Report vindicates PM

At the post-Cabinet news conference at the Diplomatic Centre in St Ann’s on Thursday, the Prime Minister said the hotel is being built on Buccoo Estate and not No Man’s Land as alleged by CL Financial shareholders.

He said the law requires disposal of any assets held under the Central Bank to be done at fair market value and that what Government did. An Occidental Investments Ltd (OIL) and Oceanic Properties Ltd (OPL) report which Rowley referred to, valued the land at $174,806,775.

Rowley did not provide this information during the briefing but left a copy that report behind for reporters to look at.

Hours later on Thursday, Clico Policyholders Group chairman Peter Permell claimed the land which Rowley referred to was valued at $680 million.

Newsday yesterday obtained a signed valuation report by GA Farrell and Associates Ltd, dated August 6, 2016, on lands at Golden Grove and Shirvan Estates and Golden Grove and Shirvan Roads for Clico. The report supported Rowley’s statements and the OIL/OPL report’s valuation of the lands in question.

The GA Farrell report said the Market Approach was used determine the value of the property because, “it is judged to best reflect the interplay of buyers and sellers.” The firm said when all of the relevant factors are taken into consideration, particularly the prices being paid for properties in the area and unencumbered interest on the property, the market value of the lands, “was in the order of $170 million as at April 18, 2016.” GA Farrell said the report was done in keeping with terms and conditions agreed to by Clico on April 5, 2016. The firm said the opinion of value is based on all relevant approvals being granted from the relevant statutory authorities for the development of the site for hotels, villas, condominiums, golf course, clubhouse and restaurant. The outline approval was received, was valid for one year and has since lapsed.

After identifying crime and delays in upgrading the ANR Robinson International Airport amongst the factors that have negatively impacted on Tobago’s tourism, GA Farrell said foreign nationals must apply for a license to buy property in Tobago.