Ritz owes $6m to public purse

| 10/09/2010

(CNS): The developer of the Ritz Carlton has defaulted on his outstanding customs payments due to the Cayman Islands government, it was revealed in the Legislative Assembly on Thursday morning. Answering a question from the opposition about government’s collection of various deferred payments on customs duties re agreements made between property developers and the government, the premier admitted the payments had not been made by Stingray and Condo Co. McKeeva Bush said that as a result of the difficult economic circumstances the developer, who owes over $6million to government, had asked for the payment plan to be extended and had not made any payments since March last year.

“With the exception of one entity the government is collecting all deferred payments and customs duties as they become payable in accordance with the specific terms of agreement,” Bush said in response to the question asked by the George Town member, Alden McLaughlin. “The entity that has temporarily suspended payments on its agreement is required to make quarterly payments of $347,818. To date the total amount repaid by the entity is $3,825,996.”

The premier said however that more than $6milllion remained outstanding.

Asked to name the developer, he said it was the Ritz Carlton developer and added that he had submitted a request for an extension to the plan for him to pay back the customs duty he owes. He has also offered to pay interest on it, the premier stated, but a decision had not been made. The difficult economic conditions were cited as the problem and the developer has not requested any write-off of the amount, Bush said. The premier said he did not believe the extension posed any risk that government would not receive all the money owed.
 
A decision has not yet been made over the deferment, Bush added, as a rate of interest had not been worked out and it had not yet gone to Cabinet for discussion.
 
But the premier criticised the opposition, as he said they gave the waiver in the first place and had hidden it from the public and the current government did not find out until it took office. But he also said that giving incentives was important to help develop the country, so his government would likely grant the payment plan extension.
 
Nevertheless, Bush accused the opposition of being misleading and criticised them for offering waivers for schools and churches at the Ritz Carlton Dragon Bay development, which he said would never be built but they had done it to disguise the other concessions. He accused the opposition of being “a dirty bunch” but was forced to withdraw the comment by the speaker.
 
McLaughlin told CNS, however, that these defaults have nothing to do with the Dragon Bay development.as none of these waivers have yet taken effect since theproject has barely started.
He said the deferred payments related to the original hotel and condo development, which expired during the previous administration and which McLaughlin said the PPM government had insisted the developer begin paying back. The former minister said that payments had been made regularly until they left office but since the election no more quarterly payments had been made.
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  1. bonniesue says:

    CNS – thought you might like this one. front page of todays CNN travel:

    http://edition.cnn.com/2010/WORLD/asiapcf/09/15/family.sailing.odyssey/index.html

  2. Anonymous says:

    short memories, fellow Caymanians. Seems like all the respondents conveniently forget about the positive economic impact the hotel has had on Cayman Islands since opening in December 2005. The jobs, the guest arrivals, the anciallry services purchased on the island? It’s very easy to forget all of htese beneficial contributions that we have all enjoyed. Now, in bad times, we focus on what else is "owed" to us. Shameful, fellow Caymanians. How about we close the hotel, lay off all of the employees and see how well the island does in this economic environment.

  3. Caymanian Heart & Soul says:

    I hope that before anymore cuts Jobs or anything else with the civil service happens XXXX Mckeeva start collecting all monies owed from his Handlers/Rich Friends.

    As for Alden breaking the news on this why didn’t they collect this money when they had the Public Purse in their possession?

    So both PPM & UDP were XXX milking the cow. 

    And Civil Service Assoc. you now have a tool to use when it comes to arguing against further cuts, you also need to enquire about other money owed to the Public Purse before anymore hardships are brought onto the civil service slaves. (this is the civil servants that actually work and don’t collect $thousand$ per month, these are the ones who can barely feed the families, pay they bills, basically survive).

     

    • Anonymous says:

      "As for Alden breaking the news on this why didn’t they collect this money when they had the Public Purse in their possession?".

      If you had read the article and the posts thoroughly you would know that the duties were collected on an instalment basis between 2005 and 2009. The last payment was on March, 2009. In other words they were paid during the PPM tenure but payment was immediately stopped as the UDP were returned to power in May, 2009.  

       

  4. Dead Mangrove says:

    Mike/Mac – welcome to Karma – sometimes it takes a while, but gonna get you every time.

  5. Security??? says:

    Have the government obtained security for this substantial loan?  Surely that would be prudent governance.

  6. Anonymous says:

    MR RYAN CANNOT pay the goverment the moneyowed, due to the economic down turn. what a joke, this man getting with owing US 6 million that the premier know about ,but he mede no effort to collect.if MR  MCLAUGHLIN did not asked about this we would not have known.  now he cannot pay his dues,due to the economic down turn but we the poor people keep having to pay higher fees. thanks MR PREMIER you show me who you thinks of first   THE RICH PEOPLE  but this is no surprise to, my problem is that those ++++++ in west bay cannot see this and keep putting you back in. The !!!! !!!!people of george town and bodden town is also to be blame

  7. Anonymous says:

    ********* Please Read ********

    I am so sick and tired of this BS with one government blaming the other government, when both teams have caused all problems that this country is now faced with: over development, crime, being broke etc….and the list goes on.

