And back inside the Assembly's chambers, the chairlady began the questioning, after a statement from Panton, in which she outlined that there was a 7 - and sometimes 8 - step process before a definitive agreement can be signed. She explained that the Portico project had reached step five, but that the attorney was trying to fast track it.
Tracy Panton, Area Rep., Albert
"With the Portico project, the furthest that I recalled that we reached was step five, which is in the process of doing a detailed assessment on the post MOU agreement. There was some agitation if you will be the principals to expedite if you will a definitive agreement based on the fact that the elections were near and they wanted this agreement to be, this process to be completed under our administration. That was not entertained, and it was not entertained because to get to the MOU stage there are three critical steps that had to be in place. One, the environmental impact assessment had to be completed and there had to be an improved environmental compliance. Two, the land arrangements for the project had to be in place and in the case of Portico, some of the land that was being considered that was necessary for the project was in the hands of private landowners. The principles of Portico had asked the government to negotiate the acquiring of those lands for the project but that request was denied. And third, there had to be a clear commitment by a financial institution, either here or abroad that would commit to 30% of the investment cost of the project. There were other things, but those were the three critical things that needed to be in place."
Janelle Chanona, Chairlady, SSSC
"Can you then get into further detail about this agitation that you referred to, who was agitating and to whom and beyond the planned national elections, on what basis were they attempting to?"
Tracy Panton, Area Rep., Albert
"The attorney for Portico for who as I can recall was David Morales had reached out to the investment director at Beltraide, the director had reaching out to me and I didn't even take it to the committee, it was not even entertained. When Mr Morales did not get the kind of response I think he had hoped for from Beltraide, he then sent me an email asking if the government would consider fast tracking if you will the definitive agreement, and I had responded that unless the criteria that I shared with you was met, that the matter could not go before the committee."
Panton explained that after the email, there was a meeting, in which all the committee members agreed that there was to be no hurried signing or negotiation.
Tracy Panton, Area Rep., Albert
"It was my sense that the principals were reaching out to people individually to try and garner some support for accelerating the agreement so I wanted the committee members to understand where exactly I stood on the issue and that they could be aware that there was some lobbying being done for this to happen. Committee members at that meeting all agreed that we were no place close to signing or even negotiating a definitive agreement."
Janelle Chanona, Chairlady, SSSC:
"So when did you become aware of an agreement?"
Tracy Panton, Area Rep., Albert
"I believe it was Channel 7 who reported that indeed there was a signed definitive agreement."
Kevin Herrera, Business Senator:
"Would exemptions from any and all taxes, capital gains, duties, exemptions of taxes for 30 years, would that type of, were those types of exemptions be out of the ordinary for investments?"
Tracy Panton, Area Rep., Albert
"For the projects that came before the Cabinet subcommittee on Investment when I chaired that committee, yes, it would have been out of the ordinary. And any such package of incentives of that magnitude as you have described would require approval of the National Assembly."
