Archive for November 29th, 2012
Ryan had input in speech
(CNS): Premier McKeeva Bush has admitted that the developer and former owner of the Ritz Carlton-Grand Cayman had input into a statement he had made on the government’s new television channel last week about the resort, the duty debt and the recent sale. Following the revelations on CNS this week about the electronically stamped properties of the document released by the premier’s office, which indicated the statement made by Bush had been ’authored’ by Michael Ryan on a computer at the offices of Stingray Construction, the premier said Wednesday that it was merely sent to Ryan for details on the valuation. Bush said Ryan then returned the Word document with the information and the statement was “crafted using the same document".
In a short statement released by his office before he left for the UK and this year’s annual meeting with the FCO, Bush accused the opposition leader of playing politics, as it was Alden McLaughlin who had raised the issue in the public domain and questioned if Bush was speaking on behalf of the Cayman people or Michael Ryan when he made his statement.
The premier said he supported the Ritz Carlton property and that government was prepared to be partners with the new owners but it was intent on pursuing the collection of revenue owed to the government.
The duty concessions were given to Ryan when the hotel was built, which he eventually began to pay back as obligated once the hotel opened. However, Ryan ceased making payments to government afterthe UDP took office in 2009, leaving a debt of some $6 million. Ryan now states that he no longer owes the money since the company which is believed to owe the debt was seized by the new owners when they moved to take control of the Ritz and protect their asset as the owners of Ryan’s allegedly defaulted mortgage.
Since the hotel was sold last month at auction to RC Cayman, which is owned by Five Mile Capital, the holders of the debt on the property of some $250 million, the premier has begun publicly disputing the sale price, which played a key part in Bush’s statement and which he says was crafted around information from Ryan.
Bush continued to press the issue regarding the duty and the sale in this latest comment from his office but said it was not his office but the government’s valuation office which is dealing with the matter.
See the full latest statement below.
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