BEST Request For Tucker’s Point Financials

[Updated] The Bermuda Environmental Sustainability Taskforce [BEST] has said that their request to the Environment Minister to receive the financial information about the Tucker’s Point property has been denied.

BEST maintains that the financial information should be disclosed as “it is a corporation seeking financial assistance in the form of an SDO.”

BEST has previously said that the hotel’s “lenders are on the verge of putting it in receivership,” and that “the financial troubles of TPC have NOT been solved by the granting of SDOs on two previous occasions.” For 25 detailed financial points from BEST, along with the replies from Tucker’s Point President Ed Trippe see here.

A BEST spokesperson said, “The Minister of Environment, through his spokesperson, has asserted that he cannot release the hidden financial information concerning Bermuda Properties Limited (the owners of Tucker’s Point Resorts) because doing so “would be similar to going into a doctor’s office and demanding the public files of its patients be released to the public.”

“BEST respectfully points out to the Minister that Bermuda Properties Limited is not a person; it is a corporation seeking financial assistance in the form of an SDO. Refusing to disclose financial information to the persons who are to decide whether they should grant that financial assistance (i.e., members of the Legislature) is like going to your banker for a mortgage but refusing to disclose your income, expenses, assets and liabilities.”

“Clearly the only recourse for a responsible banker would be to simply refuse to continue the application process until the applicant disclosed the hidden financial information. BEST respectfully repeats its demand that the Minister fulfill his fiduciary obligation by advising TPR that the SDO application process will cease unless TPR immediately releases the financial information that the Senate needs to make an informed decision whether the SDO is in the best interests of the people of Bermuda.”

BEST joined the anti-racism group CURB in calling for residents to contact Senators to speak out against the Tucker’s Point SDO which was due to be debated in the Senate today, however was moved to this coming Friday [Mar.18].

Update 5:09pm: BEST released the following statement saying that the information “strongly suggests that the SDO is a bailout of non-Bermudians at the expense of the Bermuda public.” They also said Mr. Ed Trippe “focused his attention on making disparaging remarks about BEST Chairman Stuart Hayward,” and that a statement made by Mr. Trippe that the construction of 78 houses and condominiums on lands presently zoned as environmentally protected “will only amount to a one acre footprint” is “grossly misleading.”

BEST today announced that it has reviewed the official share register of Bermuda Properties Limited (BPL) and Castle Harbour Limited (CHL) the owner of Tucker’s Point Resorts. The share register shows that approximately 90% of the common shares of BPL are owned by non-Bermudians, 90% of the preference shares of BPL are owned by non-Bermudians, 90% of the common shares of CHL are owned by non-Bermudians and 54% of the preference shares of CHL are owned by non-Bermudians.

This new information is disconcerting because, contrary to suggestions made by government and Mr. Ed Trippe, it strongly suggests that the SDO is a bailout of non-Bermudians at the expense of the Bermuda public.

BEST respectfully repeats its demand that the Minister of the Environment cease withholding relevant information from the public and instead allow the people of Bermuda to see for themselves whether the granting of the SDO is in their best interest.

BEST also reminds the public that because the government has chosen to make the Legislature the decider of whether the SDO is to be granted, the Minister has a fiduciary duty to provide Members of the House and the Senate with ALL relevant information to make that decision. We raise the question of whether the Minister has already breached that duty by failing to disclose hidden financial and other information to Members of the House (including members of his own party) when the House voted on the SDO last month. We respectfully suggest that the Minister will be in breach of his duty if he fails to provide Members of the Senate with all relevant information before they vote on the SDO.

We also note that Mr. Ed Trippe, in his statements on talk shows and in the media yesterday, focused his attention on making disparaging remarks about BEST Chairman Stuart Hayward. This practice of attacking the messenger is not new to us and, in our experience, people habitually attack the messenger when they are unable to attack the message.

We also would like to address the grossly misleading statement made by Mr. Trippe that the construction of 78 houses and condominiums on lands presently zoned as environmentally protected “will only amount to a one acre footprint.”

We remind the public that just the new roads, driveways and parking lots alone will leave a footprint of many acres, to say nothing of the many more acres of ecological habitat that will be destroyed by TPR building houses, condominiums and swimming pools, as they convert conservation space to construction space.

BEST urges members of the Senate not to bail out mainly foreign shareholders with the treasure of Bermuda’s heritage of protected lands.

#BermudaEnvironmentalAndSustainabilityTaskforce #BEST #TuckersPointHotel

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