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Hon Fraser says Govt still hiding info on Ports project

-Premier said no loans taken by Special Purpose Vehicle and no private lenders but investors
Representative for the Third District Honourable Julian Fraser RA believes answers to his questions posed to Premier and Minister of Finance Dr the Honourable D. Orlando Smith in the last sitting of the House of Assembly were not complete. Photo: VINO/File
“In the Government’s efforts to maintain secrecy on the cruise pier project they had misunderstood the sincerity of the Opposition in trying to get information out to the public. In my view the answers to questions asked of the Premier were not forthcoming. But the Opposition will continue to pursue [such information] in the interest of the public on this very important matter,” said Hon Fraser. VINO/BVIPA
“In the Government’s efforts to maintain secrecy on the cruise pier project they had misunderstood the sincerity of the Opposition in trying to get information out to the public. In my view the answers to questions asked of the Premier were not forthcoming. But the Opposition will continue to pursue [such information] in the interest of the public on this very important matter,” said Hon Fraser. VINO/BVIPA
ROAD TOWN, Tortola, VI – Chairman for the Virgin Islands Party and Representative for the Third District Honourable Julian Fraser RA believes answers to his questions posed to Premier and Minister of Finance Dr the Honourable D. Orlando Smith in the last sitting of the House of Assembly were not complete.

He made this comment when contacted today March 11, 2015 on the written answers that the Premier’s Office had provided to his questions. 

“In the Government’s efforts to maintain secrecy on the cruise pier project they had misunderstood the sincerity of the Opposition in trying to get information out to the public. In my view the answers to questions asked of the Premier were not forthcoming. But the Opposition will continue to pursue [such information] in the interest of the public on this very important matter,” he said. 

“I sincerely believe that there are serious issues surrounding that project and the investors and potential investors need to get involved in the investment itself,” said Honourable Fraser. 

In addressing the questions, Premier Smith said that there are no private lenders to the cruise pier project but investors and that there are no resolutions that went to the House of Assembly since the Special Purpose Vehicle (SPV) for the project has not borrowed any money to date. 

These statements were in response to questions posed to the Honourable Premier by Honourable Fraser during the Third Session of the Fourth Sitting of the Second House of Assembly on February 12, 2015. 

No private lenders 

“Madam Speaker, could the Honourable Premier and Minister of Finance please tell this Honourable House what happens to the private lenders who invest in the Special Purpose Company established under the BVI Ports Authority to develop the landside of the Cruise Pier if it defaults?” asked Honourable Fraser. 

In response, the Honourable Premier said, “Madam Speaker let me first clarify that there are no ‘private lenders’ to the Special Purpose Company, rather individuals and companies have ‘invested’ in the Special Purpose Company established under the BVI Ports Authority to develop the landside of the Cruise Pier. With that investment, the investors are paid a percentage return on their investment annually and the original investment amount is returned to them at the end of the investment period. Madam Speaker we expect that the SPV will honour its obligations.” 

Hon Fraser also wanted copies of the resolution passed in the House of Assembly “authorising the borrowing of money by the Special Purpose Company established under the BVI Ports Authority to develop the landside of the Cruise Pier; guaranteeing money borrowing by the Special Purpose Company established under the BVI Ports Authority to develop the landside of the Cruise Pier; and the correspondence from the FCO guaranteeing money borrowing by the Special Purpose Company established under the BVI Ports Authority to develop the landside of the Cruise Pier.  

In response, Premier Smith said, “Madam Speaker… the Special Purpose Vehicle established by the BVI Ports Authority has not borrowed any money to date, and as a result those resolutions and correspondences to which the member refers do not exist.” 

Landside development to cost $21million

“Madam Speaker, could the Honourable Premier and Minister of Finance please provide this Honourable House with: the estimated project cost for works to be carried out on the landside of the Cruise Pier Development by the Special Purpose Company established under the BVI Ports Authority? The details of the project funding for works to be carried out on the landside of the Cruise Pier Development by the Special Purpose Company established under the BVI Ports Authority? The details of the sale of shares/debentures to date, how much was sold etc. for works to be carried out on the landside of the Cruise Pier Development by the Special Purpose Company established under the BVI Ports Authority? And the status in terms of Belongership and eligibility to own property, of the people who already bought shares/debentures to date for works to be carried out on the landside of the Cruise Pier Development by the Special Purpose Company established under the BVI Ports Authority (BVIPA)?"

