The Voice Editorial of May 18, 2024 is right on target. The areas focused upon mainly GPH and DSH were perfect examples and we now take the opportunity to highlight the astounding differences between the two organizations.
DSH was an organization vetted and silently approved two years prior to the success of the UWP administration at the 2016 general elections. The SLP administration supported the project but preferred to give the nod of approval after the 2016 elections. The DSH project was financed entirely by the company’s shareholders, but the area of concern was the $1.00 per acre rental payment for ninety-nine years. We do understand the concern of St Lucians re this agreement, however, that land lay idle for seventy years since the departure of the US military with a zero financial contribution.
The south of the island has been in the doldrums for most of that time, bar some spasmodic investments made principally by Sir John under the United Workers Party administration. The Chastanet administration were convinced that the use of the land as an international horse racing track made economic and developmental sense which fitted neatly within the development of the HIA terminal, the cruise line terminal and the newly constructed St Jude’s Hospital.
On the other hand, the GPH deal seemed completely different. Firstly, the GPH investors are here without cash and no collateral to raise any funds on their own. They are here with an idea which can be transformed into an investment. On the other hand, our cruise industry is a growing concern coupled to a lucrative cargo terminal investment carefully developed by the father of the nation some fifty years ago. Based on these two scenarios, the current administration should have proposed the formation of a promotional company as this is what GPH represents and allotted a number of shares to GPH based on their physical and financial performance over a ten-year period in the first instance. This way, both SLASPA and GPH will have been compensated for their respective assets brought to the table.
This way, St Lucia doesn’t lose control over a financial state asset and if any disagreements do emerge, the state’s assets would not become embroiled into litigation.
In conclusion, SLASPA has the means to finance the project and at the same time continue to protect its workers who have contributed to the company from its inception.
The information shared in this article is compelling enough for the ordinary man to understand the huge difference between DSH and GPH agreements.