Oct 09 Opposition calls on Government to Provide Assurances over Sunborn Hotel
The GSD asks that the Government confirm that none of the £30 million lent to the owners of the Sunborn by Credit Finance Company Limited will be used to pay for any debts owed by the owners of that vessel in a foreign jurisdiction. This follows reports in the international press that the owners of the Sunborn Hotel owe the ‘ayuntamiento’ in Barcelona Euro 1.6 million.
It will be recalled that Credit Finance Company Limited was only able to provide that loan because it was provided with over £307 million of savers’ money from the proceeds of debentures from the Gibraltar Savings Bank. The Opposition believes it would not be right for any of that money to end up going to pay for debts owed outside Gibraltar.
The Opposition is also asking the Government whether any further sums have been loaned to the owners of the Sunborn since the Chief Minister revealed the day after the by-election that £30 million had been lent to them.
GSD Spokesman Marlene Nahon said: “Looking at the ship from the outside, it appears that much work is still needed to make it look like what it says on the brochure, especially given that its refurbishment is not yet complete.
Initially we were told that the refurbishment works were going to be carried out by Gibdoc, and in Parliament Mr. Bossano said that these works would cost over £20 million, work which would generate economic activity for Gibdoc. Gibdoc is situated in the old naval dockyard, but the boat can be seen lit up at Coaling Island. Was this part of the plan?
Given that we are talking about the proceeds of savings from debenture holders that are being used, isn't it time that the public had simple answers to simple questions on this ship? For example, will more money be needed beyond what has already been loaned? Is the project on schedule or is it falling behind and how will this impact on the loan repayment schedule?”
With many unanswered questions, the GSD believe that the public have a right to know what the exact terms and conditions of the Sunborn project are. Press reports stating that the ship has left debts in another location do give rise to concern.
