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Investment Minister, Dr Ernest Hilaire has revealed that the Government of St Lucia has terminated the contract with Caribbean Galaxy Real Estate Ltd on the National Infrastructure Improvement Program. The Minister says the termination is to allow for the agreement to comply with the new regulations spelt out in the Memorandum of Agreement among the CIP OECS countries.
But what are the implications for the country? Would the government have to compensate Galaxy for the billions of dollars in potential sales?