New pay hope
Contractor AL Barrack could get a long overdue payday this year; so too the victims of the CLICO debacle.
This positive indication yesterday from Central Bank Governor Dr Delisle Worrell, who said Government had factored in possible major payouts in 2012 for two of the most controversial developments in the past four years.
Barrack Construction was awarded $34 million by a court-appointed arbitrator back in 2006, but interest charges and arbitration costs since then have pushed the figure to more than $70 million.
The Governor did not elaborate on the matter, though previously Minister of Finance Chris Sinckler announced that a settlement would be reached soon with Barrack.
However, Worrell said he did not anticipate that either Barrack’s payout or that for CLICO would pose a risk to Government’s fragile finances.
Read the full story in today’s DAILY NATION.