Friday 27th July, 2018 –Officials of Lee Wind Paints are to appear before Cabinet next week to outline a plan for the company going forward.
Lee Wind Paints closed its doors temporarily in June, as they struggled to meet salary obligations to employees.
In a letter to employees written by Chairman and Managing Director, Hugh Marshall Sr. and dated 29th June, 2018, members of staff were informed that salaries for May remain outstanding and there was no possibility of finding monies to pay June’s salary.
At Thursday’s weekly post-Cabinet press briefing, Foreign Affairs Minister Paul ‘Chet’ Greene said by next week, they are hoping the issue surrounding the stalling of operations will be resolved.
The issue regarding the shareholders has to do with an agreement signed in October of 2014.
The agreement allowed for the two majority shareholders Renee Phillips and Cosmos Phillips Jr. to transfer shares to the government in exchange for tax write off. The move would have made the government majority shareholder in Lee Wind Paints.
But more than three years after the agreement, the Phillips have allegedly not transferred the shares. That resulted in government’s refusal to continue funding the paint company.
Struggling financially, Lee Wind Paints closed as of 29th June, 2018, until further notice.