I don’t think that anyone is surprised by the news today that Correia Construction has bought out the embattled shareholders of the Bermuda Cement Company.
One may speculate whether this delivers on the boasts that Derrick Burgess made in Parliament that the PLP has a mandate to ensure that Government contracts went to ‘our people.’
The announcement leaves some important questions unanswered:
- Will Bermuda’s comparatively low cement prices be maintained?
- Who will pay for the silo relocation (estimated at $10-15 million) which was at the crux of WEDCo’s argument with BCC?
- Similarly, will the 21-year “return to Government” clause on the new silos be enforced?
- Will they deliver on Dr. Brown’s insistence that “Government will reserve 20 per cent of the company’s equity specifically to allow everyday Bermudians to buy a stake”?
As I noted before, this move by Dr. Brown is incredibly damaging to both Bermuda’s reputation and to fundamental fairness in our community.
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1 Cementing Your Relationships // Feb 26, 2008 at 1:49 pm
[...] may recall that this was the key requirement used by Government to force the sale of the Bermuda Cement Company (BCC), along with a requirement that they return the new silos to Government after 21 years and [...]