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Brassington still in control of Marriott
…transfer of power not concluded – Dr. Luncheon
Winston Brassington
The National Industrial and Commercial Investments Limited (NICIL) remains in control of Atlantic Hotel Inc (AHI), the owners of the Marriott Hotel. At least this is according to Dr.Roger Luncheon, a Director on the Board of NICIL which has plugged some US$19.5M into the project.
On Wednesday, Dr. Luncheon was asked about the new arrangements on the Board of Directors since the announcement of ACE Square Investment Limited as the majority equity investor in the project.
According to Dr. Luncheon, the matter is being handled in a phased manner and as such a new Chairman and new Board of Directors have not been appointed as yet.
Dr. Luncheon said that there are evolving plans to conclude the arrangement.
Winston Brassington was and seemingly still is, the Chairman of AHI while his deputy at NICIL, Marcia Nadir-Sharma, remains his deputy at AHI.
AHI recently announced that it has completed the financial arrangements with Republic Bank Ltd. for a syndicated loan of US$27M in debt financing for the project. “This is for the construction of the Marriott operated hotel and the shell of an Entertainment Complex.”
AHI recently announced that “Republic Bank, on behalf of its consortium of lenders, has received its approvals and the transaction is expected to be concluded shortly.”
The principal investors in AHI are NICIL which has invested US$4M and BVI registered ACE Square Investments Ltd. ACE Square Investments Ltd. will acquire 67 per cent of the equity of AHI for US$8M.
The beneficial owners of the shares in ACE Square Investments Ltd., and the owners of the shares in ACE Square Investments Ltd., through a BVI registered holding company, Big Splendor Limited, are Hong Kong businessmen, Victor How Chung Chan, and Xu Han.
It was also announced that as required under the Hotel Management Agreement between Marriott and AHI, Marriott has consented to the transfer of the controlling interest of AHI from NICIL to ACE Square Investments Ltd.
Ace Square Management Ltd, reported to be an affiliated company of ACE Square Investments Ltd., has been selected to operate the Entertainment Complex and secure the outfitting cost, estimated at a minimum of US$4M.
It was announced, too, that ACE Square Management Ltd will guarantee a minimum financial performance of the Entertainment Complex, consistent with the feasibility study conducted by HVS International (dated October 31, 2012). ACE Square Management Ltd’s beneficial shareholders are the same as ACE Square Investments Ltd.
Leader of the Alliance for Change (AFC), Khemraj Ramjattan, had reported in September that the investor was ACE Square Investment Inc registered in the BVI.
Under BVI law, there is difficulty in accessing information as to shareholders and directors of companies, according to Ramjattan, hence there were no names made public at the time.
According to Ramjattan, it was former President Bharrat Jagdeo and the Finance Minister Dr. Ashni Singh, who were in talks with the company to invest in the Marriott project.
It was reported at the time that the law firm of Pollonais and De La Bastide out of Trinidad and Tobago (T&T), was asked to, and did prepare a ‘Guarantee’ to be signed by ACE Square Investment Inc.
Brassington at the time had refused to comment on the fact that it was reported that BVI-based ACE Square Investment Inc was the investor.
According to AHI, Victor Chan has diverse and substantial investment interests both in Hong Kong and China.
The Marriott Hotel has been mired in controversy from its inception firstly with the rerouting of the sewerage system before any works had begun.
Prior to the NICIL money, Government had given Courtney Benn Contracting Services Limited a US$1M contract for the rerouting of the sewerage system in the Kingston locale. That contract was pulled after more than US$700,000 was paid over. The project was then given to an overseas company, for a further US$2M.
AHI also leased the prime seven acres of shorefront property on which the hotel rests for a measly US$120 (G$24,000) per month with the option to buy.
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