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Dec 3, 2014

Audits of CPBL Underway

As far as progress concerning the state of affairs of CPBL, audits of the company, which had been stalled indefinitely, are being completed for 2013 and 2014.  The delay subsequently affected an extension of CPBL’s loan facility with First Caribbean Bank.

Doug Singh, Chairman, C.P.B.L.

Doug Singh

“There’s been far better relationship between the shareholders and I think it’s helping to move the company forward.  Also, I think, one of the reasons for dissent was the fact that the auditors had not completed the audited financial statements so they could not, the company could not get its loan facility with First Caribbean Bank extended.  Well the 2013 audit is just about completed and the 2014 audit, I think, is expected to be completed this month.  I think the draft of the 2013 is completed and the 2014 is expected to be completed shortly.  So, there’s a lot of housekeeping that has been done and I think the relationship is substantially improved so I think we have a good road ahead of us.”

 

Isani Cayetano

“In so far as the relationship, as you mentioned, between the CGA, its subsidiaries and other shareholders, including Banks Holdings, I know that there was contention between these parties for quite a number of years, if I may.  Does this now formally represent a mending of the fences, so to speak?”

 

Doug Singh

“I think so.  To a great extent, there were a number of underlying issues and I think not everything is addressed but I think we are working to ensure that everything is addressed and most of the substantial items have.  There are still going to be a bit of work in ensuring that we work more as a team.  I think we’ve gone almost a hundred and eighty degrees around, we’re almost at that point, so much so that the parties can sit around a table and almost sing Kumbaya.  At least they’re sharing beers so that’s a very good sign.  So I think things are positive.”

 

At a recent meeting, the Board of Director of CPBL simultaneously agreed for all the groves in the CPBL Group to rejoin as members of CGA and assist in the control of the HLB Citrus Greening disease.

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