Friday, February 19, 2010
Jungle Bay Resort & Spa makes good on Economic Citizenship Program loan
Press Statement
On Monday, February 22, 2010 Jungle Bay Resort & Spa made the first payment on their Economic Citizenship Program at the Law Office of Singoalla Blomqvist-Williams.
Mr. Samuel Raphael, owner/developer of Jungle Bay Resort & Spa made an initial payment of EC $100,000.00 to the Government of Dominica through the escrow account of the company’s attorney.
Jungle Bay became the first company to successfully complete an investment and begin to repay their loan under the Economic Citizenship Program of the Commonwealth of Dominica.
In 2006, Jungle Bay Resort & Spa immediately accepted Prime Minister Roosevelt Skerrit's proposal to discount their $6.1 million dollar loan balance by 50%. However, despite numerous meetings and requests over the past four years, the company has yet to receive a revised document spelling out the new terms and conditions for the repayment of its loan.
The company has therefore decided to pre-empt the process and begin to repay the loan. The funds will be transferred from the attorney’s escrow account to the treasury as soon as the appropriate documents containing the revised terms and conditions are obtained from the government.
Jungle Bay feels that the Prime Minister's 50% loan reduction offer is fair and appropriate compensation because the Government’s mismanagement of the Economic Citizen Project caused the project to incur additional construction costs.
After several interruptions with the loan administration the developer eventually completed the resort using private funds. Jungle Bay intends to pay the Government of Dominica one hundred thousand Eastern Caribbean dollars ($100,000EC) every February and August for the next twenty years.
Mr. Raphael states that “Notwithstanding the obvious economic challenge this debt repayment will add to the company's operating finances, we are keen to settle this matter and look forward to continued collaboration with the government in the quest to develop the island’s economy in a sustainable manner”.
Jungle Bay Resort & Spa is an award winning eco-adventure resort on the southeast of Dominica, which employs over 60 persons. The resort significantly contributes to the economy of the southeast with purchases of considerable amounts of produce, fish, other agricultural supplies as well as arts & crafts from local farmers and suppliers.
Jungle Bay has paid the Government of Dominica $1,409,191.96 in VAT payments from March 2006 through 2009 while guests have paid over half a million dollars of departure tax during this period.
Jungle Bay has immensely enhanced the international image of Dominica through numerous positive magazine articles and international tourism awards. These are just a few examples of our ongoing contributions to the development of Dominica.
For information contact:
Samuel Raphael, Owner
Jungle Bay Resort & Spa
Tel: 767-446-1789
Website: junglebaydominica.com
Email: [email protected]
On Monday, February 22, 2010 Jungle Bay Resort & Spa made the first payment on their Economic Citizenship Program at the Law Office of Singoalla Blomqvist-Williams.
 Jungle Bay is arguably the finest resort of its kind in Dominica. |
Jungle Bay became the first company to successfully complete an investment and begin to repay their loan under the Economic Citizenship Program of the Commonwealth of Dominica.
In 2006, Jungle Bay Resort & Spa immediately accepted Prime Minister Roosevelt Skerrit's proposal to discount their $6.1 million dollar loan balance by 50%. However, despite numerous meetings and requests over the past four years, the company has yet to receive a revised document spelling out the new terms and conditions for the repayment of its loan.
The company has therefore decided to pre-empt the process and begin to repay the loan. The funds will be transferred from the attorney’s escrow account to the treasury as soon as the appropriate documents containing the revised terms and conditions are obtained from the government.
Jungle Bay feels that the Prime Minister's 50% loan reduction offer is fair and appropriate compensation because the Government’s mismanagement of the Economic Citizen Project caused the project to incur additional construction costs.
After several interruptions with the loan administration the developer eventually completed the resort using private funds. Jungle Bay intends to pay the Government of Dominica one hundred thousand Eastern Caribbean dollars ($100,000EC) every February and August for the next twenty years.
Mr. Raphael states that “Notwithstanding the obvious economic challenge this debt repayment will add to the company's operating finances, we are keen to settle this matter and look forward to continued collaboration with the government in the quest to develop the island’s economy in a sustainable manner”.
Jungle Bay Resort & Spa is an award winning eco-adventure resort on the southeast of Dominica, which employs over 60 persons. The resort significantly contributes to the economy of the southeast with purchases of considerable amounts of produce, fish, other agricultural supplies as well as arts & crafts from local farmers and suppliers.
Jungle Bay has paid the Government of Dominica $1,409,191.96 in VAT payments from March 2006 through 2009 while guests have paid over half a million dollars of departure tax during this period.
Jungle Bay has immensely enhanced the international image of Dominica through numerous positive magazine articles and international tourism awards. These are just a few examples of our ongoing contributions to the development of Dominica.
For information contact:
Samuel Raphael, Owner
Jungle Bay Resort & Spa
Tel: 767-446-1789
Website: junglebaydominica.com
Email: [email protected]
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// posted by TheDominican.net @ 4:07 PM
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How do I get a loan like that? Wow a 50% discount on principal... crazy. That has to be the single bigest contribution from the Red Clinic. At least the government of Dominica got 51% stake in Layou river hotel.
# posted by 
: February 19, 2010 9:04 PM
: February 19, 2010 9:04 PM
Mr. Know the day coming when the facts will be made public. Mr try and sell the land that was supposed to have been used to get the loan. Mr is a crook boy, a real crook, that is why he in politics...to avoid paying his fee.
All them man like that, they disgruntled and become negative....
