SCJ divestment delayed

The Ministry of Agriculture has announced that the date for handing over the country’s sugar assets to Brazilian company, Infinity Bio Energy Limited will have to be pushed back.



The assets should have been handed over, at the latest, today, but the Heads of Agreement signed between the Government and the company on June 27 calls for the achievement of a number of important milestones before the divestment process is complete.



The agriculture ministry said these issues have still not been finalised.



According to a release from the ministry, the principals of Infinity have reaffirmed their commitment to the transaction, and the Government will continue to work to conclude the exercise.



Consistent with the provisions of the Heads of Agreement, both parties have agreed to extend the completion date.



The ministry said the management of the Sugar Company of Jamaica would continue to operate the estates in the interim.



The delay in the handover exercise also means that the ministry will have to push back the date for paying workers who will be laid off when the divestment is complete.



The ministry said the workers will be informed of the new payment schedule as soon as the agreements between the Government and Infinity are signed.



Agriculture Minister, Dr. Christopher Tufton yesterday met with unions representing workers and the All Island Jamaica Cane Farmers Association, all of which have reportedly agreed to work with the Government to facilitate the successful conclusion of this transaction.