Criticism frustrates harbor chief Mingo: lets others pay their fair sharePOSTED: 02/13/13 12:45 PM
St. Maarten – Chief executive officer of the Harbor Group of Companies, Mark Mingo reiterated his concerns that other government-owned companies are not paying concessions or dividends to their main shareholder, the government. Mingo told a Central Committee of parliament yesterday that he was “frustrated” with the criticisms leveled at the harbor for pursuing ambitious initiatives, while its profit record and contribution in the form of concession fee, are unmatched.
“I do often get frustrated because the other government companies are not contributing with that concession or contributing more to government. The shareholder has the right to request a concession. We just believe that we have to give the shareholder a manageable contribution but we have to make sure that we remain competitive. It is a lot of money we contributed towards the shareholder,” Mingo said.
With thirteen companies under its umbrella, the harbor has contributed some 5.7 million guilders annually to the budget of Country St. Maarten. Finance Minister Roland Tuitt has indicated that he is busy formulating a dividend policy for all government-owned companies to ensure that they all pay their fair share. Some of the major companies are Telem Group of Companies, the Princess Juliana International Airport, Winair and GEBE.
Mingo wants the approach to the harbor by government and parliament to be balanced with its success. He highlighted the fact that the harbor also pays substantial amounts of turnover tax and further contributes to indirect taxation through the amount of tenants that it has.
“It is no secret but I would like to emphasize that we do contribute,” Mingo said.