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Decision to be made next Monday on proposed logistics hub investor

Published:Thursday | May 21, 2015 | 5:46 PM

Jamaica could know next week Monday whether the Government will proceed with a proposed US$5 billion dollar logistics hub investment by Austrian/German company, Krauck Systems.

A joint statement this afternoon the Industry, Investment and Commerce and Transport, Works and Housing ministries noted that the 30-day period expired today for the submission of information from the investors.

The 30-day period was part of a controversial Memorandum of Understanding signed on April 21 between the Government and Krauck Gruppe, Krauck Systems and financiers, Anchor Finance Group LLC.

The joint statement said the Cabinet is to receive at its next meeting, the recommendations from the National Logistics Initiative Council set up to review the submitted information.

It further said the public will be informed of the Cabinet’s decision.

The Cabinet usually meets on Mondays.

The Opposition and some civil society groups and individuals had raised concerns about the legitimacy of the companies, following the announcement of the proposed investment.

The Opposition had demanded that the signing of the MoU be put off until more information was released to the public.