The crisis facing Jamaica's problem plagued sugar industry is deepening as it has been revealed that Pan Caribbean Sugar Company will cease operations in June.
On Tuesday, at the first Post Cabinet Press briefing for the Andrew Holness led administration, Information Minister Senator Ruel Reid said the decision by Pan Caribbean, which owns the Frome, Monymusk and Bernard Lodge sugar factories, to cease production will have implications for hundreds of sugar workers.
"The government is moving swiftly to intervene, not to take over the operation but to get other private sector interests to ensure that the production of cane takes place," he said.
He also revealed that Pan Caribbean has racked up an accumulated loss of US$60 million.
In 2011, the Chinese firm purchased the sugar factories for US$9 million. The factories now need a capital injection of US$200 million .
According to the Information Minister, the situation confronting Pan Caribbean Sugar is dismal.
"The situation is very serious; what we are seeking to do is to see if we can get other private players to get involved in the sugar cane cultivation part of it and proceed with diversification," he said.
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