Plans are well on the way for the Government to acquire the Jolly Beach Resort Property through an exchange of debt for shares. Trumpet News have been reliably informed that Ministry of Finance Officials have been having serious dialogue with various statutory bodies in an effort to consolidate all debts owed to them by Jolly Beach Resort.
It is not quite clear as to how the Medical Benefit Scheme, Board of Education or Social Security Scheme will be able to recover their funds, due to the fact that fund held by these organizations are considered Trust Funds. The various Act governing these bodies do not give them the power to surrender contribution in the way Government is proposing.
Prime Minister Gaston Brown have been pronouncing over the last several months that the Government of Antigua and Barbuda will be majority shareholder in the property in the not to distance future.
The Property is currently owned by Jolly Beach Corporation and is in a legal battle with the Antigua and Barbuda Workers Union at the High Court, over Unpaid Wage Increase, Thrift Fund Contribution and Retroactive Payments to its employees. It is said that the Hotel Owes Millions of Dollars to its Employees in Outstanding Payments.
Further investigation has also reviled that Blue Diamond the Management Company which operated the Resort prior to the Covid-19 Pandemic is still awaiting Jolly Beach Cooperation to renew their Management Contract with the Resort which ended.
Trumpet News will continue to follow this developing story and report as information comes to hand.