social fund

April 30 is the date set for the local High Court to hear the matter filed by the Grenada Electricity Services Ltd., (Grenlec), challenging the legality of the newly-legislated 5% Social Fund being levied at the company by government through Section 20 of the Electricity Supply (Amendment) Act of 2017.  THE NEW TODAY understands that […]

Grenlec is challenging the constitutionality of Government’s newly-legislated five percent “Social Fund” levied solely on the Company. On Monday, 12 February 2018, Grenlec filed a lawsuit against the Government of Grenada to protect the rights of its nearly 1600 shareholders. Grenlec contests the legality of Section 20 of the Electricity Supply (Amendment) Act 2017 which […]

Grenlec is strongly objecting to legislation proposed by the Government of Grenada requiring the Company to pay five percent of Grenlec’s pre-tax profits to a Government-controlled “Social Fund” controlled by the Minister and a Minister-appointed committee. If enacted, this new law will effectively eliminate the Grenlec Community Partnership Initiative (GCPI), which has invested more than […]

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