March 29, 2016 | Uncategorized
In Jamaica, the Coconut Industry Board is insisting its shares in Seprod are not owned by the state and is vowing to fight the Government’s attempts to sell them.
The shares to be sold are worth over two billion dollars and the Government says it would transfer the proceeds of the sale to the consolidated fund.
However, chairman of the Coconut Industry Boar, Leonard Green, says the board is willing to go to court to fight the divestment. Green says the government has no right to request more than half of Board’s holdings in Seprod, as the shares are owned by coconut farmers and not the government of Jamaica.
He adds that the Board’s operations will be severely affected if it gives the government 75 per cent of its shares in Seprod.