Govt projects $36m to wind up companies, including CEPEP

THE Government had projected expenditure of $36 million in the new fiscal year to wind up companies, including CEPEP Company Ltd, after spending just $100,000 on other contracted services under the Investments Division in the previous year.

The proposed expenditure was questioned during Friday’s examination of the Ministry of Finance’s allocations by the Standing Finance Committee, with questions raised about the sharp increase and the amount set aside to settle the liabilities of companies being wound up.

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Finance Minister Davendranath Tancoo said the increase was partly due to the Government pursuing the winding-up of several companies which had remained on the books “for decades”.