News Release: HAMILTON, Bermuda – The Minister of Transport, Lawrence Scott has confirmed that the payment made to the Airport was made as per the terms and conditions outlined in the Project Agreement.
The Minister stated, “The Ministry is presented with an invoice every quarter to pay, and we have no option other than to pay it. If we do not pay the invoice, the country would have defaulted on their obligation under the agreement. That is not how we operate at the Ministry of Transport.
Yes, the Project Agreement negotiated by the former Government, has been structured in such a manner that ensures Skyport/AeCon (at any given time) have more than they need. Unfortunately, it is only at the end of the calendar year when they are audited by an external and independent firm that their accounts are reconciled and we have been reimbursed for the over-billed amount.
What is important for me to note is that the only real mistake here is the fact that we are having to make any payments at all. The entire country remembers that this Government opposed this no-bid privatisation of this prized asset. However, we will continue to operate under the terms and conditions of the agreement our country is obligated to.”