Having secured EC$40 million dollars loan to recapitalize LIAT, the Government is of the view that the state’s interest in expanding LIAT is more likely achievable.
On Tuesday October, 29th, 2019, Speaker of the House, Sir Gerald Watt QC authorized the resolution and Members of Parliament (MPs) voted for the resolution, which is expected to yet again recapitalize the failing airline.
According to Prime Minister, Gaston Browne, the changes will make LIAT more efficient and profitable however reduction in salary and wages would be a consequence.
This was discussed in the weekly Cabinet Meeting held on October 30, and it was disclosed that the next LIAT shareholders meeting will serve to define the look which LIAT will have.
According to Chief of Staff, Lionel Hurst, the meeting is expected to happen sometime next month.
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As with all things, Gaston is acting like he is the sole decision maker when it comes to LIAT. He now wants to invest $40M and get additional shares in return which will have the effect increasing the Antigua shareholdings while diluting and whittling down the shareholdings of the other shareholders and at the same time leaving the other shareholders with the same debts and liabilities on behalf of LIAT. I cannot see how that will fly with the other shareholders. Gaston seems to think they are stupid. I will bet all the money I have that Mia Mottley tells Gaston to take a flying leap off of a short bridge with that brilliant idea.
40 million to waste on a non profit, yet my UK/ EU tax money went to make new road ?.. we want back our £5 million!!.
LIAT DEAD let’s bury it. Wasting of the people’s money. How many millions have been injected in LIAT over the years…..yet NO productive outcome. They even tried “Cortline” (not too sure of the name but it’s close) a European company and they had to run like hell.
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