Government holding company, NICIL has injected an additional US$16 million into the Marriott Hotel project after court action halted expected funding from investors.
Director of the National Industrial and Commercial Investments Limited (NICIL), Winston Brassington said yesterday that once the legal challenges are concluded, the money would be reimbursed. During a tour of the Kingston hotel yesterday, Brassington repeatedly emphasised that the funds are “not derived from taxes.” The NICIL director said that the money is from proceeds from the sale of properties owned by NICIL or dividends from NICIL investments. He said that one such source was the sale of NICIL’s 20% stake in the
