Cabinet Approves Mandate and commission of enquiry for Sugar Company


Cabinet recently approved the mandate for the Sugar Company of Jamaica Holdings Limited (SCJH) to conduct negotiations with interested parties who had submitted unsolicited proposals with respect to the divestment of the Frome, Monymusk and Bernard Lodge Sugar estates. A Commission of Enquiry has also been approved which will review the current institutional and regulatory pricing arrangements in the sugar industry.
Minister with responsibility for Information, Daryl Vaz made the disclosure at this week’s post cabinet meeting. He said approval had been granted for the SCJH to negotiate a medium-term pre-financing agreement with Eridania Suisse in exchange for supplies of sugar to Eridania and that the funds from them are earmarked to support the continual restructuring and operation of the sugar estates pending divestment.
“The Cabinet had also previously approved the discontinuation of the Sugar Negotiating Team and the transfer of its functions and mandate to a strengthened board of the SCJH which is responsible for the operations of the three estates as well as their divestment” Minister Vaz said.
He was speaking at the weekly Post Cabinet Press Briefing at Jamaica House yesterday (March 3).

JIS Social