.
In moving a resolution legitimizing the Government’s buy-back deal, Senator Steil chided the then NDC government on the notion that the Share Purchase Agreement was not a good one.
The Company’s major shareholding was reportedly sold for some 15 million US dollars.
Here is Simon Steil as he made his presentation.
Steil held other concerns.
Steil argues that the Share Purchase Agreement monopoly only benefited WRB, with proposals made for them to have regulatory powers.
The leader of Government Business in the Senate, Simon Steil.
The Labour Representative in the Senate, Andre Lewis, says in going forward, the labour sector has a vital role to play and calls for its greater involvement, especially in the area of having Information readily available, and pertaining to management control Labour Senator Andre Lewis.
Opposition Senator, Tessa St. Cyr, makes a request for the Government to be forthcoming with information concerning the future of the Company, including the sale of shares.
