THE SUGAR INDUSTRY DIVERSIFICATION FOUNDATION

BASSETERRE, ST. KITTS (2/24/2009) --
Secretary of the sugar industry diversification foundation says, the foundation is “not an instrument of political mileage” and is “not engaged in any illegal or improper transactions.”

Michael martin says the foundation was set up to speed up the transformation of the country’s economy into one that is modern and service-oriented and which is better able to compete in regional and global markets and to meet the varied aspirations of locals.

He says the initiative is 100% legal and was established as a foundation in September 15, 2006 under the foundations act 2003, but became fully functional in 2008.

The secretary explains that the foundation funds its operations and pursues its objectives from donations.

Martin says the funds are raised with the board conforming and keeping with the provision of the articles.

He told ziz that the last audit of the foundation’s financial statements was conducted by price water house coopers, and it reflected the foundation’s total assets as ec$17.6 million as at December 31 2007. He emphasized that the institution is not intended to fund large developments by foreign investors, but is designed to transit the economy into one that is comprehensive.