BNOCL paid loan
By Winton O. Gibbs, General Manager. | Thu, December 13, 2012 - 12:00 AM()
I draw your attention to an article appearing on Page 10A of the Sunday Sun of December 9, under the headline Time To Free BNOCL by Pat Hoyos.
The last paragraph of the second column reads: “So, instead of raising the price of oil products, the then Owen Arthur administration chose to lend the BNOCL money to pay its bills or to pay those bill on account for it. These subsidies from the Government totalled $188 million, the company said.”
That paragraph is incorrect and misleading, in that the Owen Arthur administration did not lend any money to BNOCL. Indeed, BNOCL raised funds by way of loans and bank overdrafts in order to finance the subsidies.
The Government did guarantee the said loan, but has not been called upon to repay the same, for BNOCL has managed its financing in such a manner that it has been able to repay the said loan.
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