    I care for neither Kirt Tibbetts or McKeeva Bush and their political teams because we all know that they are only there for themselves. The only person that I have any respect for at this time in the LA is Ezzard Miller. He is the only MAN in that house right now who has no reservation in telling anyone what he truly thinks of them and the way they are detroying our country.

    To this subject: McKeeva Bush you have the nerve to blame Kirt Tibbetts and the PPM for this lost in revenue to our country when I can clearly remember it was you and your government who was in charge when the Ritz was being constructed and it was you and your government that changed the laws that hotels and condos could be built up to seven storey high to accommodate Michael Ryan and his project. I do recall it was your real estate company, Cambridge Real estate, that had the listing for the Ritz condos and homes exclusively and you certainly profited and probably still is until today. XXXXX Funny life stood still for all these people when you and your governemnt got kick but now that you are back in again everyone is back to living LARGE! The reason why I say lost is because you are going to throw the blame on the PPM government and use them as the excuse to not push the issue to collect the monies, only 6 million dollars. Michael Ryan guess what YOU OWE CAYMAN 6 MILLION DOLLARS AND YOU NEED TO PAY UP!

    Let’s keep going on;

    Boatswain Beach – you and your government took the millions of money used and spent it up then PPM had to come along and find more money to finish the project in order to host the FCCA conference in 2005.

    The proposed cruise ship dock in West Bay – the property was valued at about $300,000+ but ironically it was sold to government for this proposed project for over $700,000.00 +! Wow! Someone got some spending money.

    Status – you sold this country to 3500 foreign nationals, many of whom did not even have a bank account in Cayman. When you have those foreign nationals that have lived their lives here and invested millions and still have to pay big monies to gain status. There were even dead people and prisoners being granted status. Now that 3500 has multiplied to over 10,000 +. Come into our schools and see how many foreign students that have taken over. Go to social services and find out how many are receiving PO for uniforms and any other free services that is being offered. That time our own Caymanian children is suffering or struggling to survive in this coutry that YOU the Governement has destroyed.

    And the list goes on……..

    I know all that news is old news but it’s situation slike those why this country is the way it is but let’s bring us up todate. For the information of all Caymanians that does not know this, guess what I learnt this week. I learnt through members of the HSA from the high schools and from persons in the education department that with the implementation of the new uniforms by Rolston Anglin, McKeeva’s government, the schools ABSORBED a lost of over $200,000.00 in uniforms that were still in stock between the JGHS and the GHHS! Now you want to talk about wasting money STUPIDLY let’s talk this story. Because Rolston wanted to impress, new government, new schools, let’s get new uniforms! I learnt that those parents from those associations pleaded with him to keep the old uniforms and faze them out over the period of next year, would make sense. The answer was NO! I learnt that the authorization for ordering of the uniforms was not given until the first week in July that’s why the uniforms are just getting here now, so give the HSA members a break.  Instead of knocking them down and critizing get out there and help them. These parents are giving alot of free time from their lives to do this for our children. Infact I think Rolston should have his staff do some community work. By this I say that they should each volunteer every evening at least two hours to come out and help the HSA sell uniforms or even on a saturday. Yeah that’s what they need to do and stop B*#@! and complaining.

    I could go on and on but it makes no sense sometimes because our Caymanian people are so lost and have reached the point that they don’t care anymore and tht is not the right attitude. You need to care! It’s us that can help correct and change these problems in our country. So I encourgae you to do so. 

    As for McKeeva Bush and his people GO GET A LIFE!  

    • Anonymous says:

      I believe the person that scored the slightly over priced real estate sale was our beloved’s cousin 

  8. anonymous says:

    Short memories on this.. significant deferrals on payments made prior to the 2005 election :

    http://www.caycompass.com/cgi-bin/CFPnews.cgi?ID=1019358

     

     

  9. Anonymous says:

    McKeeva

    Just for once, be a MAN and do what is right. You took on a job willingly. Nobody forced you! So stop blaming everything on the previous government. We, in real life and in a real work environment do not have the luxury to continously blame our mistakes on the ones who came before us.

    Be a MAN! Do what is right for your country and people and stop selling us all out for your own benefit.

    We all have to pay our duties, nobody is giving us a break!

  10. Anonymous says:

    I think Gov’t should grab Michael Ryan’s $4mill private SAAB Turboprop aircraft that is sitting in the Island Air hangar and reserve it for the Premier to use for his own personal trips to Cuba and abroad. Talk about a win-win. Looks like the taxpayers of the Cayman Islands paid for the plane anyway. It’s very nice by the way and no expense was spared. Hmmm, tough times must have come after that purchase.

