The Grand Lucayan Resort. Photo: Shawn Hanna/Tribune Staff
By RASHAD ROLLE
Tribune Staff Reporter
PROGRESSIVE Liberal Party Leader Philip "Brave" Davis says he received a draft resolution for the government's acquisition of the Grand Lucayan Resort yesterday that is short on key details.
Prime Minister Dr Hubert Minnis is expected to table the resolution in Parliament today and make a communication about the government's controversial decision to purchase the resort.
The information missing, Mr Davis said, includes a "signed sales agreement, a description or list of the properties and assets being acquired and copies of a recent appraisal of the report properties and quantity surveyors report on the estimate of cost of repairs and restoration of the hurricane damaged properties and inventories to make them operational."
Among other missing details, he said, are the projected costs of insurance coverage, staff benefits and severance and operation and maintenance over a month's period. He said no particulars of the business plan supporting the transaction were provided, nor information on the source of funding of operational costs.
Other details missing, he said, include: "The required prospectus being circulated in pursuit of interested parties, the particulars of any interest investors with whom negotiations are being conducted; plans for airlift and operation of the casino; particulars of the professional advisors and estimated cost of their services in relation to this exercise; and quantum of stamp duty and closing costs being borne by the government."
Mr Davis' comments were contained in a letter he addressed to Dr Minnis. He said he hoped to get a response by the end of yesterday. It is not clear if he did.
Other missing details, he said, include: "Particulars of the due diligence performed by the government prior to concluding the purchase agreement including profit and loss statements and particulars of hurricane related insurance claims and amount of settlement received by the vendor which should have been part of due diligence recovery and purchase negotiations."