Lee gives an update on INSO

POND ISLAND — The project team for the new St. Maarten General Hospital continues to work on the execution of the Hospital construction project. “We maintain a close and positive contact with the three Extraordinary Commissioners managing the financial restructuring of INSO and its parent company Condotte.

Based on correspondence between the new hospital project team and the Commissioners of INSO, we have agreed that a delegation from St Maarten will travel to meet in Italy early next year with the objective to discuss the future plans of INSO and how the financial restructuring efforts could impact the project.

We have a good working relationship with INSO and remain focused on ensuring the hospital project continues with all due diligence, proper guarantees and assurances.

“Reports that I have already been to Italy to meet with INSO are absolutely false.” stated Minister Lee.

The European Commission has recently approved, according to state aid rules, a state guarantee of 190 Million Euros to Condotte under its Extraordinary Administration. “We believe this is a clear indication that both the European Union and Italian government are committed to supporting Condotte while it goes through its financial restructuring process. In our meetings with INSO, they will explain how this and other financial measures may impact the project. The delegation from St Maarten that will be meeting with INSO are very clear that all assurance and comfort must be in place before commencing the project.”

The project team for the hospital project is working closely with the financiers for the project, keeping them well informed as to the status and progress of discussions with INSO. The project team and financiers share the perspective that until INSO is able to provide proof and comfort that the project can proceed with appropriate guarantees for a smooth process with continuity, no funds will be released.

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Referenced link: Condotte gets greenlight for rescue from EU

Photo caption: Minister Emil Lee seen here in this file photo during the signing of the hospital financing agreement in February 2018, what was at the time considered a dream come true. Photo by Roland Brison.