On January 4, 2021, the GTUCโs had requested a meeting with Prime Minister Dr. the Rt. Hon. Keith Mitchell, to discuss matters pertaining to the announcement that Government had found finances and repurchased GRENLEC shares from WRB.
Resulting from the above request a GTUC delegation met with a delegation from the Government of Grenada led by Ministers Gregory Bowen and Oliver Joseph.
Theย GTUCย raisedย aย numberย ofย concernsย andย madeย commentsย regardingย theย manner inย whichย theย nationsย businessย wasย handledย inย โsecrecyโย andย advancedย itsย observationsย thatย theย Governmentย appearedย toย haveย beenย sideliningย theย Socialย Partners/Stakeย Holdersย since theย completionย ofย theย Structuralย Adjustmentย Programmeย (SAP)ย 2014ย โย 2016.
In questioning the intention of the Government in relations to the repurchased shares, the Government said it intends to divest all the repurchased shares by offering them to Grenadians at home and in the diaspora.
Inย relationsย toย theย GTUCย requestingย copiesย ofย theย detailsย ofย theย Shareย Purchaseย andย Salesย Agreementย governingย theย repurchase,ย theย Governmentย saidย these willย beย tabledย inย Parliamentย onย Friday,ย Januaryย 15,ย 2021ย andย thereafterย willย beย availableย toย theย public.
The GTUC felt that if the Government was thinking of selling any of the shares to foreign interests, then this must not be done at a subsidized price, that is, not below the rate of XCD$18.00 per share. It is instructive to note that the Government kept insisting that it would sell below the above rate of XCD$18.00 once the foreign entity is prepared to make available additional benefits such as the building of a new hospital.
The GTUC insisted that the shares should remain in Grenadian hands. The GTUC demanded that in the interest of transparency and accountability the Government must consult it (and other local stake holders) before any future sale, divestment, change of ownership or Management arrangements are entered.
Theย Governmentย indicatedย thatย thisย isย theirย intention.
Theย Governmentย insistedย thatย theย repurchaseย willย resultย inย lowerย Electricityย rates.
The GTUC demanded from the Government that it should provide, within a week of the meeting, a detailed breakdown of the funds and sources used for the repurchasing of the WRB shares. This was especially important given the need for transparency and accountability and also taking into account that there appeared to be inconsistency from the Government officials on the matter.
The GTUC once again raised the issue of the guaranteeing of the workers jobs and benefits as a matter of Government policy irrespective of any โmanagement arrangementsโย orย โownershipโ.ย Theย Governmentย ofย Grenadaย indicatedย itย wishedย toย continueย consultationย onย theย subject.
Theย GTUCย delegationย madeย numerousย suggestionsย onย theย futureย ownership,ย management,ย divestmentย andย energyย policyย ofย theย Company.
