Local group mum on money woes
By John McDermott
The developer of the 1,300-acre Global Logistics Triangle project near Santee said Monday that it was not authorized to speak to the financial troubles of its heavily indebted parent company, Dubai World.
"The only comment we're giving out ... is the fact that we cannot comment at this time and until we're given more information by Dubai," said Tara Robertson, spokeswoman for Charleston-based Jafza South Carolina LLC. "We will share information as soon as it becomes available to us."
Dubai World rocked global financial markets last week when it said it was seeking to postpone payments on some $60 billion in debt.
AP
A minaret is seen behind a branch of Lloyds TSB Bank in Dubai, United Arab Emirates.
According to news reports, Dubai World's Jebel Ali Free Zone Authority, or Jafza, is not part of the financial restructuring of the government-owned parent.
On Monday, investors were relieved when Jafza made a payment that was due on a $2.04 billion bond issue.
The company's South Carolina unit is overseeing the development of 1,322 acres of farmland it owns near U.S. Highway 301 and Interstate 95 in Orangeburg County. The plan calls for transforming the rural site into a $600 million transportation hub for port-related warehouse and distribution businesses.
In August, the company said it had scaled back the first phase of the Global Logistics Triangle in response to the recession.
It now is focusing on about 200 acres that offer the most accessibility. A ground-breaking event still is scheduled for some time in the first quarter of 2010.
Separately, the state Department of Transportation is holding a public information meeting Thursday to discuss roadwork related to the Jafza project. The meeting is set for 5-7 p.m. at Lake Marion High School in Santee.
Reach John McDermott at 937-5572 or jmcdermott@postandcourier.com.
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