CBN cashes in on auditorium
News
June 15, 2007
CBN cashes in on auditorium

The reclamation of this country’s history and culture has begun and the National Lotteries Authority’s (NLA) construction of an EC$1.5 million auditorium at the Victoria Park will push this process forward.{{more}}

Speaking at a press conference where the Canadian based firm Canadian Bank Note (CBN) handed over a cheque of EC$750,000 towards the project, Prime Minister Dr Ralph Gonsalves said that the construction of structures that would benefit the arts and culture provides the context for this cultural reclamation.

Dr Gonsalves, who thanked the CBN, partners with the NLA since its inception in 1984, also praised the NLA which he said had an impeccable reputation in the management of finances; void of any corruption charges or suspicion.

Hailing the CBN as a good partner, Dr Gonsalves explained the nature of the agreement between them and the NLA.

The CBN provides and mange the games systems and receives a 10 percent management fee. He explained that they do not receive any tax breaks and pay the 20 percent withholding tax required of them by law. Additionally four percent of their revenue here is channeled into an education trust fund from which the NLA makes several contributions to education; included is the building of the Helping Hands Centre at New Montrose.

CBN, in existence for over 100 years, has done security systems for currencies, border control and passports in over 80 countries worldwide is also the major sponsor of the Windward Island Secondary School games to the tune of $10,000 in cash and equipment.

The new St Vincent and the Grenadines’ passport, with its modern security features were also done by CBN.

President of the Lottery Systems Division of the CBN, Craig Bascombe, in handing over the cheque said that his firm was pleased to contribute to St Vincent and the Grenadines and will continue to do business here and in the rest of the region and Latin America, their largest clientele. (KJ)