Auditor General To Audit Coco Reef Lease

June 11, 2010

Auditor General Heather Jacobs Matthews confirmed today [June 11] that her Office will conduct an audit of the 2009 amendment to “the Coco Reef lease”, based on a preliminary review of the document.

The Deed of Addendum, which was signed on May 4, 2009 between the Board of Governors of the Bermuda College and Coco Reef Resorts Limited, extends the life of the lease from 50 years to 125 years or until April 30, 2128.

The Auditor General stated that “the Bermuda College is a Government-controlled organization and as such is included in the Public Accounts of Bermuda. Its affairs, including the lease of its property to Coco Reef Resorts Limited, are subject to Parliamentary oversight. My report on the audit, once tabled in the House of Assembly, will be made available to the Public. ”

Update 5pm: Craig Cannonier, Leader of the Bermuda Democratic Alliance, releases the statement below:

Today’s media release from the Office of the Auditor General indicates that the stance taken by Government that the Coco Reef lease did not need to be disclosed demonstrates just how wrong that position was.

The Bermuda Democratic Alliance has called for disclosure of the document given the less than transparent attitude taken to date by Government relating to this lease – we welcome wholeheartedly the news from the Auditor General and hope that any report will be tabled expeditiously.

The arrangements at Coco Reef have been dogged by controversy from the very beginning. It is clear that the Government has not learned any lessons from past deserved criticism of the Coco Reef lease. Given the Government’s conduct to date we will watch carefully how PATI is implemented once it eventually passes in the House of Assembly.‬

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  1. terry says:

    Well, all I can say is when the AG audits the Tourism Department………………kaboooooooooooooooooooooom