No word on Wedco silos
The fate of Bermuda's cement silos in Dockyard is still unknown as the West End Development Corporation failed to answer questions again.
The Royal Gazette has asked Wedco for information about the lease agreement with the new owners of the Bermuda Cement Company several times since late January.
The Corporation has not replied to any of the requests.
It is not known if new owners — Dennis Corriea, Chris Shanks and Paul Simons — will be required to dismantle the current plant and build a new one nearby in return for a new 20-year land lease as the previous owners were.
The BCC shares were sold in December after former majority owner Jim Butterfield and six other shareholders became fed up after years of protracted discussions with the West End Development Corporation (Wedco).
Wedco had required the previous owners to dismantle and move the plant but former owner Mr. Butterfield said it would be economically unviable because it would cost $12 million to $15 million to do so, particularly as the current cement silos will remain functional for another 40 to 50 years.
Another sticking point between the former owners and Wedco was the requirement for the company to sell a percentage of its shareholdings to the public.
Because no agreement could be reached the shareholders chose to sell.
Since then Wedco has remained silent on whether it will require the new owners to adhere to the same requirements.
Wedco Chief Executive Officer Andrew Dias has not responded to repeated requests for information about the lease agreements with new owners. And the Government-appointed Wedco Board chairman, Walter Lister, has also declined to comment.
Wedco has been asked the same questions five times in the last three weeks:
• Has a new lease had been signed?
• If so for how long?
• Will the plant stay where it currently is or will the new owners be required to build another plant in a new location?
• Will the new owners be required to sell 20 percent the companies shareholdings?
If Bermuda passed Public Access to Information (PATI) legislation Wedco would be unable to remain tight lipped over the fate of Bermuda's only cement silos.