    • Anonymous says:

      Pray do tell how did the Cayman tax payers pay for Michal Ryan’s plane ? These are duty deferments on construction materials nobody paid any money to Michael Ryan (he just got an deferment on paying full duties) …Michael Ryan’s project develops millions in government revenues each year…I may not like the guy, but we would be up the creek with no paddle if we did not have the economic activity created by the Ritz…Study economics before commenting…Geez…

      • Anonymous says:

        the answer is mind numbingly SIMPLE. Ryan duty is part of his biz expense. Instead of paying duty…. he buys a plane. The govt. is short that amount.  The Govt raises our duty, cuts CS wages, whatever. Voila, we buy him a plane.  We didn’t actually get to go shopping with the guy and pull out our wallets…. we just pay a little bit  every day

      • Anonymous says:

        Actually, more benefit accrued to local people before the Ritz – study the economics of the money generated by the old Holiday Inn before commenting on things you have not been around to witness first hand. Yes it was less money but many many more people (90% of whom were Caymanian) generated a good living off it.

        • Chris Johnson says:

          And many more people enjoyed the Holiday Inn. Of course they could afford to go there which they cannot do at the Switch-Carlton.

          • Anonymous says:

            It helped that EVERYONE was welcome. Ah Chris, remember when Caymanians and Expats of every economic strata actually used to hang out together?

          • Gabana Banana says:

            I prefer the Ritz for precisely that reason.  The price favourably improves the clientele.

        • Anonymous says:

          Bad argument tell that to the Caymanian Business owners that provide services to the Ritz…The Revenue generation of the Ritz for local businesses and the CI Govt is about 10 times that of the holiday inn…Also go to the Ritz on a Friday night and you will see Caymanians enjoying themselves alongside foreigners…By the way I was around…for 20 years I have watched things unfold…

        • Anonymous says:

          I have had the good fortune of understanding Tourism numbers : so here goes Sparky :

          Ritz Generated about 9 million in stamp duties from sale of condos…

          Ritz generates about 6 million a year in Room Tax

          Ritz paid a few million in infrastructure application fund fees and building permit fees

          Ritz pays an enormous amount each year in work permits for it’s 1000 staff…

          Ritz pays huge amounts of money to local suppliers , importers, maintenance, cleaning service companies, MEP companies, Insurance companies. All who now pay import duties due to the economic demand created by the Ritz…

          Based on these numbers alone I would say that the Government revenues generated pay a lot of civil servant salaries ergo helping Caymanians directly…

          The economic impact of the Ritz cannot be compared to the old Holiday Inn, that is like comparing a volkswagen beetle to a Rolls Royce ? We all loved the Volkswagen Beetle but times change…

    • Billy Mac says:

      Any fool knows that a Saab Turboprop doesn’t have the range to take me to Asia for my upcoming three week taxpayer funded holiday……….er official business trip. Unna is a dirty bunch!

       

  11. MADMAX says:

    how about mckeeva paying the 6 million or billion dollars back, because this was when he was in that the ritz was being built and now we the people is suffering from this because it is us that have to be paying more.

  12. Anonymous says:

    Trying to offer a helpful solution here.  Win-win as it were.

    How about  the Ritz give the Cayman Islands Government all their up-rooted mangroves and attached endangered species as a payment, just until they get back on their feet. Maybe use the mangrove for smoke pots, and give the mosquito control budget a little rest.  Stuff the little dead reef fish and sell em at the craft market as ear rings and decorative eye patches. Sell the bigger fish downtown to fund a new traffic light, and donate any turtles and their babies, that get caught up in the wholesale destruction of the marine environment, to the old folks home for some  reasoably priced turtle meat.

    The Ritz doesn’t have to pay to take the mangrove to the dump, so that should help them get back in the black and……..BINGO……..they can start their payments again.

    You can see what I mean about it being a win-win.  

    IMHO, it’s this sort of thinking we need to move forward.  I am an expat, for those of you that may be keeping score.

  13. Anonymous says:

    Well it seems Caymanians can see that the Caymanian Leadership is a bunch of losers who just can’t seem to do the right thing anytime for anyone but themselves.  Too bad for Cayman all they CAN do is complain.  The Premier has done everything he can to get the most money out of the peoples pocket and into his and his friends and all the people do is complain.  Leadership has spent all that money and more for the last 6 years with NO ACCOUNTING and all the people can do is complain.

    Like taking candy from a crying baby.

    If the premier himself came to your house and kicked you out would you just let him?  I’m betting yes.

  14. Sarah says:

    I hope the government have been sensible enough to put a good wedge of interest on this to ensure there is some profit from this long term loan……

  15. Anonymous says:

    Very convenient that payments stopped as Mac came back in power!

     

     

  16. Anonymous says:

    This is sad! The hard working poor, middle class and small businessman of the country have to work even harder to make ends meet because Government is exacting every penny it can from this sector and yet a multi-million dollar development operated by a very wealthy man is given a pass on what it owes Government.

