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Government making up its mind about shares in The Cable

Published 19 November 2022


Buckie Got It, St Kitts and Nevis News Source

News Credit: sknnewssource.com

THE ST KITTS AND NEVIS LABOUR PARTY IS MAKING UP ITS MIND about either keeping or trading in its majority shares in ‘The Cable’ telecommunications company, Prime Minister, Dr Terrance Drew told reporters earlier this week.

Dr. Drew said Attorney General, Garth Wilkin is examining the ramifications of a possible government decision about its majority holdings in the telecoms company. Wilkin is also scrutinising whether there is conflict of interest on the part of the administration acting simultaneously as regulator and participant in the industry.

The Cable

Conflicts of interest is a trending issue in the public sector. It cannot be discounted because, if not recognised and appropriately controlled, it usually sabotages public belief in the integrity of officials, decisions, agencies, and elected governments.

“I have already had discussion with the Minister with responsibility for the Cable, the Hon Konris Maynard as to whether it is proper for the government as the regulator of telecommunication to also have a horse in the race. That is a conflict that we are presently discussing from a legal perspective to determine whether the government should really divest its shares so that it can avoid any such conflict as being the regulator that determines the rules as well as the player who is subject to the rules,” AG Wilkin explained.

He said while ‘The Cable’ is privately-owned, Government owns the majority of its shares, forcing a legal review whether the administration should hold on to its majority position.

AG Wilkin said the matter is being addressed openly with a view to arriving at the best possible decision, and with the recent appointment of a new Board of Directors he foresees discussion between the Cable and Government being advanced.

The Cable

“So that is a matter that we are openly discussing and now that the Board (of Directors) has been put in place, elected we can now that discussion with the leadership of the company and determine from a governmental policy perspective whether we want to continue with that potential conflict or not,” he declared.

St Kitts is one of four Caribbean countries with governments holding majority shares in companies. The others are Antigua and Barbuda, Belize and Trinidad and Tobago,

Several concerned persons have noted that among the three service providers operating in St Kitts and Nevis, ‘The Cable’ has the largest workforce.

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