May 4, 2007
Some Ottley Hall Project revelations

HERE IS A LIST of revelations uncovered at the resumption of the Ottley Hall Enquiry on Wednesday:

The feasibility study prepared by a Monaco firm for the loan for the Ottley Hall project was a one page document.{{more}}

The Ottley Hall Marina was not absolutely complete, but it was substantially complete. Substantially complete means the marina was operational although all the facilities were not in place.

The Government of St. Vincent and the Grenadines was the lone guarantor of the US$ 50 million dollar loan.

Although the shipyard was deemed ready for operation, a further US$ 12 million was needed for the project to be completed.

The MV Istranka which was part of the equity supplied by Valdatarro was originally valued at US$ 18 million. A later valuation deemed that the ship was worth about US$ 3 million.

The Mayreau and Balliceaux, two ships provided by Valdatarro, were operating without a certificate of class; a prerequisite to obtaining proper insurance.