Well, two agreements that don't have to be considered or reviewed are the two Definitive Agreements approved by the UDP Cabinet in 2014 and 2017. That's the Harvest Caye Agreement and the Stake Bank Agreement. Those Definitive Agreements have never been made public before - but in all the recent uproar - we've gotten our hands on both. They are now important because Prime Minister Briceno has stated that the excessive Portico agreement has to be walked back to meet the far more conservative and rational terms of those agreements. A few nights ago, we showed you the Harvest Caye Agreement, tonight, here's the Stake Bank Agreement:
The Stake Bank Definitive Agreement was signed in August of 2017, at a public event with no less than three ministers in attendance:
(August 25, 2017)
Hon. Mike Peyrefitte, Former UDP AG
"This is a definitive agreement we call it. Within that agreement for example, you would find that there is the act as amended, because remember when the original act was passed it was pass giving Stakebank exclusivity and so I think this definitive agreement has ask Stakebank to agree that in the future the act will be amended to take out that exclusivity."
Indeed, exclusivity is not a part of the agreement - unlike Portico's definitive Agreement which bans any other cruise port within a 25 mile radius - which effectively cuts off three cruise ports including the currently operational FSTV.
In this 2017 document there are no lavish fiscal incentives or wholesale tax giveaways, just the standard duty exemption during the construction phase.
The other features of the documents are very basic - and nowhere near the wholesale giveaways or the Portico agreement.
For example, it does not grant exemption from all currency exchange control laws.
And, unlike Portico's one, it does not provide access to government "land (including seabed) for an access road, utilities, and dredge material disposal;"
Portico's Definitive Agreement is also considerably lengthier and more detailed, especially clauses that details Government's obligations and concessions.
Not so for this Stake Bank Definitive Agreement which is about half the length of Portico's one.
So is the Portico agreement actively being renegotiated to meet those or comparable standards? We don't know.
Of note is that a House meeting has been scheduled for next week Friday.
