The head of NICIL, Mr. Winston Brassington announced that the Marriott Hotel will open its doors next month. He highlighted the various challenges that the project faced over the years, including what he claimed were unrelenting attacks from the political opposition and certain sections of the media; the pending Court action to stop the project; and investor concerns about the failure to pass the amendments to the anti-money laundering legislation. Mr. Brassington further disclosed that:
- No taxpayers’ funds were used to finance the construction costs of the hotel;
- A feasibility study of the project undertaken in October 2012 showed an internal rate of return (IRR) of 11 per cent;
- The project was undertaken in “a full and transparent manner”; and
- NICIL transactions are subject to full public disclosures, are audited by the Audit Office and the related reports are presented for Parliamentary review.
Historical background
NICIL was incorporated in July 1990 to monitor the Government’s privatization programme and to ensure that the proceeds as well as dividends received from public corporations are promptly paid over to the Consolidated Fund. The anticipated revenue from these activities up to 2001 were reflected in the
