Comments on: Govt To Loan Redundancy Money To Workers

By: sandgrownan

sandgrownan — Wed, 11 Nov 2020 16:15:34 +0000

It’s what happens when you have a mix of 1960′s era revolutionary rhetoric, incompetence, greed and huge political capital.

It makes you think you can do no wrong, and that you are above criticism.

By: Exactly!

Exactly! — Wed, 11 Nov 2020 02:07:22 +0000

Exactly! How does Government know that Gencom cannot meet their obligations to pay redundancy on November 20?
Why and how does Government know the inner financials of this company?
And what happens if Gencom doesn’t pay up? The taxpayer ends up being on the hook! Why are we being shafted yet again!

By: Ringmaster

Ringmaster — Tue, 10 Nov 2020 22:28:05 +0000

Bermuda will soon be headed towards the situation Jamaica found itself in in the 1970′s – owning the majority of the hotels. It became National Hotels and Properties (NHP). It did not end well. It was then that Jamaica’s economy failed and the IMF came in, and the currency began its descent to what it is now. From .80 to the USD to over 160. It should be a warning that the PLP have taken Bermuda back to the 1960′s and 70′s in so many ways.

By: kevin

kevin — Tue, 10 Nov 2020 22:10:20 +0000

BINGO and we have a winner and Bda we have a loser ” us ” this money will not be recouped and btw which government allowed a second acquisition of a hotel property when the first property Rosewood is clearly not in a good financial position…add this to Grand Atlantic ….we are heading in the wrong direction

By: Tom

Tom — Tue, 10 Nov 2020 21:04:24 +0000

it’s only another 9 day before gemcom pay out ! Why is the government getting involved? Unless gemcom hasn’t got any money !,

By: Hmmm

Hmmm — Tue, 10 Nov 2020 20:37:32 +0000

Glad to see the taxpayer effectively bailing out an international hotel company. Has government got any guarantees from the company about repaying the money or are they just hoping the hotel workers repay them? And if the hotel workers don’t repay the loan, what then? Is the government going to take these workers to court to collect? Doubtful.

This is a gift from the taxpayer to a select group of workers because the company they work for can’t or won’t pay.

I’d be pretty unhappy if I worked for another shuttered hotel and wasn’t so lucky as to get this extra taxpayer-funded bonus.

By: Nathalee Simons

Nathalee Simons — Tue, 10 Nov 2020 17:26:34 +0000

It’s my humble, not financially Savvy opinion that this is not an easy undertaking administratively and otherwise (Bermuda Public Purse is in the cesspit line way out to sea) so how is money being identified and sourced sooo quickly to bail out a Huge Non-Bermudian company in order to settle payment to mostly Bermudian workers.

I am in no way saying the workers do not need to get payment, however, as a tax-payer I need to ask could this move means a precedent is being set? Plus what is the benefit to Govt. for doing this?? Interest payment of a good % that make a difference to the balance sheet???

The delay of payout is not my problem as I think it is no easy task to calculate for the number of employees involved, but in all honesty, that’s not Govt/Finance Ministry problem. There is more than enough on Govt. plate to get done, right of the bat..I can see audit needs major overhaul, tax/fees collection and social insurance statement errors being corrected so that employers can get a ‘true’ balance.

Gencom made a business decision to purchase the Fairmont Southampton Princess and I am almost sure that they had to have factored in the expenses associated with this venture.

Gencom need to do their own work in settling their private business affairs.

Live up to the Investment Philosophy they have online..

Quote: Guided by an investment criteria that satisfies the demands of institutions and individuals alike, Gencom brings an entrepreneurial approach and attention to detail befitting a company that owns some of the most renowned hotels, resorts and residential properties in the world.

By: trufth

trufth — Tue, 10 Nov 2020 17:01:02 +0000

What could go wrong?? I’ll take a loan of $800,000 please.

By: Joe Bloggs

Joe Bloggs — Tue, 10 Nov 2020 11:33:43 +0000

” the Minister saying “it is clear that having missed the October 23rd payment deadline, these payments are in doubt” and it is “unacceptable to leave the workers in the dark.””

A great idea. Now every employee in Bermuda should expect the Government to give them money if their employer is in financial trouble!

By: kevin

kevin — Tue, 10 Nov 2020 10:46:52 +0000

Well it took a month to come out but this is old news in the underground. They dont have the money to pay the staff or the renovation ….you wanna see a bad deal watch this space ….another bail out …at worst the government will get another Hotel …and burt wants to own a bank next …..great with people using thier pensions to guarantee mortgages ..you couldn’t right a better script for a horror movie

By: Insane

Insane — Tue, 10 Nov 2020 10:23:03 +0000

So we are a loan and collection agency for a hotel now? Absolutely insane!

By: Stinky D.

Stinky D. — Tue, 10 Nov 2020 09:17:30 +0000

I wonder what happens if the Hotel decides not to pay?
Do the tax payers get left holding the empty bag?