In response the Premier said, “Madam Speaker to be clear, no works will be carried out by the SPV but in the interest of cooperation I can say that the estimated project cost of the landside development of the Cruise Pier Development Project is $21,500,000.00. 

Further, he said that $5 million in loan funding secured by the BVIPA via First Caribbean Bank is put towards the Landside development along with the $16.5 million to be raised via the Public Offering. He said that as of January 31, 2015 the Public Offering has raised $6,101,000.00. 

“Madam Speaker, all persons subscribed in Series I & II of the public offering are required to be belongers. However, Series III, which is ongoing, is now open to persons lawfully residing in the Virgin Islands, whether or not subject to immigration control,” he said.

17 Responses to “Hon Fraser says Govt still hiding info on Ports project”

  • Mango Monkey (11/03/2015, 11:17) Like (4) Dislike (2) Reply
    we use too NDP LIES
  • ooooo (11/03/2015, 11:24) Like (2) Dislike (6) Reply
    we will get to the bottom of it during the next sitting
    • @ooooo (11/03/2015, 22:14) Like (2) Dislike (0) Reply
      and we will get to the bottom of that illegal Hannah's reclamation...not to worry...thing to talk when the sh_t hit the fan.
  • in the news (11/03/2015, 11:43) Like (2) Dislike (6) Reply
    the in coming and out going Premeir here here here
  • tretretrete (11/03/2015, 11:45) Like (0) Dislike (0) Reply

    like he doesn't understand English.

  • Bob's Burgers (11/03/2015, 12:24) Like (6) Dislike (1) Reply
    So let me get this straight; the article clearly states two conflicting things (imo):

    1) 'In response, the Honourable Premier said, “Madam Speaker let me first clarify that there are no ‘private lenders’ to the Special Purpose Company, rather individuals and companies have ‘invested’ in the Special Purpose Company established under the BVI Ports Authority to develop the landside of the Cruise Pier.'

    and also;

    2) The Premier is further quoted as stating; '...that $5 million in loan funding secured by the BVIPA via First Caribbean Bank is put towards the Landside development'.

    So is it not true then that the SPV established under BVIPA is borrowing from a PRIVATE LENDER i.e. First Caribbean Bank? Also whom is liable for default(s) on the loan repayments - BVIPA of the SPV? I was not aware that FCIB was state owned/operated! Furthermore, if the FCO have approved the debt funding by BVIPA (US$5 mil) is it them (FCO) whom are liable for default/late payments?
    • @Bobs (11/03/2015, 16:25) Like (2) Dislike (1) Reply

      BVIPA taking a loan is not the same as the SPV taking a loan. Ports Authority took the loan and are the ones developing the pier. The SPV was set up as a legal vehicle through which investments could be made.

  • on line now (11/03/2015, 16:49) Like (4) Dislike (2) Reply
    We will never ever trust the ndp again
  • jo jo (11/03/2015, 18:22) Like (3) Dislike (0) Reply
    Is anyone in a position to say the reason for the Governors audience with Her Majesy the queen at Buckingham palace today? Did it have anything to do with the COI ?
    • wize up (11/03/2015, 21:23) Like (0) Dislike (0) Reply
      home-boy went to have a spot of tea with his boss; the COI never came up?????...he will deal with it following the elections(he just updated his face book page)
      • shaw (11/03/2015, 23:00) Like (3) Dislike (0) Reply
        that is not fair. people don't have the facts to make an informed decision- and the project marches on.
  • wize up (11/03/2015, 19:43) Like (2) Dislike (3) Reply
    the opposition is really obsessed with this port project; we have so many other pressing social matters throughout the BVI community and all the opposition have on their minds, is a port project......what about crying out for an increasing the wages; can not hear the opposition asking about tougher laws for child molesters...just saying(day-after-day port project, port project !!!!! and nothing is going to stop that project( its like beating a dead horse)....
    • solution (11/03/2015, 21:09) Like (2) Dislike (0) Reply
      Vote out the ndp
    • dog (11/03/2015, 23:02) Like (3) Dislike (0) Reply
      that's because there hasn't been any answers. Accountability is important in government. And to wait after the elections is bad form.
  • Liat 521 (12/03/2015, 00:17) Like (0) Dislike (0) Reply

    Dem fat rats $h1tting them self



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