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PM to update Parliament on Grand Lucayan sale

Prime Minister Dr Hubert Minnis has said that he will outline details pertaining to the sale of the Grand Lucayan resort when the House of Assembly resumes in September after its summer break. 

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TheBahamasInvestor.com
Friday, August 24, 2018
Friday, August 24, 2018

Prime Minister Dr Hubert Minnis has said that he will outline details pertaining to the sale of the Grand Lucayan resort when the House of Assembly resumes in September after its summer break.

He made the announcement during a press conference following a tour of the property August 22, 2018 during which he also announced that the government signed a $65 million sales agreement with Hutchison Whampoa and that a $10 million deposit was made.


The Prime Minister further noted that the government will pay the balance of $55 million in instalments and that he intends to give a report regarding the matter, when the House of Assembly resumes in September.

The Prime Minister invited members of his Cabinet, other officials and members of the media on a fact-finding mission to view the closed Grand Lucayan, Memories hotel, Breaker’s Cay and, Lighthouse Pointe, which is still open to guests.

The purpose was to get a first-hand view of the state of the property, which has been closed since Hurricane Matthew in 2016, and to speak with vendors and taxi drivers at the nearby Port Lucaya as the closure of the hotel have impacted their sales.

He said: “We return to Parliament on September 16 at which time I will give to the nation an exact report as to how we arrive at this conclusion, what exactly we are purchasing and how we intend to move forward. All details will come out during my parliamentary debate.”

Prime Minister Dr Hubert Minnis and a delegation of Cabinet Ministers and government officials took a tour of the Grand Lucayan resort on Grand Bahama this week to view the facilities.

Following the release of the Guidance Note on Streamlined Requirements for Account Opening, Provision of Financial Services and Customer Identification in June 2018, The Central Bank of The Bahamas is now affirming policy amendments affecting non-residents use of Bahamian dollar deposit accounts.

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