Grenada admits mistake

The Grenada Government has admitted that it was a grave mistake for Prime Minister Tillman Thomas to have signed a Memorandum of Understanding (MOU) with an unpopular Taiwanese company.



Thomas signed the MOU with Sewang One World Company limited, in May, agreeing to explore potential investments in the areas of tourism, agriculture, education, health, sports, energy and infrastructural development.



However, Finance Minister Nazim Burke said it was regrettable that the Prime Minister and his office were exposed to the company without the required due diligence.



The August 24 edition of the China Times reported the company's Chairman Samom Chang and Chief Executive Office Ye Ja Park have been arrested and charged in Taiwan for financial fraud.



Burke explained that the government did not have a legal agreement with the businessmen.



Burke explained that representatives from the group approached the Government in late 2008 to conduct business but it was only in May 2010 that the MOU was signed following a visit by Ye Ja Park to Grenada.