By Laurel Theresa Bain The Government has released its Fiscal Summary report for December 2020. This report published on the Government website, https://www.finance.gd/index.php/fiscal-reports, has not shed much light on the financing of the repurchase of the WRB shares in GRENLEC. In the fiscal table provided, capital expenditure for December 2020 was reported at $178.5M. It […]
St. George’s: December 30, 2020: Minister for Finance, Public Utilities, Energy, Physical and Economic Development Hon. Gregory Bowen says government’s prudent fiscal management from 2013 to the present, has contributed to its ability to raise the US $63 million to repurchase shares in the Grenada Electricity Company (GRENLEC). Government said in a statement on Tuesday […]
December 30, 2020 – Prime Minister, Dr. the Right Honourable Keith Mitchell, is assuring the nation that there is no change in the status of workers at the Grenada Electricity Services Limited (GRENLEC). Dr. Mitchell also assures that the management structure of the company remains unchanged. He said, “I do not think there is any […]
St. George: December 29, 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 […]
Tampa, Fla., December 28, 2020 – WRB Enterprises (WRB) and Grenada Private Power Limited (GPP) today announced it had executed a Settlement Agreement with the Government of Grenada, effective December 24, 2020. Under that Agreement, WRB/GPP and related parties transferred their majority stake in Grenlec to the Government in exchange for the payment of USD $63 […]
Wilful Malfeasance This series seeks to create awareness among we the people of the award of the International Centre for the Settlement of Investment Disputes (ICISD) in favour of the Claimants, Grenada Private Power and WRB Enterprises Inc. – which own the controlling interests in GRENLEC – in their dispute with the Government of Grenada […]
The Tribunal’s Analysis of the Liability Issues This series seeks to create awareness among we the people of the award of the International Centre for the Settlement of Investment Disputes (ICISD) in favour of the Claimants, Grenada Private Power and WRB Enterprises Inc. – which own the controlling interests in GRENLEC – in their dispute […]
Part 1: The Arbitration Award This is an attempt to raise the awareness of we the people re Tribunal Award in respect of the dispute between the majority shareholders of GRENLEC – the Grenada Private Power and WRB Enterprise Inc. – and the Government of Grenada. It draws mainly from the award document. It will […]
An international tribunal has ruled against the Government of Grenada in its fight to repurchase shares of the local electricity company GRENLEC. The government and major GRENLEC shareholder WRB have been going head to head in court over demands by WRB that the government of Grenada buy back WRB’s 50% shares in GRENLEC. In 2017, […]
