Paulwell says he will allow enough time for EWI bond payment
The energy minister, Phillip Paulwell, has released a statement saying he will be allowing sufficient time for the Hong Kong-based bank HSBC to complete its due diligence following the deposit by Energy World International (EWI) for the performance bond.
The money should have been paid to the Jamaican Government from April 24, 2014 as part of the conditions for EWI to construct a 381 megaWatt plant in Jamaica.
Earlier, EWI released a statement saying the delay has been because of matters beyond its control.
It also said HSBC Bank has committed to processing the money to pay the bond to the Jamaican Government as soon as possible.
Accompanying Paulwell’s statement this afternoon, was a letter he received from Energy World.
In the letter dated April 29, 2014, EWI cautioned that it could “take time” before the bond is released.
It said, with the problem raised on Saturday when the Inter-American Development Bank refused to participate in the project financing for the power project, together with heightened corporate governance and money laundering concerns, the bank must adhere to compliance procedures.
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