Hashtag: #Missing$18M

Court: Four In Court Over PLV Loan Money

Court: Four In Court Over PLV Loan Money

[Written by Don Burgess] Four people were in Supreme Court this week in connection with the financial aspects of the failed Par-la-Ville hotel development. Former Mayor of Hamilton Graeme Outerbridge, Corporation of Hamilton Secretary Ed Benevides, developer Michael MacLean and his wife, Yasmin MacLean, were not required to enter a plea and their next... Read more of this article

Court: Four Charged Over PLV Loan Funds

Court: Four Charged Over PLV Loan Funds

Four people have been formally charged with criminal offences in connection with the failed Par-la-Ville hotel development. Former Mayor Graeme Outerbridge, Corporation of Hamilton Secretary Ed Benevides, developer Michael MacLean and his wife, Yasmin MacLean, all appeared at Magistrates’ Court this morning [June 27] where the charges were read. Mr... Read more of this article

Former Mayor Of Hamilton, MacLeans In Court

Former Mayor Of Hamilton, MacLeans In Court

[Written by Don Burgess] Three people appeared in court today, however no charges were laid, and they are scheduled to re-appear later this month. Former Hamilton mayor Graeme Outerbridge along with businessman Michael MacLean and wife Yasmin MacLean appeared in Magistrates Court. Secretary for the Corporation of Hamilton Ed Benevides is off island... Read more of this article

Summons Issued Over Loan For Hotel Project

Summons Issued Over Loan For Hotel Project

Summons to appear in Magistrates Court have been issued in connection with the loan for the Par La Ville hotel project, including one to Corporation Secretary Ed Benevides, with the City confirming that he has now been “placed on administrative leave.” While only one summons has been officially confirmed, unofficial reports suggest at more... Read more of this article

MIF File Complaint In NY Against Corporation

MIF File Complaint In NY Against Corporation

US-based Mexico Infrastructure Finance LLC recently filed a Complaint in a New York court against the Corporation of Hamilton in connection with the $18 million loan guarantee. A statement from a communications firm representing MIF said, “Mexico Infrastructure Finance LLC [MIF], a Florida-based LLC, recently filed a Complaint in the Supreme Court... Read more of this article

CoH: Court Ruling On $18M Is ‘Welcome Lifeline’

CoH: Court Ruling On $18M Is ‘Welcome Lifeline’

[Updated] Following the Court’s ruling pertaining to the $18 million, the Corporation of Hamilton said the ruling “is a welcome lifeline” as while the “guarantee in question was for $18 million, factoring in the total costs, this figure would have almost doubled” which “would have crippled the City, its services and... Read more of this article

Joint Liquidators Appointed Over Argyle Limited

Joint Liquidators Appointed Over Argyle Limited

Pursuant to a Court Order made by the Supreme Court of Gibraltar, Joint Liquidators have been appointed over Argyle Limited — a Gibraltar entity which is linked to the situation involving the missing $18 million. $18 Million Loan Not Paid Back MIF, an overseas company, extended an $18 million loan to Par-la-Ville Hotel and Residences Ltd [PLV],... Read more of this article

City Applies To Overturn $18 Million Judgement

City Applies To Overturn $18 Million Judgement

An application has been submitted to the Courts asking that the consent order of the Chief Justice ordering the payment of the $18 million guarantee be overturned, Hamilton Mayor Charles Gosling said today. $18 Million Loan Not Paid Back MIF, an overseas company, extended an $18 million loan to Par-la-Ville Hotel and Residences Ltd [PLV], with the Corporation... Read more of this article

‘Who Is Accountable In Missing $18M Situation?’

‘Who Is Accountable In Missing $18M Situation?’

“The tabling of the loan facility of $26.5 million for the Corporation of Hamilton to repay the ‘missing $18 million‘ raises a number of questions,” Shadow Minister of Home Affairs Walter Roban said, asking “will the truth be told as to who is accountable in this situation?” $18 Million Loan Not Paid Back MIF, an... Read more of this article

$18 Million Investigation: 41-Year-Old Arrested

$18 Million Investigation: 41-Year-Old Arrested

The police confirmed they are conducting a “criminal investigation into an allegation of misappropriation of funds amounting to approximately $18 million” in the Par La Ville Hotel matter, and a 41-year-old male from Smiths Parish “has been arrested on suspicion of theft.” $18 Million Loan Not Paid Back MIF, an overseas company,... Read more of this article

CoH Seeking To Borrow To Pay Off Missing $18M

CoH Seeking To Borrow To Pay Off Missing $18M

Junior Minister of Home Affairs Minister Sylvan Richards introduced a Bill today [Dec 16] in the House of Assembly, seeking to amend the Municipalities Act 1923 to permit the Corporation of Hamilton [CoH] to increase its borrowing limit in their effort to secure financing to pay off the $18 million debt to Mexico Infrastructure Finance [MIF]. $18 Million... Read more of this article

Statements Detail Circumstances Of $18M Loan

Statements Detail Circumstances Of $18M Loan

There is “substantial doubt” about the Corporation of Hamilton’s [CoH] “ability to continue as a going concern” if forced to repay the $18 million debt out of current income, and the debt is presently accruing interest at the rate of $3,452 per day. This was stated in the CoH’s most recent financial statements, which... Read more of this article

Mayor Outerbridge & Argyle On $18 Million Loan

Mayor Outerbridge & Argyle On $18 Million Loan

Argyle Limited, Argyle UAE Limited and Mayor Graeme Outerbridge have released an extensive press statement over the circumstances surrounding the $18 million loan, saying the statement is to “correct matters stated to the press by Minister Fahy.” Late last month, Minister of Home Affairs Michael Fahy issued a statement about the circumstances... Read more of this article