Lee Wind Paints closes with no money to pay staff

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Lee Wind Paints has closed “temporarily” with no date set for the cash-strapped company to reopen.

The company’s Chairman  Hugh Marshall Sr told staff last week that the company would close because it was unable to pay their salaries for the months of May and June.

Marshall told staff that the government stepped in to assist in February and April but is unwilling to continue to do so.

He said the government is taking that position because the majority shareholders of Lee Wind Paints have not honoured an agreement to transfer the majority shares to the government in exchange for tax arrears.

Marshall told staff that as a result of this “we are unable to raise funds…”

The company acknowledged that staff is owned two months salary and one month notice in lieu but is unable to pay this because there is no money.

The closure became effective on June 29 but no mention was made of a re-opening date.

See letter to staff below.

 

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11 COMMENTS

  1. Antiguans Barbudans Last Party.

    the economic poor house in the region

    NCO close
    Leewind Paints close

    only the ministers in this party business thriving

    the ALP need to close to and let people that are competent run the country

    • Why blame govt. In my opinion the shareholders milked the company dry. Govt basically tried to bail them out but they rather flog the horse dead. Poor govt a get blame even when bird poop.

      • The shareholders think they could forced the government’s hand to put more money into the company because of it’s important the the economy. Even in the recently held Caricom meeting of trade ministers Chet secured the industry for Antigua. We should just once again, have a government lead industry. Same as they did with the banks. CUB and ABIB. Government should forced them into liquidation because of the taxes and then hire competent management to revive the company. I would just go to Harris Paint ask them to take it over and setup an Antigua Branch of Harris Paint.

  2. I thought when the ABLP took the government in 2014 one of it member state that the country of Antigua and Barbuda was minutes away from becoming a fail state. Then in 2016 they talked about millions of dollars surplus in the government revenue. In 2017, they also talked about one billion collected in CIP. With this surplus and billion collected, there has been no improvement in the country infrastructure and financial status.

  3. Why would the government want so much shares in the company?

    What, they want to take on more employee expense?

  4. The ministers alone making money …gastonia renting his buildings to the government THE E BOOKS MAN STILL IN OFFICE …

  5. You trolls are a bunch of hypocrites. What a set of two face people. If the government would have bailed out this company now you trolls qould be singing a diffrent tune saying the government using tax payers money to save labour party people business. Troll will always be trolls

Comments are closed.