    The point is not who gave the concession, the important thing is whether Mac is going to hold the Ritz feet to the fire and begin collection of the past-due payments and interest.

    It was little surprise to me that Mac is playing his usual worn-out-record entitled "The Blame Game". Lacking any real leadership ability that is about all he is really good at. But directing blame will not solve any problems nor will it add one penny to our coffers. If you go over press stories regarding tough issues since Mac took office it is astounding how many times he resorts to blaming others rather than effectively addressing the issue.

    Sadder still is the fact that the Caymanian people – generally lacking the resolve to do more than utter their usual pathetic whining about how bad things are – swallow his political posturing hook, line and sinker. It seems that Caymanians absolutely love such BS, which is why the islands have lacked effective leadership for so very long.

    So, Mac, please tell us: What is the plan to collect on the money owed? And what of a broad sweeping policy to bring about a needed change in this country. Given that any though? Or are you too busy thinking up lyrics to your Blame Song?

    And people: Do not look to Kurt and Company for any meaningful leadership. Now follow Kurt into an all-you-can-eat  buffet and you WILL see some amazing action, but outside of that he is pretty ineffective these days. Other than playing the Blame Game with Mac, they PPM have few other meaningful skills. Hell, the PPM can not even effectively organise a protest march. Now THAT is supremely pathetic in light of the number of disgruntled people I hear bitching here, there and everywhere.

  17. The Crown says:

    Another coincidence. Guess who ended the Holiday Inn’s lease prematurely? Another popular spot where Caymanian’s & visitors were one big happy family. That’s right.. It is also confusing that Mr Bush told the now Governor “this is his country” & increasingly embracing suggestion’s & tactic’s from the UK government to further his objectives. Is this really surprising? No not really considering i have yet to read or hear of a single pro-Caymanian statement from notables of the UK establishment. All the posters are right, if a Caymanian owes he or she must pay up,or face serious consequences,so all others must pay up & we will never accept anything less. I want to know how does a “souverign” country benefit from colonies? If history is a indicator where by the motive for colonies has always been to benefit from the riches/resources potential colonies possesed,then the answer is clear. A law stating that “NO ELECTED REPRESENTATIVE CAN USE HIS OR HER POSITION FOR GAIN” is what we need immediately. “There is no beauty in a cloth that makes hunger and unhappiness” Mahattma Gandi.

  18. Anonymous says:

    How large is the island’s deficit?

  19. Anon says:

    Wish I could tell customs "See ya later, pay ya next time"

    • Anonymous says:

      Easy all you have to do is have big balls and invest 450 million dollars, take huge risks and be in debt for 20 years to repay the debt…Bunch of whiners on this forum…Read the Hotel Aids Act – Cayman Law…Import duty exemptions are legal and are available to anybody willing to risk spending a huge amount of money and employing a lot of people and generally creating wealth in this small country…Geez…Tourism Development Incentives are standard operating procedure for every SIDS (Small Island Developing State) worldwide, actually Cayman has the worst incentives regionally – Nicaragua has better incentives to developers…No wonder nothing is getting built…

      • Anonymous says:

        "nothing is getting built"?! 

        • Anonymous says:

          I don’t see any Hotels under construction – do you ? Four Seasons Mandarin etc…Ohh I must have missed them or was that the Frank sound schools?

      • Anonymous says:

        Its fine to get exemptions and fair to defer payments, but to blatantly stop payments without any reprecussion is just wrong!

        • Anonymous says:

          Dig deeper , you will find Mr Ryans attorneys requested to defer payments but since the Finance secretary and general state of financial management by the CI Govt is a mess – left hand does not know what the right hand is doing…

          Under the Hotel Aids law mr Ryan could ask for a duty exemption, I believe the article said he has asked to defer payment…

  20. Anonymous says:

    Maybe they should make a start by running to golf courses they own as a business and not for use on an exclusive basis! Make the fees affordable and encourage people to play! That will up the revenue and help you pay the 6 million you owe! Seems like the Ritz Developers may be a case of all flash and no cash?

  21. Anonymous says:

    The developper should sell back his Caymanian Status for CI$6,000,000, and as a person of good character and conduct be granted PR instead. He would then owe the government nothing. He may  then be required to go out and find Caymanian partners for many of his businesses, from watersports to restaurants to taxi operations,  and this would then generate more than 6 million for local persons and everyone wins.

     

     

    • Anonymous says:

      And pray do tell how does he keep the Brand intact if he has to get rid of restaurants…Also how many Caymanian partners have 250 million lying around to buy in…Geez

      • Anonymous says:

        No, the correct question to ask is "How many Caymanian Partners have $100,000 to invest, even if they have to get a loan for some of it?"  The answer to that is "plenty".

  22. Anonymous says:

    This is just sick. Increase taxes (ahem, fees) on charities, individuals and small business. Lower civil servants salaries. But grant extensions, breaks and benefits to cronies.

