Hashtag: #Missing$18M

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

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

Minister Fahy: Par-La-Ville Car Park & $18 Million

Today the Minister of Home Affairs Michael Fahy issued a statement about the circumstances surrounding the $18 million loan and the Par-La-Ville car park, providing a breakdown of the situation, including information about some of the financial transactions. Last year, Mexico Infrastructure Finance LLC [MIF] extended an $18 million loan to Par-la-Ville... Read more of this article

PLP: “Eerie Silence From OBA” On $18 Million

[Updated] “There has been an eerie silence from the OBA on this matter. More than 2 weeks after Minister Michael Fahy informed Bermudians that the $18 million dollars isn’t where it should be, and deflected blame to others, it is wholly unacceptable that there has been no move by Premier Dunkley or Minister Fahy to provide additional information,”... Read more of this article

“Potential Power Of Sale” Over PLV Car Park

Speaking on the Par-La-Ville car park being placed under receivership due to an outstanding $18 million loan, Home Affairs Minister Michael Fahy said “there would be a potential power of sale.” Last year, US-based Mexico Infrastructure Finance LLC [MIF] extended an $18 million loan to Par-la-Ville Hotel and Residences Ltd [PLV], with the... Read more of this article

Par-La-Ville Car Park Taken Over By Receivers

[Updated] Following the non-payment of an $18 million loan — which was backed by the Corporation of Hamilton — KPMG has been appointed as Joint Receivers over the Par-La-Ville car park. In a statement today [April 10], KPMG said, “Pursuant to a mortgage over the property known as the Par-La-Ville Car Park, Mike Morrison and Charles... Read more of this article

Legal Action Launched Over Development, Lease

Two planned developments — the City Waterfront and the Par-La-Ville Hotel — are the subject of legal proceedings, with Michael MacLean’s company launching legal action over losing the waterfront lease, while another company Mr. MacLean is involved in is the defendant in legal action correlated with the Par-La-Ville development. Citing... Read more of this article