PJIAE opted for World Bank and EIB loan for reconstruction.
PHILIPSBURG:--- Member of Parliament Christopher Emmanuel did not mingle with words on Friday during the Public meeting of Parliament when Minister Stuart Johnson and the management team of PJIAE appeared to provide answers that were posed to them since November 2018.
Emmanuel said that he is of the opinion that the recently appointed CEO Brian Mingo should vacate his position and go home as he heard that the CEO has been walking around telling other senior management that they should go home. “I do believe the CEO Brian Mingo should go home since he does what he wants and does not consult or discuss anything with the other members of the management team. I do believe that Parliament was lied to be the same CEO and Government when they appeared in parliament in November 2018 and painted a gloom and doom picture for PJIAE. As MPs, we were lied to. I am not here playing the violin I do mean what I said.” Emmanuel said.
The NA MP lauded the former members of the management team and those that were part of the former team and is still part of management today for their hard work and the efforts they put in to keep PJIAE running.
CEO of PJIAE Brian Mingo told Parliament that the management team opted to go along with the World Bank and the European Investment Bank to provide the loan financing for the reconstruction of the Terminal Building. That loan he said will not surpass the USD 100M as proposed by the two entities, while the Government of St. Maarten will provide the liquidity of USD 20M.
Mingo said that the bondholders no longer need a guarantee letter but instead they want to see the actual funds on an account before they release the insurance money they are holding. He further explained that PJIAE will have a shortfall of $675,000.00 monthly for a 24-month period. He said that PJIAE has some $98M for the bondholders.
While the CEO said that Government and PJIAE opted to go along with the funding from the World Bank and EIB he said the final agreements have not been finalized and these are being worked upon by the Recovery Bureau.
Mingo said that PJIAE will not lay off any of its employees and they are currently doing 65% of business, 5% more than what was projected.
As for the FBO building, the company’s CEO said that there is no money for the FBO building therefore that project has been placed on hold while the current FBO building will be repaired in order to continue servicing the Airport.
As for the office spaces that were rented from The Vision Private Fund Foundation (Heyliger) for a period of 5 years, Mingo said management opted to rent for such long period because the rent would be lower when contracts are signed for a longer period and also the intention is to rent out PJIAE office space which he said will generate a larger income.
