Antigua St. John's - Former Barbuda legislator Linton Thomas wants tougher conditions set for financiers interested in investing in the sister isle.
Thomas said the criteria should build on what has been proposed by the Baldwin Spencer-led Cabinet for the disputed Gravenor Bay project.
"The lands in Barbuda should not be held as collateral for any loans that an investor may want to get from a bank," he said, insisting this should be "entrenched" in the Barbuda Local Government Act of 2007.
"You must deposit, in an escrow account, between US$5 million and US$10 million so that if you don't perform that money should go to the people of Barbuda. And, the people of Barbuda must have a stake in that development, whether its 5 to 15 per cent because we will not allow what is happening at K Club to happen at any new development," the ex-senator said.
No performance clause was attached to the K-Club lease, which has prevented the Barbuda Council from taking action to force compliance, though the property has been closed for more than eight years.
Last week, Cabinet advised the Gravenor Bay developers to put US$5 million of the projected US$100 million they intend to invest in the 987-acre project in an escrow account.
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11 Comments In This Article
Better no investors than wrong 'uns
SouthernMan
Any sustainable plans available?
Robert Simpson
Compliance clauses not enough
Martin
RE: Tougher Criteria Demanded for Barbuda Investors
The rest are attracted to places like Antigua and Barbuda.
GoodJobBob
Agree with this!
At last - thank you for thinking ahead. This criteria makes good sense.
john3
RE: Tougher Criteria Demanded for Barbuda Investors
the Truth
Forget grandiose schemes, think small and real
Seylan
Chancers
Antigua me barn
Check their real background thoroughly.
www.antiguaobserver.com/?p=78589
Even if one accpets that Barbuda needs this kind of development, the last thing anyone needs is a half finished white elephant project, and without ALL the right answers lining up, there's always a chance of that.
Willi
RE: Tougher Criteria Demanded for Barbuda Investors
Johnny
Agree 100%
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