July 26, 2012, St John’s Antigua – The company hoping to spend about 100 million US dollars to develop Gravenor Bay on Barbuda says government’s request for millions of dollars up front is premature.
Adam Barrett, CEO of Stanhope Shepherd International Limited, says there is far too much to consider before committing millions of dollars:
Listen:
Cabinet has been asking for five million US dollars in an escrow account before approving the hotel project.
The Barbuda Council has appointed a seven member committee to speak to Cabinet with the aim of reaching an amicable agreement.
Government is making the demand saying that a series of would-be investors have come with promises and have benefited for varying forms of concessions without delivering.
One of the most famous cases was that of Asian businessman Dato Tan Kay Hock, who by only paying a minute fraction of the value, was in 1998 given title to 1,541 of acres of land, including a private island for EC$2,700,000.00. That was after government had the year before acquired the land for ten times that amount – $27,000,000.00. Dato Tan’s project never got going and he later sold the company which owned the land to convicted swindler Allen Stanford.
They have NO money.
These are the same people that persuaded people to pay US$500,000 for prefab houses in a swamp outside Jolly Harbour. They spend what little money they have on CONvincing people to give them something for nothing. I hope Barbudans do not fall for their tricks.
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Here we go again on another island….they can not even finish one project on Antigua. I think Barbudans will never let this happen, ask the Antiguans how they feel right now. Not the right time in this market and who is out there ready to fork out millions for investment purposes? Agree, why do they not purchase The Beach House? I believe this will never happen……..
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The sum total of this company’s development track record is a block of ten town houses currently under construction on Harbour Island, Jolly Harbour. I understand the planning decision on that is up for judicial review – applicants claim it was technically flawed and the plans contravene planning regulations and the resort’s own planning guidelines. If such a company can’t raise $5M as evidence of good intent, what chance have they of raising $100M to build it? This sounds like a scheme to get planning permission by making big promises without any capital and then sell it on. As Truth says, why are they not trying to put new life into The Beach House? I would suggest possibly because that would require real capital they don’t have.
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This project will not happen, Guaranteed. They do NOT have the money, they will never pass any objective environmental study, their track record is diabolical. 1,000acres destroying a very alive mangrove, reef and a the only naturally occurring salt pond of this magnitude in the Caribbean is ridiculous…..let them purchase The Beach house and see what they do with that and then we will consider…..But they wont because they want land for FREE so they can raise capital on a 99yr lease with option to renew – scyampish speculators. Most importantly , the Barbudan people do NOT want this project, and we know what happens when outside forces try to push a project on Barbuda, it will end up in the sea, try us, lol.
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