Tyrone Reid, Staff Reporter
AFTER FOUR years of arbitration, Can-Cara Development Ltd., developers of the White Water housing scheme in St. Catherine, has been awarded more than $165 million against co-developers, Magil Construction Jamaica Company Ltd.
The award is the outcome of an arbitration matter, which began in April 2002 and was settled earlier this month, over the dispute in a co-development agreement between both parties.
However, there is one mountain of a problem confronting Can-Cara in its bid to recover the multimillion-dollar award from Magil, as the company has locked down its local operations and the proprietor is now overseas.
In May, Joseph Gustadt, president and chief executive officer of the now-defunct Magil, left the island after aiming a flurry of accusations of corruption at Government officials, agencies of the state and political parties.
MANHUNT ON
However, the Can-Cara officials, who made the announcement regarding the arbitration award, revealed that the manhunt is on for Mr. Gustadt.
"We can pursue Magil in any part of the world to recover this money and we intend to do that," said Junior Lincoln, chairman and managing director of Can-Cara Development Ltd.
Michael Young, corporate consultant at Can-Cara Development, concurred that the construction company was not willing to write off the multimillion-dollar award as bad debt. "We are committed to the process," he said.
Though revealing little, Mr. Young said the company's attorneys have already identified some local Magil investments which are among the options being pursued.
