705_Ministry Paper 20 - 2012

conditions as for St. Thomas Sugar except that the annual lease is US$40.00 per hectare. • Round (3) : On 30 th July 2010, the agreements which initiated the divestment of the three remaining GOJ estates, namely Frome, Monymusk and Bernard Lodge to COMPLANT International Sugar Industry Company were signed. The divestment agreement between GOJ and COMPLANT provided for the payment of US$9M for the factories and factory lands at Frome, Monymusk, and Bernard Lodge, and US$35/ha/yr to lease an estimated 30,000 Hectares of land.

4.0 Accumulated Debts of the Government-Owned Sugar Estates As at 31 st January 2012, the total debt assumed by the Government of Jamaica for liabilities of Sugar Company of Jamaica Limited, St. Thomas Sugar Company Limited and Trelawny Sugar Company Limited (Hampden/ Long Pond) was J$3S.58B. The debts in question were accumulated since 1999, when the Government of Jamaica assumed responsibility for Frome, Monymusk and Bernard Lodge estates, consequent on the failure of the previous sugar divestment to Wray & Nephew, Manufacturers Merchant Bank and Booker Tate Group in 1994. Subsequently, the Government of Jamaica assumed responsibility for the operations of Tropicana Sugar Company in 2000 and Trelawny Sugar Company (Hampden/Long Pond) in 2002.

The nature of the debts assumed by the Government is as follows: (a) Subsequent settlement of outstanding liabilities for the three entities which existed at the at the time when they were taken over ­ J$4.4B; .

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