    Thanks a bunch, UDP. We will not forget.

    Your actions indicate that you already know this is your last ever term in power.

  23. alice says:

    hey arden mclean…what about that motion of no confidence?

    • Chris Johnson says:

      Something is not adding up here. If you read all the articles about Mr Ryan and the Ritz Carlton you cannot fail to be impressed with its shear size, particularly since they took over what used to be the Matalon project including the golf course part of which is now called Dragon Bay. Substantial planning applications have been approved with the mangrove ripped out much to the detriment of the island. All of this costs hundreds of millions not tens of millions.So what is the problem is repaying $6m, even if quartely, to Government. Can the remainder of the project be finished or is there writing on the wall? I seem to recall that Mr Doucet failed with a much smaller project, that of Governors’ Harbour, taking creditor and depositors monies with him.

      Finally a reminder that Government is not in the banking or financial business, particularly when so many residents are suffering financially.The Ritz Carlton should do what a prudent business person would do. Go see a bank. I am sure that if a statutory demand was isuued by the Government, the money would mysteriouly appear.

      • Anonymous says:

        The poor people don’t have to pay their garbage fees, and the rich people don’t have to pay their government fees. In between the rich and poor there are a variety of "benefits" who vote along certain lines.

        • Tracy from Swamp says:

          Every body pays garbage fees.  What do you think the big electricity bill is..?  Government found a sneaky way for poor people to pay garbage fee. LOL!!

    • Anonymous says:

      Yea, but we the poor, ordinary person of Cayman has no chance of having a payment deferred and if we are late with any payment (especially to Government) we have to pay the consequences.

      Then again, we were not able to grant "favours" and give duty recessions in exchange for something of similar value of a Ritz condos, so thats why we would not have the wonderful opportunity of having our payments deferred!

    • Anonymous says:

      Dont be fooled, the are all alike, one big batty and Chimmy pot, blowing gas.

  24. Sheena says:

    …And then they wonder why the Country is broke! Government staff worry every month IF they going get paid. Big Mac, stop blaming the previous Government, you sound like a stuck record, PPM did this, and PPM did that. All you have done since in office is complain about the PPM. I know that me, the little people cant get away from paying a bill in over a year, and a barely scrape by every month.  These people have millions of dollars, start collecting and you will see how quick Cayman’s economy will pick back up.

    • Anonymous says:

      You said it all!  Every month they take that certain percentage out of my salary for health insurance and I can barely make ends meet as it is and then to have the hospital call me the day before my daughter was to have emergency surgery and tell me that they weren’t going to operate if I did not pay the 20% first which was $600 good grief.  And the Ritz Carton can get away with not having to pay millions. 

      McKeeva I hope you make good of the next four years because I don’t think you’re going to be voted back in having taken money from the poor such as 3.2% pay cut from the civil servants but again allow the Ritz Carlton to sit on millions owing to government?   XXXXXX  I would like it if for once you could just stop treating us (the people) as if we are idiots and don’t have a clue what’s going on around us. 

      I can barely make it on my monthly white collar salary so I can’t even begin to imagine how the poor people live who are stuck in the tourism industry or are civil servants who make below $2,00 per month!  You have taken our dignity and our pride and sold it to the highest bidder and even now they cannot pay their debt to government.

      Speaking about debt what about the foreign crimals that we have living in "Hotel Northward"?  Can’t you just send them back to their countries so that our government doesn’t have to pay to comfort them for commiting crimes?  I understand it costs the people approximate $40,000 a year per prisoner.  Can you imagine this?  The majority of our good hard working Caymanians don’t even make half that much in a year.  Please straighten this mess up!

      What about the children who have to stand in line in the canteen at school and present a welfare voucher to get something to eat? The majority of them are embarrassed and act out rebelliously! These are the same children that have to pay to see a Dentist or a Doctor while the prisoner is exempted from any payments.  I was in the specialist clinic the other day and I saw a female prisoner with hair extensions, perfectly manicured nails and an expensive pair of Oakleys.  I can’t even afford to buy the snacks my children like to eat.

      And then the straw that broke the camels back is that I am paying your electrical, food, water, security and other bills? 

      You know what they say you can take a man out of the bush but you can’t take the bush out of a man!

      One very broken hearted Caymanian!  But trust me I am not giving up so easily!

       

  25. alice says:

    anywhere else in the world this would be a resigning matter…….

    welcome to wonderland

    • Anonymous says:

      Renegotiating debt anywhere in the world is the standard order of business , especially when investors have plonked 450 million into your economy…Some real sparkys on this forum…Geez again

      • Anonymous says:

        Since the developer put no real money in, your post is nonsense.

        • Anonymous says:

          Investing money of your own or loaning money and risking it are the same thing… He assumed all the risk and has all the debt / by the way he did put in … just nowhere close to what he loaned from multiple sources institutional and private…So your post is nonsense.

