The government has paid U.S. $23 million out of over U.S. $40 million it owed the principals of the once five-star resort, Half Moon Bay, which it compulsorily acquired after a devastating hurricane 22 years ago.
Prime Minister Gaston Browne, who made the disclosure, said that the sum paid covers the principal cost for the property.
“But, we still owe them in excess of $20 million for interest accrued over 10 years,” the prime minister said.
He blamed the former administration for the current state of affairs saying that it took compulsory possession of the extensively damaged resort without being able to sell the property, so “it sat there and accrued a significant amount of interest.”
PM Browne added: “We are hoping that we can negotiate with them and that they can give us some interest relief after which we will make formal arrangements to pay back the interest.”