Tue | Nov 12, 2019

Krauck to clarify info on proposed investment

Published:Wednesday | June 3, 2015 | 10:27 AMJerome Reynolds, Staff Reporter

A report to Cabinet from the National Logistics Initiative Council has raised concerns about the investors who are seeking to invest US$5 billion in Jamaica’s logistic hub project.

In a statement, the Investment and Commerce Ministry said the report, which was submitted to Cabinet, noted, among other things, the need for clarification and verification of information supplied by the proposing parties, Krauck Gruppe, Krauck Systems and Anchor Finance Group LLC.

It was pointed out that there are concerns about the capacity of the investors to execute the intended projects and their fit and proper status to do business with the Government of Jamaica.  

The Ministry says representatives of the investors are to visit the island within the next two days to give clarification.

The Ministers of Industry, Investment and Commerce and Transport, Works and Housing and the investors had signed a 30-day Memorandum of Understanding for them to supply the government with information on their proposed investment in the country’s logistics hub initiative. 

The initiative is a major plank of the Government of Jamaica's growth strategy over the next 15 years and includes areas such as transportation, manufacturing and technology.

The Opposition and some civil society groups and individuals had raised concerns about the legitimacy of the investors.