Final payment of UTS sale expected by end of year | THE DAILY HERALD

~ First lump sum payment made to TelEm ~

 PHILIPSBURG–Government expects to receive the final fifty per cent of the funds from the sale of St. Maarten’s 12.5 per cent share in United Telecommunications Services (UTS) by the end of 2019.

Caretaker Minister of Finance Perry Geerlings said during the weekly press briefing on Wednesday that the legislation is “on its way” to the Council of Advice. He said the Council of Ministers is waiting on a response and, once received, will be able to move forward. The legislation will then be forwarded to Governor Eugene Holiday and onward to Parliament.

Geerlings said the agreement with the buyer, Liberty Latin America Ltd. (LLA), was to complete payment within a three-month time span. He hopes to have this finalised before the Council of Ministers leaves office.

So far government has received the first share sale payment in the amount of US $5 million. These funds have been allotted to the settlement of debts with TelEm Group. “The first lump sum payment has been paid to TelEm last week towards the current NAf. 13 million debt owed,” Geerlings said. “The remaining funds, once received, will be allocated for the retroactive payments to justice workers in the St. Maarten Police Force.”

This should be settled before the end of the year.

Source: The Daily Herald