How
that US$11 million was used is still unknown,
however claims are that the government stands
to lose the hundreds of acres of land it invested
in the company for shares. The government, in
the person of Tourism Minister Allen Chastenet
has stated that the government will not lose
the lands and that the lands are not at risk.
He claims that the loan went into receivership
not the project. The company, he said, is still
in charge of the project and is trying to obtain
financing.
The lands spoken of for the entire project consists
of about 500 acres. Government put 228 acres
of that amount. As interesting as all of this
is there are certain questions that the government
of the day must answer because it is simply
not enough to say to Saint Lucians that the
lands are not at risk.
For instance the lands were put up as security
for the loan, therefore since US$11 million
were given to the developers, and we have had
no word that the developers are paying the premiums
on the amount already given, wouldn’t
such a situation put the lands at risk?
And since the lands were given to the company
in exchange for preferred shares does that not
amount to the government not having ownership
of the lands anymore and instead having part
ownership of the company and by extension the
not yet built hotel?
Having said the above would that not put Saint
Lucians in danger of losing about the amount
of land, government has invested in the hotel
company? And what about the hotel operator,
is the operator still in Saint Lucia working
assiduously to acquire financing for the project?
Notwithstanding Minister Chastenet’s explanations
regarding the Black Bay lands further explanations
are certainly required.(M.G)
Discuss
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