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St Maarten seeks resignation of GEBE Supervisory Board

The Council of Ministers (COM) of St Maarten has dispatched a letter to the GEBE Shareholding Foundation Chairman Ralph Richardson requesting that the foundation seek the immediate resignation of GEBE’s Supervisory Board members. The letter was dated March 12 and signed by Prime Minister Sarah Wescot- Williams on behalf of the COM. The COM framed its request in terms of the reorganisation of GEBE in light of the new policy for government utility companies. “It is noteworthy that the term of the present GEBE Board of Supervisory Directors will expire during July/August 2012,” the Prime Minister stated in the letter. “It is not the intention of government to extend the term of the directors. “The changes that need to be implemented, based on the new policy and structural reorganisation of GEBE, ought to be completed post haste. The Board of Supervisory Directors is also subject to be reorganised within the new policy. In order to establish the new policy and accommodate the reorganisation of GEBE, I request the cooperation and assistance in the process by the aforementioned entities, by having the present directors tender their resignations as per immediate.”

It was also explained in the letter that the Shareholding Foundation would cease to exist once the division of shares between St. Maarten, Saba and Statia was completed. It is expected that once the board resigns, government will appoint new members and move forward with the execution of aspects associated with the shares transfer agreement.

The GEBE Supervisory Board consists of five members: three from St. Maarten (Chairman Julius Lambert, Gregory Richardson and Joseph Dollison) and one member each from Saba and St. Eustatius. Shareholding Foundation Chairman Ralph Richardson could not be reached for comment Wednesday.

Source: “The Daily Herald” 2012-03-15

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