This was disclosed by Prime Minister Hon. Ralph Gonsalves on his return from discussions held in England with Sacce. Describing the discussions as "hugely successful", Dr. Gonsalves said when he left here on Sunday - accompanied by Director General of Finance and Planning, Maurice Edwards - this country owed Sacce EC$167m but now after negotiations, this country has only to pay EC$16m to liquidate the entire debt. The property at Ottley Hall which is mortgaged by the banks will be transferred to the Government of SVG and this will bring the provisional liquidation to an end on the terms agreed.

Dr. Gonsalves said that the negotiation is practically a done deal as all that's left to be done is for the Sacce Board to formally ratify the agreement. He disclosed that Sacce is willing to put the whole incident behind them and seeks to start with this country, a new relationship that is principled and transparent. The company is also willing to look at financing other projects here through their expert guarantee.

According to the Prime Minister Sacce will continue legal action against West LB limited. He also gave the assurance that the Enquiry will continue here and if there is evidence of criminal wrong doing; it will be the responsibility of the Director of Public Persecution to do his job accordingly. He said that in the case of civil culpability, appropriate instructions will be given by the executive.

The Prime Minister said that the Government will now proceed to raise the EC$16 million then make the payment and bring everything to a close.

He said discussions will be held to decide how to invest in Ottley Hall whether through the Government or Private Entities.