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by pltm
(PLTM) - Premier and Minister of Finance, Hon. Dr. Orlando Smith is not divulging much information as to why portions of the RoadTown Wholesale Trading Ltd. (RTW) deal is still awaiting Government's approval, more than a year after initial negotiations commenced.
The North West Company Inc., based in Canada, entered into a letter of intent to acquire majority ownership in RTW, a private company.
At least one Government Minister has spoken out against the deal and it is public knowledge that another Government Minister operates a competing supermarket.
During a press conference on Wednesday, October 12, the Premier was pressed by journalists for answers to the hold up and was asked specifically about the granting of the alien landholder's license.
"What I can say to you is that the matter is still under consideration," Premier Smith said, as he indicated it was the final question of the press conference.
He was subsequently asked what exactly Government is looking for, as the deal has been under consideration for over a year. "I don’t think I can tell you anymore than that," the Premier responded.
Premier Smith was asked directly whether there is a deliberate effort by the National Democratic Party (NDP) administration to block the deal, especially in light of the Government's recent bid to make investing in the BVI easier by cutting the red tape.
"I can tell you the same thing; the matter is under consideration. I cannot tell you anything after that. When you are having...no, I cannot say anything else after that," Premier Smith indicated.
A request for a follow up question was not entertained by the Premier, who stood up and ended the press briefing.
In a press release in May, North West committed to providing a broader range of products, keep the RTW brand, allow BVI shareholders to be part of the ownership and board of directors. The company also indicated that RTW will become an administration headquarters for stores across the Caribbean.
North West currently operates Cost-U-Less stores in Cayman Islands, Barbados, Curacao, Saint Maarten, St. Thomas and St. Croix.
