PPC’s disruptive action in disconnecting power supplies to Government buildings on Providenciales yesterday and earlier today was most regrettable.
The Ministry of Finance has been in discussion with PPC since early 2011 in an effort to resolve differences in relation to TCIG’s account with the company. While funds have been available to pay PPC since the completion of the refinancing package on 22 February 2011, TCIG’s position is that PPC has not provided all the information needed to fully verify the outstanding amount due to them.
It would be irresponsible of TCIG to use the taxpayers’ money to make full payment until the liability has been properly established. Nonetheless, as a gesture of goodwill TCIG made a payment of $500,000 on 31 May, which PPC acknowledged.
TCIG and PPC reached an agreement to restore power to Government buildings this afternoon. TCIG officials will meet with PPC on 15 June to continue discussions aimed at reaching a mutually satisfactory settlement.
