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May 30, 2018

Santander to Pull Back on Sugar Sales, Seek Government Approval

Santander Sugar Limited has broken its silence on the debacle it is facing, accepting that it did not comply with the conditions of the Export Processing Zone Certificate.  That violation has resulted in a decision by the government to have the Customs Department confiscate a significant amount of plantation white sugar that the company recently introduced into the domestic market.  According to the Ministry of Trade and Investment, Santander contravened the terms of its EPZ certificate, despite previous letters instructing it to cease and desist from distributing milled white sugar locally.  But Santander is disputing the quantity of sugar released to DV Distributors, contending that only two hundred and four metric tons of grain and twelve and a half metric tons of brown sugar have been sent out into the retail market.  Government says that as much as seven hundred and fifty metric tons, or the equivalent of roughly fourteen thousand sacks of sugar, have been supplied to the Cayo, Orange Walk and Corozal districts.  Earlier this evening, Santander issued a release saying that while an amendment to the EPZ certificate was filed back in February, it failed to seek a waiver for the local markets.  The company is now seeking to move into the domestic marketplace because the cost of sugar in the Euro Zone has fallen considerably, following the abolishment of sugar quotas in 2017.  Santander is prohibited from selling sugar locally without the approval of government.  According to the Spanish multinational, the circulation of white sugar within the country was nothing more than a market survey carried out through DV Distributors to determine what can and will sell in the CARICOM marketplace.  In light of government’s position, the company says that it will comply with local authorities and recall all the shipments it has sent out across the country thus far.

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1 Response for “Santander to Pull Back on Sugar Sales, Seek Government Approval”

  1. Belizean says:

    Tax free fuel. Tax free parts for their equipment. Tax free & duty free trucks and machinery. They can bring the price of sugar down or make a crazy profit. NOT good for local farmers who are suffering of high fuel prices and huge taxes and GST returns late by 3 to 4 years.

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