SPU Head points to agro production of rice, coconut at Wales Estate

The Wales Sugar Estate was closed in December of 2016
The Wales Sugar Estate was closed in December of 2016

Head of the Special Purpose Unit (SPU) set up under the National Industrial and Commercial Investments Limited (NICIL), Colvin Heath-London on Thursday disclosed that in the coming months two “major investors” will be starting agriculture production- particularly rice and coconut cultivation- at the now closed Wales Estate.

This, he says will make way for several former workers of the Wales Estate to become rehired. London asserted that the process is expected to commence in a matter of days.

“…We should have two major investors in the Wales space starting agro production… I am expecting that within this week reemployment will start,” he told the media.

SPU Head, Colvin Heath-London

The Wales Estate was closed in December 2016, leaving hundreds of estate workers jobless, while indirectly affecting their families and residents in the community. Several workers were also denied their severance pays, and to date have been calling on Government to give them what they say is rightfully theirs.

The SPU Head, who is also the Chairman of GuySuCO, on Thursday said that they secured the $30billion that they were seeking in the form of a syndicated bond to continue to management of GuySuCo and its remaining estates over a four-year period.

The Opposition’s People’s Progressive Party (PPP) was quoted in the media registering their concerns with the disclosure made by Heath-London, with its leader Dr Bharrat Jagdeo noting that they are yet to learn what are the terms under which the bond was secured and what are the concomitant consequences of the move by Government.

Jagdeo, an Economist by profession, stated that the $30 billion bond was a ‘commercial debt’ that may have not even been concluded on concessional terms.



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