The Saga of Levera, 1998 – 2019, from People’s Property to Heng Sheng
September 9, 2019
From People’s Property to Heng Sheng…….
From People’s Property to Heng Sheng…….
The Levera Project Agreement made provisions for the recommencement of the project
by a start date of September 1st, 2007, failing which the Agreement would cease to have
effect and the Levera Crown Lands conveyed to the Company would be re-conveyed
back to the Government. The lands would be repurchased by the Government at the
original purchase price for which it was conveyed.
According to the release, among the scheduled meetings of the delegation were appointments with KBC Bank, the Centre for the Development of Enterprise (CDE) and ING Bank. The press release further advised:- “Presentations were made by the developers about their projects in Grenada and they took the opportunity to make particular mention of the very stable, investor-friendly business environment. In addition to making presentation the investors met with a number of potential investment partners.” (Our emphasis)
It is our opinion that a thorough knowledge of the companies and the performance of the companies with which mega-investor, Mr. Paul Taylor, has been associated is essential to any decisions that the Government of Grenada would make/take.
We trust that the interests of the people of Grenada will ALWAYS come first and that our government will ensure that the interests of the people of Grenada will be protected.
It appears that the apparently “loaded”, successful, savvy and well connected “high flyers” of the Levera Resort Development Ltd. – the millionaire investors of whom Hon. Anthony Boatswain boasted in his 2007 Budget Speech – have played a part in precipitating the very “financial melt down” which is being blamed for the inability of their company to source finance. They are gamblers and high flyers with other people’s money. Companies with which they have been associated have been debt-ridden and contributed to the demise of the banks which made loans to those companies – mezzanine loans supporting toxic debts.
It appears that a non-profit organization, the Grenada Development Co. preceded the Grenada Development Co. Inc. The Grenada Development Company, was incorporated in Alabama, USA in April 1984 and registered in Grenada in May 1984 with a mission to bring “Christian morals and virtues’ to Grenada. It is unclear what activities this organization undertook in Grenada.
We heard nothing for a while and then in his Budget Speech of 2007, Hon. Anthony Boatswain boasted about Grenada being a “millionaire’s playground”. It was at this time that we the people were advised of the interest of a new developer, “a man of reputable international standing and with strong Grenadian connection.”. And so the people’s property passed from the Grenada Development Co. Inc. to Levera Resort Development Ltd. The only explanation Minister Boatswain cared to offer was, “This project had commenced under a previous developer but due to unforeseen circumstances was not complete.”
Excerpt from a presentation by Be Collective