      • Anonymous says:

        Over the years I’ve invested around $750k of my money into the island, so I’ll just decide not to pay my up coming duty bill of $5k…

  26. READ!!! Then comment says:

    Hello??? Did you all read the same article I read????

    "But the premier criticised the opposition, as he said  "they gave the waiver in the first place" and had hidden it from the public and the current government did not find out until it took office.

    The OPPOSITION gave the wiaver – and then most of you turn around and blame this decision on the UDP????? Geezzzzz people, please read the whole article before you comment already!

    • Anonymous says:

      I think YOU need to take your own instruction to heart and read the whole article before commenting. 

      "[McLaughlin] said the deferred payments related to the original hotel and condo development which expired during the previous administration and which McLaughlin said the PPM government had insisted the developer began paying back. The former minister said that payments had been made regularly until they left office but since the election no more quarterly payments had been made".

       
      Obviously if the duties had been waived they would not be owing.  
       
      References to waivers for churches and schools on the Dragon Bay project, which has still not commenced and therefore has not activated any waivers, and has nothing to do with the issue but was Bush’s attempt to obfuscate the issue. Of course he can always count on his loyal supporters to help him in that regard.   
    • Anonymous says:

      You are absolutely correct.  UDP is no worse than PPM.  They all want power and nothing else. Cutout t darn Party System.

    • Anonymous says:

      Anon 08:42, please, YOU read the whole article. Do not pick & choose the parts that sound good to you. Surely by now you know that you must take what Big Mac has to say with a pinch of salt! Please also read what Alden Mclaughlin has to say, then you decide! Geezzzzzzzzz! Please read the whole article before you comment already!

  27. Bobby Anonymous says:

    And I have to pay 25 cents for a form that is mandatory to clear my freight!!!!! AHHHHHHHHHHHHHHHHHHHH!!! @#$%.

     

  28. Anonymous says:

    Running the numbers, quarterly payments of $347,818 with total payments made to date of $3,825,996 means they actually made 11 quarterly payments – not quite three years. Sounds like originally there was more than $10 million of payments to make.

    Having not made any payment since March of 2009 means they missed quarterly payments in June, September, and December of 2009 as well as March, June, and presumably a payment now due for September of 2010. They have missed payments of $2,086,908 against a total outstanding debt of more than $6 million.

    If I missed six mortgage payments, my bank would file for foreclosure. If I was so fortunate to renegotiate the payment plan and stave off foreclosure then I would expect a sharply increased interest rate and that by failing to pay anything against principle for so long that my total outstanding debt would have risen, quite possibly to more than was originally owed on the mortgage.

    Any repayment plan that sets total additional payments owed to anything less than the original $10 million would be insulting to the Cayman public who have been carrying the weight of this expense for this private business. 

  29. Anonymous says:

    Mr. Bush you can say the darndest things due to difficult ecomonic circumstances let me tell you about difficult ecomonics  circumstances when the lil poor man and woman that have to bust there back sides to make ends meat for there families and all like you that keep hiking up this fee and that fee killing us daily thats what you call difficult ecomonics circumstances   if it was me or someone else that had owe the government a hundred dollars they would be calling left rite and centre but because its who it is and  Mr, Bush has some dealing with them its ok hell no if you owe PAY UP no wonder we are in so much debt becasue of these so call developers and we the poor man need to pay the price this has got to stop and stop now.

  30. Anonymous says:

    It would be interesting to determine if the total number of condos owned by politicians will increase "coincidentally" with the grant of an extension. Might it also be possible that easier mortgage terms will "coincidentally" be granted for the condos already in politicians hands? Politicians are also having a rough time. Double dipping just does not go as far as it used to.

    • future Politician says:

      I want a condo too! no fair !!!!!

      • Anonymous says:

        be a good student, pay attention to the big players, work on talking out of both sides of your mouth (and maybe out of somewhere else as* well)  and you can have condos galore

  31. Anonymous says:

    Maybe, as an act of good faith ,on both sides, the Ritz should give the government Mac’s  Residence at the Ritz Carlton. 

    LOL

  32. Anonymous says:

    Mac – just ask him to give condos in lieu of payment. Two, (one either side of yours) would bbe ideal, and you can knock them together.

  33. Anonymous says:

    Let me see. Quarterly payments with last payment having been made in March, 2009 so that the next was due in June, 2009. So from the time Mr. Bush took power (May, 2009) Mr. Ryan has not paid his bills to govt.. Coincidence?

  34. Anonymous says:

     Give your Condo back Mac.  I am sure Ryn was looking for more than a payment plan but this time Mac could not deliver.

    Mark my words -this will not be paid back.

    Liquidators – sharpen your pencils……….

    Marchant – start digging……

    • Anonymous says:

      Actually, all our immediate financial problems could be solved immediately. Government should demand payment in full immediately (with back interest) – if it is not paid, wind the company, sell its assets at public auction and claim stamp duty  on the valus at transfer – immediate 100 million extra to Government. The hotel would keep operating, only its landlord would change.

