GPL managers to leave by April 30
Stabroek News
March 30, 2003
The government and AC Power have signed a preliminary understanding on the terms for the transition of AC Power's ownership and management of GPL to the government or its nominee.
According to a joint statement, both parties have targeted April 8 to begin the transfer, which is to be completed no later than April 30. By this date a transition of management would have been implemented by both parties to equip the government or its nominee to assume management responsibility. The terms provide that AC Power shall ensure the termination of ESBI as subcontractor on that date.
And both parties have agreed to work together to implement a transition of management to enable the government or its nominee to assume the administration of the power company.
The two parties have agreed to use their best efforts to obtain all the necessary approvals and consents to proceed with the transition, the statement added.
Meanwhile, a note from the Office of the Prime Minister said the Prime Minister would hold a press conference tomorrow to discuss the full terms set out in the preliminary understanding and the future of GPL. While in the meantime, the Prime Minister will be meeting with the Trade Union's council, the Private Sector Commission and the Consumers Association to brief them on the situation.
