Statement on Brexit by Premier Fahie Regarding the End of the Transition Period
Statement on Brexit
By Premier and Minister of Finance, Honourable Andrew A. Fahie regarding the End of the Transition Period
31
st December, 2020
Good Day and God’s Blessings to all the people of the Virgin Islands. As the transition period for the United Kingdom’s exit from the European Union comes to an end tonight, I wanted to take this opportunity to highlight a few of the implications of Brexit on the Virgin Islands, which are due to take effect from tomorrow, 1
st of January, 2021.
Many will recall that the people of the United Kingdom voted to leave the European Union in June 2016 by a referendum. Today after four years of discussions, negotiations and uncertainty, the effects of this vote will begin to be felt.
Submitted by publisher on 29 December 2020
The Government of Grenada has secured significant cost savings in the just concluded repurchase of shares in the Grenada Electricity Services Limited (GRENLEC), as part of its settlement agreement with WRB Enterprises which brings to an end, the International Centre for the Settlement of Investment Disputes (ICSID) arbitration case brought by the company.
Through the US $63 million settlement, which is US $12 million less than the arbitration award, Government has now regained control of the 50% shares sold to WRB in 1994. In addition, Government has also acquired the 11.6% shares which WRB purchased through an affiliate company and which was used to plough profits back into the hands of the company and its affiliates, rather than into critical ongoing capital investment to maintain and improve GRENLEC’s generating capacity.
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