With the foreign reserves continuing to slide, efforts are on to salvage the Barbados National Terminal Company Limited (BNTCL) sale. But Minister of Commerce Donville Inniss yesterday stressed that any such divestment “must be” under the Fair Trading Commission’s (FTC) rules.
He also favoured an arrangement that included both the proposed purchaser, Sol Group of Companies (SOL), and its competitor, Rubis, which initiated court action against SOL’s sole ownership.
The Sunday Sun learnt that in recent weeks SOL has been seeking assurances from BNTCL owner the Barbados National Oil Company Limited (BNOCL) and Government in an effort to conclude the divestment.
This followed the FTC’s November 2017 decision not to permit the sale of BNTCL to SOL company BNTCL Holdings Limited as proposed because it would be uncompetitive. (SC)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.