Curtis Dickinson, Minister of Finance

Finance Minister Curtis Dickinson will hold a news conference on Friday (March 27) to disclose more details on the legal proceedings launched by government to “place the assets at Caroline Bay under the control of Provisional Liquidators”.

According to the statement released tonight: “Senior members of EY (Bermuda) were appointed as Joint Provisional Liquidators who will take control of various project companies, representing the collateral behind the original project loans and Bermuda Government guarantees. 

“As the Government has expressed previously, the intention is to protect the interests of the people of Bermuda to the fullest extent permissible under the law.”

A spokesperson noted that the “developers acknowledged in February 2018 that they were unable to pay their debts, and while the Government has done everything prudently possible to support efforts to refinance the project, to date the Developers have failed to provide an acceptable way forward”.

The Finance Minister is scheduled to meet with members of the media at 11am, at AB Place, to provide more information about these proceedings.