Environment Minister: No HSBC Benefit
Minister of Environment, Planning and Infrastructure Strategy Walter Roban today [Feb 15] said he is not professionally or personally linked to HSBC and, as such, does not stand to profit from their financial wellbeing. The statement was made to dismiss any speculation he would benefit through this link from the passing of the Special Development Order for Tucker’s Point Hotel.
Minister Roban worked for HSBC up until December 2010, and for the 16 months prior to that he took an unpaid leave of absence to focus on his Ministerial duties.
As an employee of HSBC , Minister Roban said he was not involved in discussions about how Tucker’s Point Club could find ways to pay back its loan to HSBC. Additionally the Minister said he has never had shareholdings in HSBC or its predecessor the Bank of Bermuda.
“The allegations, made in the public domain this week, were in the context that Minister Roban would benefit through this link from the passing of the Special Development Order for Tucker’s Point in that it would prevent the hotel from going into receivership,” said a statement issued by Government today [Feb. 16]. “The allegations went on to claim that this would ultimately allow HSBC, who hold the mortgage for the Tucker’s Point Club, to get a repayment on the loan, which was issued to the Tucker’s Point Club.
“Minister Roban stated that he terminated his employment with HSBC in December 2010. Previous to that, from August 2009 to December 2010, Minister Roban took a temporary leave of absence to fulfill his Ministerial duties, during which time he was not on company payroll.
“In response to further allegations, Minister Roban confirmed that as an employee of HSBC he was not involved in discussions about how Tucker’s Point Club could find a way to pay back its loan to HSBC. Nor did HSBC at any time present him with a plan to build private residences at Tucker’s Point Club and never was he involved in drafting such a plan.
“”Minister Roban added that he has never had shareholdings in Bank of Bermuda or HSBC and that rumors saying the contrary are incorrect.”
Earlier this month, Minister Roban spoke at a press conference saying: “The Tucker’s Point Resort Residential Development is one of those developments which urgently needs an SDO. I wish to highlight that the Ministry is handling this in an extremely transparent manner, including; tabling it in the Legislature for debate; and granting In Principle Approval only, rather than Final Approval, thereby requiring the developer to satisfy the Department of Planning before Final Approval is granted.
“I also want to underscore the very stringent conditions that have been attached to this particular SDO – conditions that are designed to balance the economic needs of hotel development with the environmental needs of Bermuda.”
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