Impasse between Government and Cancer Centre shareholder remains; so Cabinet asks for a third-party assessment of value

There seems to be no immediate end to the impasse between the
Browne Administration and the majority shareholder of the Eastern
Caribbean Cancer Centre.

The major shareholder reportedly is asking for US$15 million –
or EC$40 million – for the facility, but the Administration has
rejected that valuation as being too high.

Rather, the Government’s evaluator has estimated the Centre’s
worth to be between EC$6 million and EC$9 million. Accordingly,
the two parties have not been able to come to an agreement.
Therefore, the Cabinet Notes of June 29 say, the Ministry of Health
has asked the International Atomic Energy Agency (IAEA) to
conduct an assessment of the Cancer Centre. 

The treatment facility has gone into receivership, with the 80-
percent shareholder having appointed a receiver – Pannell Kerr
Foster (PKF) – to manage the wind-up of its affairs.

As a result, Prime Minister Gaston Browne indicated that all future
dealings with the Centre would take place through the receiver –
including an offer to purchase the facility at the valuation submitted
by the Government’s employee.

The Browne Administration has already passed legislation to
acquire the Cancer Centre by eminent domain, stating that if its offer
is not accepted it will utilize this option.

Reportedly, the shareholder has also moved forward with his
intention to file bankruptcy proceedings.

The medical facility closed its doors at the end of April, after having
given the Browne and Health Minister Molwyn Joseph notice one
year before.