JAD Mustique LTD said in a letter which was sent to workers that it is with heavy hearts they announce the dissolution and liquidation of the company.
A combination of the political and economic climate in St. Vincent and the Grenadines, COVID-19, and rising costs have all combined over the last few years to put the company in a fragile financial position, the letter stated.
“Since the outbreak of COVID-19, we have endeavored to remain liquid and buoyant, support our workforce, and deliver the level of service and quality that JAD has been known to provide.”
“The industrial action taken by our employees as a result of a historic legislation change, despite a full settlement being offered, has destroyed any confidence our clients had that we could complete their contracts.”
“We have therefore not yet received payments for works completed to date, which has now put us in an irrecoverable position.” We sincerely apologize to anyone adversely affected. While we navigate these next steps, we ask for your patience and understanding. We have appointed Business Logistics Inc. to oversee the liquidation process and ensure the smoothest possible conclusion.
“We are immensely grateful to everyone who has played a part in JAD’s 23 years on Mustique, and we wish you all the best in the future.”
Some 100 workers are now unemployed due to the liquidation of the company. JAD (Mustique) Ltd. is owned by a British family.
