August 20, 2009
Claxton Bay, Trinidad:
Trinidad Cement Limited (TCL) and subsidiary TCL Guyana Incorporated (TGI) are pleased with the judgment declared by the Caribbean Court of Justice (CCJ) in their proceedings brought against the Government of Guyana in relation to the implementation of the Common External Tariff (CET) on imported cement into the country.
The CCJ ruled that the Government of Guyana was in breach of the Revised Treaty of Chaguaramas (RTC) by failing to maintain and implement the CET on cement and thus, ordered that it re-instate the CET within twenty –eight (28) days from today’s date (20 August). Additionally, the Guyanese Government was ordered to pay two-thirds (2/3) of TCL’s costs. Alan Nobie – Manager, Investor Relations & Corporate Communications, TCL Group expressed the companies’ satisfaction with the ruling: “We are pleased with the judgment since our position has been vindicated and this ruling re-inforces the letter and spirit of the Revised Treaty of Chaguaramas.”
In 2006, the TCL Group invested US$10.4 million in its first bagging terminal, ensuring that Guyana always has an adequate and reliable supply of cement. The establishment of this facility also fulfilled TCL’s objective of supporting the overall economic and development plans of Guyana.
**To view the full judgment, you may visit the CCJ’s website at www.caribbeancourtofjustice.org