       

      (Mac, you would have to promise not to be the real estate agent and not give the money to Ju Ju to decorate the bluff with lights at Christmas).

      • Anonymous says:

        You are kidding right, do that and you will not see another developer or Brand touch Cayman with a barge pole…How would you sell it on auction in case you have not noticed Hotel worldwide are going belly up and nobody is buying large scale projects…Geez

    • Anonymous says:

      How did Mac get his condo? Anyone seen the land transfer? Was stamp duty paid? How much?

  35. Anonymous says:

    Having seen Mac at the Ritz with its management almost every time I have been there, now I know there is no such thing as a free lunch.  For $6m it is a very expensive lunch. 

    Auditor-General do thy work!

  36. Me says:

    Gosh, it must be great to be friends with the big Mac

  37. Right ya so says:

    ……. since March of last year!!!? Ridiculous.  That’s what we get when we place an X in the wrong spot during elections!

    • Anonymous says:

      Werent they the ones who also got a break after Hurricane Ivan????? Boy I wish I could tell my bank sorry due to economic times I can’t pay my mortgage

      • Anonymous says:

        When was the last time the ritz paid occupany taxes to macs ministry, can anyone answer that truthfully?

    • Anonymous says:

      Exactly that is what you got when you put your XXX’s for the PPM. As the articile says the PPM government gave the concessions and now the UDP have to live with it. It is not the UDP’s fault that a concession given by another government is not being paid – it really is not even the PPM’s fault either it is the economy. Mac is not even criticising the fact that the concession was given he is merely pointing out that if the public does not like the fact that the concession was given then put the blame where it is to go and not on him. AS he says we have to give something to get.

      • Concerned Citizen says:

        Are you not reading it fully?

        1) Yes the PPM gave the concessions. But I ask you to look where the last payment was made………….. Thank you. I rest my case in that one!!!

        2) Economic times? What? Come on! Can you call your bank tomorrow and say that you will start paying your mortgage when the economy picks back up, and to please stall your payments? No you cannot, unless you sleeping with the enemy.

         

        The other party was not complaining about a concession being given, all they want is for what is right, for PAYMENTS being made. Whats so complicated about that. Hit them hard on interest.

         

        I am neither a follower of the UDP or PPM, so do not take it as me taking sides. I want independents running our country, enough of parties, all they do is one thing…….. BLAME

        They need to stop blaming and do what they were voted in for, yes both parties, and make them pay. If they don’t pay, then stick on some hard interest till they do. That will make them pay. If it keeps adding up, then it will be repossessed. Simple. Then Government can start making money on it. Which will make it nice and easy for MAC and his condo in there.

         

        Question? Wasn’t it his real estate company that got the sales of the Ritz? Of course Mr. Ryan has been given some freedom.

        Enough wasting time of the public purse and do what you were voted in for. Not to bicker at each other like little school kids, well at least they can be tamed.

         

      • Anonymous says:

        Anon 8:42 you need to stop letting Mac confuse you.  Mac was in power when the Ritz was built years ago. Mac gave Ritz the concessions. Mac is the one that has a Ritz condo… Mac, Mac, Mac, Mac…  

        Dragon Bay concessions that Mac is trying to confuse the issue with has not even started building yet.  

         

      • Truly 100% Caymanian:) says:

        What your obviously not understanding is that wether PPM did it behind our back or not, up until they left office and Bic Mac took over the bill was being paid! And now its not! Coincidence i dont think so…

        I think mac should give up his cushy 3 bed residence to cover the year of payments that he has allowed to back up….

      • Anonymous says:

        Another UDP parrot. The Ritz Carlton was built during the UDP tenure. The UDP gave a duty waiver of $4.5m. The UDP gave the concession of deferred payment for the duties actually charged. The PPM insisted on the duty payments being made since they had stopped being made under the previous UDP Govt. The Ritz paid the deferred duties by instalments up until the UDP got back in power and then immediately stopped. Obviously it is the govt’s fault if it is allowing Mac’s political supporter/buddy a free ride not to pay his outstanding duties owed to govt. especially at a time when govt. is in serious financial difficulties. 

        So you can try to twist the story all you like but the truth is out.    

  38. Anonymous says:

    HA HA what a bunch of green grapes we have in there any one can get away with any thing from this government especially PR,STATUS. our country are GONE giving away by UDP.

  39. Sir Henry Morgan says:

    Mr Ryan’s Patricks Island home must be worth 4 or 5mil, the govt could start by seizing that and putting it up for sale.

