Home' Trinidad and Tobago Guardian : November 24th 2014 Contents A19
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The Airports Authority of T&T has
announced a $90 million plan to develop
land for an AeroPark near Piarco Inter-
The park will be similar to other aero
parks in the world, featuring air transport
service companies and other businesses.
Airports Authority chairman Joel Julien
told reporters the city-like development,
at no incremental cost to taxpayers, will
bring revenue to the next government. He
said this is not a project that will indebt
the government post-2015, as companies
leasing land in the park will bear their
When asked during a question and
answer session, Julien could not give lease
rates or duration.
Neighbouring communities will be
affected positively, the chairman said. "It
will mean jobs," for villages like St Helena
and Kelly, he said.
He could not give a sod turning or com-
pletion date. A graphic representation of
what the park will look like was shown.
A call for requests for proposals is also
now being advertised in the press. He said
cargo companies are those first invited to
Julien said the park will be the new
home of the headquarters of Caribbean
Airlines. He said the falling price of oil
only underscores the need for diversifi-
cation of the economy.
Julien said the AATT is not looking at
any plans for a new airport in central
Trinidad, when asked.
He said the airstrip at Camden, however,
has been upgraded.
KINGSTON---The GraceKennedy Board of Directors
has approved the extension of the share repurchase
programme to December 31.
The share repurchase programme which was initially
approved by the Board in February 2013 and which
commenced on October 17, 2013 was for the purchase
of up to a maximum of 2.5 per cent of the shares
of the company in issue from time to time over a
period of one year to October 17, 2014.
Under this programme the company has so far
repurchased a total of 3,847,550 out of the maximum
of 8,382,965 units. GraceKennedy has further
announced that there is no change in the adminis-
tration of the programme and the repurchase of the
shares will continue to be conducted on the open
market through the company s stockbrokers in Jamaica
and T&T. The company s cash flows will be the
source of funds for the repurchase of shares.
As before, the company will also not be setting a
fixed price for the share repurchase, and the price
for the acquisition of the shares will be the market
price at the times of the repurchase. The company
continues to reserve the right to decline any offer
above the ceiling that the company may from time
to time determine in its sole discretion.
In keeping with the requirements of the Companies
Act of Jamaica, within 30 days of the dates of the
repurchase of shares, GraceKennedy will advise its
stockholders of the number of shares purchased,
names of stockholders from whom they were pur-
chased and price paid.
WASHINGTON---European bank Cred-
it Suisse s guilty plea to helping wealthy
Americans avoid paying taxes has been
formalised by a federal judge.
US District Chief Judge Rebecca Beach
Smith in Norfolk, Virginia entered orders
requiring Credit Suisse AG to pay US$2.6
billion in fines and restitution to the US
government and regulators. Credit
Suisse, Switzerland s second-largest
bank, pleaded guilty in May in a set-
tlement with the Justice Department to
using secret offshore accounts to help
Americans skirt their tax obligations.
The Justice Department said it was
the largest penalty imposed in a US
criminal tax case. Officials said the bank s
misconduct spanned decades and
included failing to co-operate with inves-
The settlement resolved a years-long
investigation into allegations that Credit
Suisse recruited US clients to open Swiss
Credit Suisse guilty plea on US taxes is official
Plans unveiled for $90m
Airports Authority chairman Jason Julien, left, speaks with chairman, World Trade
Centre, Alanta, Craig Lesser, Airports Authority marketing manager Emmanuel Baah
and acting general manager Hayden Newton. The occasion was the Airports Authority's
breakfast presentation on the Piarco Aeropark project at the Normandie Hotel,
St Ann's, yesterday. PHOTO: SHIRLEY BAHADUR.
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