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If we assume that the BDS$134.1 million was loaned on January 1st, 2017, and the rate of interest is 5%, then the amount of money owed to the NIS and the taxpayers of Barbados by the Four Seasons properties at December 31st, 2023 is BDS$188.7 million.
STUNNING white beaches, plush Balinese-style properties and 24-hour room service - this Barbados resort had all the makings of the ultimate millionair
The $124 million advanced to the Government-owned company to settle a loan guarantee for the Four Seasons project did not go through all the right procedures.That acknowledgment has come from Director of Finance and Economic Affairs Ian Carrington who said proper permission should have been sought via a parliamentary resolution.Issuing Government’s response to the highly publicised and contentious sale of the failed project that resulted in the investment being written off – which was raised as a matter of concern in the Auditor General’s latest report – Carrington agreed that the adva...