After several years of financial difficulty and wrangling over its management, the St Lucia Banana Corporation (SLBC) has adopted a resolution for the voluntary liquidation of its assets valued in excess of EC$10 million (US$3.7 million)
SLBC Chairman Patrick Joseph said the winding up will pave the way for the entity to sell off its assets and pay creditors.
“A special resolution was upheld to facilitate the appointment of two liquidators to begin the process of returning the farmers assets to them,” Joseph said, following a special meeting of shareholders last weekend to turn over the company’s assets to a trustee.
“This was a promise I made to farmers when I returned to head the association, that I would ensure that the shareholders of the company get what they are entitled to,” Joseph said.
“This is one of the happiest days of my life, having been able to create a situation where the company is now in a position to regain the assets which had been taken away from the farming community by those who are already far better off,” Joseph added.
Agriculture Minister Ezekiel Joseph, who was present at the shareholders meeting, said his main concern was that the resolution was in keeping with the by-laws of the company.
“The company lawyer was able to clarify my concern as that the majority of shareholders required to adopt the resolution were present at the meeting, so I hope things will work out for the farmers to allow them to move forward as a united group,” Joseph said.
Source-CMC
