Shareholders wrong on Tobago lands

Imbert refuted the shareholders’ claims at the post-Cabinet news conference at the Diplomatic Centre in St Ann’s.

He said the figures for these lands were contained in the Project Rebirth report and the contents of that report have been proven to be unreliable.

Imbert said in that report, “there is no valuation for these parcels of land.” Regarding the Buccoo Estate, where the proposed Sandals Beach resort is to be built, Imbert said CLF subsidiary Home Construction Limited hired Terra Caribbean in 2014 to do a valuation on these lands.

He said that valuation on the 147 acres in question was $75 million. The Project Rebirth report alleged these lands were valued at $960 million.

Imbert said the Central Bank hired local firm GA Farrell and international firm Duff and Phelps to do separate valuations on the adjacent Golden Grove lands. Shareholders alleged the value of these lands was $867 million. He said GA Farrell, as first reported by Newsday on July 29, valued the Golden Grove lands at $170 million.

Imbert said this valuation dealt with 382 acres of land and excluded 16 acres of sewer lands.

Imbert indicated that Duff and Phelps valued the total acreage of 398 acres at Golden Grove and came up with a figure of $174.8 million.

Minister in the Office of the Prime Minister Stuart Young said negotiations for the construction of the Sandals resort are ongoing and are expected to be concluded within the next two weeks.