APM Terminals Pays Over US$1.1m Arrears To NPA
The management of the National Port Authority (NPA) has announced the receipt of US$1,125,000.00 in arrears from APM Terminals for Operating the Marine Services at the Freeport of Monrovia for a two-year period beyond the terms and condition contained in the 2010 concession agreement between the Liberian Government and APM Terminals.
A release from the NPA says a Check bearing the amount was delivered to the NPA Management on Friday, August 10, Consistent with the May 25, 2018 MEMO with the Management of the National Port Authority and APM Terminals. The Memo was consummated following series of engagements by the NPA Management for APM Terminals to remit all revenues collected for operating the Marine Services during the expired tenure contained in the concession.
Chapter 7.6 ❨d❩ of the 2010 concession agreement between the Liberian Government and APM Terminals allowed the Cargo handing Company to operate the Marines Services at the Freeport for five years only; something that prompted the current Management of the Port to push for the two years areas after unsuccessful attempts by past management.
APM Terminals is also expected to pay 15% in royalty on total annual revenue from the Marine Operation before expenditure and taxes to the National Port Authority plus the additional 50% of the remaining profit. The Company will also provide five years training opportunity for NPA Staff and at the same time pay 37.5 % from annual gross revenue through the Weigh bridge operation among others in keeping with the May 25, 2018 Memorandum of Understanding.
The release said Celia Cuffy–Brown, Acting Managing Director, is enthusiastic about greater prospects for the Sea Port Industry of Liberia, a “Gate Way to the Country’s Economy” as the current Management at Port remains Committed and Supportive of the George Weah’s led Government Pro Poor Agenda for Prosperity and Development (PAPD).