As a result, Galoya Plantations is unable to pay back the loans it had obtained to import the distilling machinery with the hope of securing a liquor manufacturing license.
A 49 stake of the company is to be handed over to the private sector owing to its financial instability that has led to a loan repayment issue.
A further delay in getting the liquor manufacturing license will lead to its having to be liquidated, the sources say.
Political influence alleged
There is strong suspicion that political influence is being exerted to prevent a new venture by this state-affiliate, with the intention of allowing Aloysius’ company to enjoy a market monopoly.
Galoya Plantations said they have not been given a reason for the delay, adding however that they have unofficially been told the license would be issued shortly.
It added that it was seeking income from a new venture in addition to its sugar manufacturing business as it was difficult to function only with the present income.