Tony
Booker & Guyana
Many thanks for writing to us about this. I thought you would be interested to read our recent statement.
17th March 2003
THE BIG FOOD GROUP PLC
STATEMENT
ARBITRATION WITH THE GOVERNMENT OF GUYANA.
The Big Food Group ('BFG' or 'the Company') has decided to lapse its claim against the Government of Guyana in respect of outstanding compensation due to the Company following the expropriation of Booker?s assets in the country in 1976.
Commenting David Sawday, Corporate Communications Director, said "We have reviewed this matter carefully in the context of our approach to corporate and social responsibility and believe the interests of both our Company and those of the people of Guyana, are best served by not proceeding. Booker has a fine record in Guyana. Not only did it develop the country?s sugar industry, but it invested heavily in the social infrastructure including the building of many schools and hospitals. We are requesting that these outstanding funds be channelled into projects that will directly benefit the people of Guyana."
The claim was due to be the subject of an arbitration hearing by the International Court For The Settlement of Investment Disputes later this year. The outstanding claim and associated costs are fully provided for in BFG's prior year accounts.
- End -
I hope this restores some of your faith in our company and that you will continue to shop with us.
Thanks again for writing.
David Sawday
|
