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Wednesday 19 September 2018
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EFCL makes $2.2m part payment

OFF IT GOES: Attorneys Joel Rooper (right) and Justin Leung go through a list of items as the are loaded onto a truck, as a result of a court judgement between Prudecon Limited and EFCL, at Long Circular Road, Maraval, on Wednesday. PHOTO BT JEFF K MAYERS

THE Education Facilities Company Limited (EFCL) has repaid part of the $12.4 million debt it owed to a local project management firm.

A cheque for $2.2 million was on Wednesday made out to Prudecon Limited, after it levied on the EFCL’s head offices at Long Circular Road, Maraval.

The initial payment was part of a deal brokered by the EFCL to settle the debt it owed to the Woodbrook-based company.

On Wednesday, High Court marshals levied on the EFCL carting away truck loads of office furniture.

Hours later, EFCL agreed to settle the debt and immediately wrote out the cheque for $2.2 million.

A payment plan was put in place for the repaying of the remainder of the judgment debt of $12,445,866.39.

EFCL has promised to pay an additional $1.8 million by the end of August, and the balance is to be paid in equal installments of $500,000, until the full debt is paid off.

Newsday understands that a cheque for $126,000 was also made out by the EFCL on Wednesday for the payment of the marshals’ poundage fees associated with the levy, so that the High Court can release the furniture seized.

Prudecon Ltd did engineering design work for the construction of several Early Childhood Care Centers for the EFCL

This was the second levy on EFCL in as many months.

In June, the state-company staved off being levied on by a contractor it owed close to $.7 million.

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