    • Anonymouse says:

      Love theidea but its probably the company(s) that owe the money, not the developer personally. Sad as it may sound a payment plan is probably the best the Government can hope for as the asset most likely on the line, the Ritz, is probably more trouble to manage after its seized than its worth. However, if the company(s) have bank accounts, or better yet income streams …

  40. Anonymous says:

    The Premier has been in office for over a year and the country according to him is in dire straits.  Stop blaming the PPM and charge interest on the $6M.  This is just another favour for the developer.  It is also a conflict of interest because the Premier owns property at the Ritz and for that very reason, he should be charged interest on the loan.  How difficult is it to work out an interest rate and take it to the cabinet.  Every other law in this country can be rushed through the LA without any public consultation.  If we default on our $150,000 mortgage payments we are not only charged additional interest, we are in danger of having our homes taken away.  But if you have money, you can get away with anything in this country.  The corruption in Govt. is not even hidden anymore. But it is taking this country down.   

  41. Anonymous says:

    Doesn’t the Honorable Premier own 2 condos at the Ritz? 

    And being a politician from the day he stopped cutting grass shouldn’t he have known whats going on with / at the Ritz development?

     

    Also didn’t his former furniture shop at the "Strand" outfit all or most of the Ritz rooms?

     

     

  42. Anonymous says:

    Well it never ceases to amaze me!!. Here we have a resort where condo’s cost Millions of dollars, they charge $85 dollars for brunch, get permission to build the ugliest building on the Island and then don’t pay their dues!!!!!!!. Ordinary people would never get away with not paying their taxes, licence their cars, drive too fast etc.. So just like Divi on the Brac they cock a snoop at the Government and noboby seems to have the power to bring these people to book!!!!.

    • Anon says:

      Ordinary people would never get away with not paying their taxes, licence their cars, drive too fast etc.

      Come off it, go around and look at peoples tax disks, last time I did around 25% of disks had expired. As for speeding everyday I see people get away with it. Drive down North Sound way, every car speeds down there and gets away with it

      What about Garbage fees, have you paid these, most don’t. People are always trying to get their new purchases through customs when they fly back to Cayman. That is why they are checking so many suitcases now a days.

      Then there are the Civil service salary advances that don’t get paid back

      Try getting off your high horse, maybe the Ritz is just trying to copy everyone else

      • Anonymous says:

        WHAT I’M SAYING IS THAT IF YOU GET "CAUGHT" WITHOUT TAXING YOUR CAR AND IF YOU GET "CAUGHT" SPEEDING ETC. ETC. YOU, AS AN ORDINARY CITIZEN WILL "HAVE" TO PAY. BUT AGAIN THE BIG BOYS SEEM TO GET AWAY WITH OWING, NOT $50 OR $100—–MILLIONS!!!!! . I’M NOT ON A HIGH HORSE!. AND YES I DO PAY MY GARBAGE FEES.

        • Anon says:

          Well done, it really shows the state of Cayman when you see so proud of keeping your garbage fees up to date

          and the fact still stands that nearly everyone DOES GET AWAY with not paying their garbage, tax disks or speeding 95% of the time.

          If you Gov actually spent some cash to collect these, they could clear a lort of their deficit.

          IMHO they should go in and collect the money from the Ritz even if they go bankcrupt because of it, I think that building will look so pretty sitting abandoned just like that lovely Hyatt dilapidation.

          • Anonymous says:

            You are not very bright. The Ritz is a tenant. Enforcing the debt against the landlord will not effect the hotel or its operations in any way.

            • Anonymous says:

              thank you for that info, AND thankyou for pointing out that I am not very bright…in front of all my friends! 

  43. anonymous says:

    It never ceases to amaze the people of this country why we are bearing the direct tax on any and everything. The conclusion is that all like the Ritz that owes this big amount of money to the government could have helped in balancing our budget. Do we have any idea of their Profit and Loss balance sheet with in the last year, positively thinking they have made millions and laughing at our stupid Politicians who revert to bringing hardships on the people of this country/

  44. The Crown says:

    “giving incentives was important to help develop the country”. Only trouble is we Caymanian’s are at a loss as to who all this “development” is for!!!!!!!? Ever mindful Mr Bush that you do more to displace Caymanian’s than we could have ever imagined. I hope for some karma & devine intervention that you & the majority of the PPM to no longer affect the lives of anyone here foreign or Caymanian.

  45. Anonymous says:

     Wonder if they are paying their accommodation tax?

  46. Anonymous says:

    Mr. Premier you never cease to amaze us the Caymainian people!!!

    Always ready to lay the blame on someone else. I am thank full that not all of the politicians are like you. Oh I know some are questionable, butI dare say you truly give "a dirty bunch" a new meaning.

  47. Anonymous says:

    Ritz owes $6Million and haven’t paid since March 2009…but Mac wants to charge local charities for fundraising and customs is shaking down a few locals who go to Miami for a weekend shopping trip for a few measly $$$ ???  Is there something wrong with this world or what? 

    Can you put up the hand sign for LOSER!!!!
    • Anon says:

      CI Gov = Penny wise and Pound foolish!

    • Anonymous says:

      well, i gotta say that I’ll bet that very little of the stuff that comes into this country by way of local’s luggage is claimed or dutied.