We are not surprised that Marubeni Corporation is concerned, as has been reported by Finance Minister Dr. Omar Davies, about some of the utterances by the Opposition about its planned acquisition of the light and power company, Jamaica Public Service (JPS).

Indeed, we too were concerned, particularly at the statement by Clive Mullings, the shadow energy minister, that the sale by America's Mirant Corporation of its 80 per cent in JPS would not be allowed "to stand".

The substance of Mr. Mullings' objection, in so far as we have been able to fathom it, was an aversion to profit or to a healthy return on an investment.

At the time, he was responding to Dr. Davies' statement in Parliament that Mirant had sold its Jamaican holding for U.S.$800 million, which, on the face of it, was four times the amount it paid for the business six years earlier.

In Mr. Mullings' contemplation, Mirant had made a killing, reinforcing his long-held position that Mirant had not been good for Jamaica.

As it turned out, what Dr. Davies gave in that parliamentary debate were the very crude numbers, for the US$800 million price tag included long-term debt, power purchase obligations and cash held by them in the Mirant subsidiary which controlled the JPS shares.

When these are backed out, Mirant would net US$350 million from the deal, without taking into account its US$160 million in capital investment during its tenure. Of course, JPS was a profitable operation.

But even without the disaggregation of the numbers, Mr. Mullings' remark was, to say the least, unfortunate, his subsequent wiggle notwithstanding. It clearly suggested that a government led by his party would overturn the deal. Marubeni, and others, would be entitled to ask whether Jamaica is really open for business.

Perhaps Bruce Golding, who hopes to become the Prime Minister after the next general election, has had a quiet word with Mr. Mullings, explaining that there is in such loose talk the risk of frightening capital.

Which is not to say that the Opposition may not have legitimate issues to raise about power generation, transmission and distribution in Jamaica.

In that regard, Mr. Golding is correct in asking that these concerns should be seriously considered by Marubeni as it seals the deal for the JPS acquisition, especially if these, as we expect, have to do with the most efficient and cost-effective delivery of power to the Jamaican consumer. This has implications for Jamaica's economic growth and social development.

This, of course, ought not to be a matter on which it should be too difficult to find political consensus, even if Mr. Mullings misspoke. Perhaps, therefore, the Government and the Opposition should jointly put to Marubeni Jamaica's broad expectations for JPS.

In the meantime, Marubeni should complete its proper due diligence ahead of coming into Jamaica, from which it would conclude that Mirant, even when there is disagreement with Mr. Mullings' posture, is not the best-loved firm in Jamaica.

It would, therefore, do Marubeni well to create distance between itself and the American firm and not lumber itself with Mirant executives who may attempt to insinuate their way into its confidence.

There are competent Jamaican managers at JPS who are ready to come into their own.