Identifier
Created
Classification
Origin
08GRENADA111
2008-08-08 18:10:00
UNCLASSIFIED
Embassy Grenada
Cable title:  

GRENADA WEEKLY ACTIVITY REPORT JULY 27 - AUGUST 2, 2008

Tags:  EFIN ASEC ECON XL 
pdf how-to read a cable
VZCZCXRO6690
RR RUEHGR
DE RUEHGR #0111 2211810
ZNR UUUUU ZZH
R 081810Z AUG 08
FM AMEMBASSY GRENADA
TO RUEHC/SECSTATE WASHDC 0466
INFO RUEHWN/AMEMBASSY BRIDGETOWN 0501
RUEHGR/AMEMBASSY GRENADA 0546
UNCLAS GRENADA 000111 

SIPDIS

E.O. 12958: N/A
TAGS: EFIN ASEC ECON XL
SUBJECT: GRENADA WEEKLY ACTIVITY REPORT JULY 27 - AUGUST 2, 2008

UNCLAS GRENADA 000111

SIPDIS

E.O. 12958: N/A
TAGS: EFIN ASEC ECON XL
SUBJECT: GRENADA WEEKLY ACTIVITY REPORT JULY 27 - AUGUST 2, 2008


1. (U) Embassy Grenada's weekly report (GWAR) provides a little
detail about events of interest that do not merit longer
reporting at this time.


2. (U) Begin GWAR text:

a. ECSRC Issues Cease & Desist Order to SGL
The Eastern Caribbean Securities Regulatory Commission (ECSRC)
last week issued a cease and desist order to SGL Holdings Inc
after determining that the company was operating in violation of
Grenada's Securities Act No 23 of 2001. The ECSRC also advised
the public to refrain from investing with or through persons who
are not licensed to conduct securities business under the act.

Local estimates of potential losses by investors in SGL range
from several hundred thousand U.S. dollars to over a million.
There has been no official review of the company's books to date
so the estimates could be way off.

b. New Commissioner of Police
Retired career Royal Grenada Police Force (RGPF) police officer,
James Clarkson, was appointed Commissioner of Police (COP) to
replace outgoing COP Winston James. Clarkson retired in 2005 at
the rank of Deputy Commissioner of Police. He served in the
Royal Grenada Police Force (RGPF) from 1970 to 2005 in various
capacities, as well as working in several ministries for brief
periods.

c. Government Promises No New External Commercial Debt
The newly installed government announced that it will not incur
any new external commercial debt nor issue any new government
guarantees. Grenada's debt to GDP ratio is over 100% and
whichever party won the July 8 election was going to have to
focus on belt tightening measures.

The high debt reflects rebuilding of schools, clinics, roads,
and public buildings after Hurricanes Ivan (2004) and Emily
(2005) devastated the country, as well as preparations in
advance of the 2007 Cricket World Cup.

MCISAAC