The International Finance Corporation and the Netherlands Development Corporation today announced that they have appointed a receiver for the Nova Ladyville Shrimp Farms. As we had reported last week, operations at the farms came to a halt and employees were sent home leaving the operations virtually deserted with the exception of security personnel who stayed on the compound.
After a week of silence, with hundreds of jobs hanging in the balance, today the IFC release states that former BDF Commandant Robert Garcia has been appointed. The IFC says that it has consistently supported the Nova Shrimp Farm but because of a number of difficulties in recent years the performance of the company has been affected negatively. Now Nova will be put on the market. The receiver will seek to secure potential investors by selling off the company's assets to a new operator.
Garcia is of course the was receiver for the Novelo's Bus Line which was held under receivership for a little over a year after which it collapsed leaving it to be dismantled and sold off as government tries to recover an initial investment by the DFC of $30 million.
He is also the national campaign manager for the UDP which today sent out a release stating that Garcia will be unable to hold the position in a permanent basis but will continue to work with the UDP in its bid for the upcoming village council elections.
