Monday, 17 December 2012

TCN: Fresh hurdle delays Manitoba management takeover

Indications have emerged that the Canadian firm may not be able to fully take over Manitoba Hydro International yet. This is because of the inability of the President to constitute a board for TCN, a requirement that is vital to the execution of the three-year management contract for the transmission company won by Manitoba.
The delay in the constitution of the TCN board by President Goodluck Jonathan, it was gathered, was a key reason delaying the management takeover of TCN by Manitoba.
Before the President ordered that the management contract initially awarded to Manitoba for $23m for a three-year period be revalidated, it was gathered that Jonathan had approved the contract in principle.
The Canadian company had in July signed the management contract with BPE for the management of TCN beginning from September 1, 2012.

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