FTC’s decision on BNTCL to be announced today

BY this evening Barbadians will know the final decision on who will get to own the Barbados National Terminal Company Limited (BNTCL).

That’s because the Fair Trading Commission (FTC) has finalised its deliberations on the sale of the BNTCL and has reached a decision on the matter.

This was confirmed to Business Monday yesterday by Chairman of the Commission, Jefferson Cumberbatch.

However, before making the decision public, the Commission has to inform the parties involved, Mr. Cumberbatch said.

By this evening the decision will be made public, he stated.

An analyst also told Business Monday that his wish is for the sale to be split between SOL and Rubis.

In a recent news release, the Commission had promised to issue its final determination in the matter after its scheduled meeting on November 23, 2017.

The matter had been occupying the attention of the FTC for a while, and had recently evoked comments from Minister of Finance and Economic Affairs, Christopher Sinckler, that a decision has been long in coming.

Government is banking on the sale of the BNTCL to raise at least Bds$200 million to help shore up the country’s net international reserves.

In the same news release, Cumberbatch had advised the public that in light of the recent official consternation expressed about the seeming tardiness of its decision in the matter, that the Application for the proposed acquisition of the Barbados National Terminal Company Ltd., as a wholly owned subsidiary of the Barbados National Oil Company Limited (BNOCL) by BNTCL Holdings Limited (a wholly owned subsidiary of SOL St. Lucia Limited (SOL), is in the final stages of review. Rubis has also demonstrated an interest in the matter.

The analysis of the substantive information, which has been submitted by the Applicants and interested third parties, continues.

He had explained that at various stages of the investigation, the parties requested extensions of varying lengths for the submission of additional information. In almost all cases, the Commission granted these requests.

Last month, the Commission heard further submissions from SOL and another party at an in camera Oral Hearing that had been requested under Section 26(2) of the Fair Trading Commission Act, Cap.326B of the Laws of Barbados.

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