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Senator Golding denies accusation of "sweetheart" deal

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  • Senator Golding denies accusation of "sweetheart" deal

    A director of the former investment banking firm Dehring, Bunting and Golding (DB&G) is denying an allegation by Finance Minister Audley Shaw that he was part of a "sweetheart deal", which could result in the country losing more than $1 billion.

    During his closing budget presentation on Wednesday, Mr. Shaw claimed that while the Opposition People’s National Party (PNP) was in government a company involving Member of Parliament Peter Bunting and Opposition Senator Mark Golding received favourable treatment in the construction of a resort in St. Ann.

    The property, formerly known as Hedonism III in Runaway Bay, is now on the auction block.

    But in an interview with RJR News Wednesday night, Senator Golding gave his side on how the project came about and insisted that no concessions were received for financing from the public purse.

    According to Senator Golding, DB&G, along with the National Investment Bank of Jamaica (NIBJ) and a consortium of investors were among 20 shareholders in Runaway Bay Development Company Limited.

    That company was formed to carry out the development of Hedonism III.

    Spurious claims
    The Opposition Senator declared that there was no sweetheart deal and accused the finance minister of using Parliamentary immunity to make spurious claims.

    "What happened was, the hotel never performed to the level that had been projected and the investors lost money, including DB&G that had to write off all of its equity in that project. NIBJ would have lost some money as well," Senator Golding said.

    He further explained that loan financing for the project came from DB&G, the Caribbean Development Bank and local financial institutions.

    The NIBJ was approached to provide the remainder of the financing, as it had invested in other locally-promoted hotel projects.

    Senator Golding added that the interest rates and terms of the financing, including that provided by NIBJ, were in line with market conditions and could never be described as concessionary.

    No retraction
    In the meantime, Senator Golding said he is not holding any expectation that Mr. Shaw will withdraw the allegation he made in Parliament on Wednesday.

    "He has this tendency to go into Parliament (and) in his wrap up leg of his budget presentations, he tries to embarrass and malign people who he perceives to be his political opponents. That’s his modus operandi. I don’t expect him to retract anything, (those are) the facts as I know them," the Opposition Senator also told RJR News.
    Last edited by Karl; May 12, 2011, 01:59 PM.
    "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

  • #2
    Well, it great when one can go into a venture and when it naah guh right, put it pon the taxpayers' shoulders then walk away.
    "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

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    • #3
      Originally posted by Lazie View Post
      Well, it great when one can go into a venture and when it naah guh right, put it pon the taxpayers' shoulders then walk away.
      Isn't that not what you were calling for -


      go into a venture and when it naah guh right, put it pon the taxpayers' shoulders then walk away
      - for all the people whose businesses went under and FINSAC moved in?

      You and the tribalist talk out of two sides of the mouth so damn much you do not even know whether you are coming or going!


      --- btw - Haven't a clue on the truth of the words of Audley Shaw or Mark Golding.
      "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

      Comment


      • #4
        Originally posted by Karl View Post
        Isn't that not what you were calling for -



        - for all the people whose businesses went under and FINSAC moved in?

        You and the tribalist talk out of two sides of the mouth so damn much you do not even know whether you are coming or going!


        --- btw - Haven't a clue on the truth of the words of Audley Shaw or Mark Golding.
        From yesterday all comrades a play DEFENSE!!! Duh yuh ting Karl.
        "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

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