I have my demands too!
All them man like that, they disgruntled and become negative....
I have my demands too!
# posted by : February 19, 2010 9:34 PM
: February 19, 2010 9:34 PM
Dominicans
This matter first came to the public knowledge when the Auditor General indicated in his report to Parliament in 2006 that this loan of EC$6,123,257.00 was in a serious state of Delinquency. Moreover, the Auditor General stated in that report the Certificate of Title Guaranteing the said loan which was supposed to have been deposited with the Accountant General was never Deposited. That was a clear breach of the agreement by Jungle Bay. As a matter of fact the Auditor General indicated that Mr. Sam Raphael had allowed a US investor to place a Cavaet on the Property for considerations of US$2.5 Millions effectively preventing the Government from noting its interest on that property.
The Caveat was placed by an Attorney who himself was an employee at the Attorney General Chambers after he resigned his posts.
In January 2007 the Ministry of Finance wrote to the Proprietor of Jungle Bay offerring the following Package. (See 2007 report of Auditor General).
1. All accrued interest on loan balances up to June 30, 2007 to be waived. (Interests amounting to EC$1.8 Million).
2. Twentyfive percent 25% discount to the proprietor on the loan balance on accepting to repay the loan installments with immediate effect.
3. A further twentyfive percent discount if the Proprietor would agree to make a further cash investment into the business amounting to 25% of the initial loan balance. Such cash investment to be made within 36 mounths.
4 Agreement to a combination of 2 & 3 above would qualify for a fifty percent (50%) discount on the initial loan balance.
5 The unpaid loan balance ( the remaining 50%) at June 30 2007 will be rescheduled for repayment over a period of 15 years (to 2022) at an interest rate of 3% per annum beginning July 1 2007.
6 Under the above option the Proprietor will be required to sign a new agreement which will enable the Government to transfer the arrangements to a bank for execution of the agreement.
This proposal was communicated to Mr Sam Raphael in January 2007 and signed by the Financial Secretary on behalf of Government.
Interestingly, the Proprietor of the Jungle Bay has not responded to the Ministry of Finance Proposal indicating his acceptance or refusal. The Proprietor just refused to pay the government.
Now the Prime Minister and the Government has increased the pressure on Mr Sam Rapheal to repay the peoples money because he can afford to repay He is now making a Big HURRAH over his first payment after some twelve years of the loan being granted. Is that Integrity?
Based on the VAT payments Jungle Bay would have grossed some EC$9.4 Millions over a three year period. Yet Mr. Sam Rapheal refused to meet his loan repayments committment to the Government.
Yet this guy portrays himself as the master of Integrity? Give me a break.
I strongly believe that the Government should convert the entire loan amount including all accrued interest into equity and obtain controlling interests on behalf of the people of Dominica. Sam Rapheal's POLITICAL GIMMICK should be completely ignored.
Jude Nicholas
Stock Farm
This matter first came to the public knowledge when the Auditor General indicated in his report to Parliament in 2006 that this loan of EC$6,123,257.00 was in a serious state of Delinquency. Moreover, the Auditor General stated in that report the Certificate of Title Guaranteing the said loan which was supposed to have been deposited with the Accountant General was never Deposited. That was a clear breach of the agreement by Jungle Bay. As a matter of fact the Auditor General indicated that Mr. Sam Raphael had allowed a US investor to place a Cavaet on the Property for considerations of US$2.5 Millions effectively preventing the Government from noting its interest on that property.
The Caveat was placed by an Attorney who himself was an employee at the Attorney General Chambers after he resigned his posts.
In January 2007 the Ministry of Finance wrote to the Proprietor of Jungle Bay offerring the following Package. (See 2007 report of Auditor General).
1. All accrued interest on loan balances up to June 30, 2007 to be waived. (Interests amounting to EC$1.8 Million).
2. Twentyfive percent 25% discount to the proprietor on the loan balance on accepting to repay the loan installments with immediate effect.
3. A further twentyfive percent discount if the Proprietor would agree to make a further cash investment into the business amounting to 25% of the initial loan balance. Such cash investment to be made within 36 mounths.
4 Agreement to a combination of 2 & 3 above would qualify for a fifty percent (50%) discount on the initial loan balance.
5 The unpaid loan balance ( the remaining 50%) at June 30 2007 will be rescheduled for repayment over a period of 15 years (to 2022) at an interest rate of 3% per annum beginning July 1 2007.
6 Under the above option the Proprietor will be required to sign a new agreement which will enable the Government to transfer the arrangements to a bank for execution of the agreement.
This proposal was communicated to Mr Sam Raphael in January 2007 and signed by the Financial Secretary on behalf of Government.
Interestingly, the Proprietor of the Jungle Bay has not responded to the Ministry of Finance Proposal indicating his acceptance or refusal. The Proprietor just refused to pay the government.
Now the Prime Minister and the Government has increased the pressure on Mr Sam Rapheal to repay the peoples money because he can afford to repay He is now making a Big HURRAH over his first payment after some twelve years of the loan being granted. Is that Integrity?
Based on the VAT payments Jungle Bay would have grossed some EC$9.4 Millions over a three year period. Yet Mr. Sam Rapheal refused to meet his loan repayments committment to the Government.
Yet this guy portrays himself as the master of Integrity? Give me a break.
I strongly believe that the Government should convert the entire loan amount including all accrued interest into equity and obtain controlling interests on behalf of the people of Dominica. Sam Rapheal's POLITICAL GIMMICK should be completely ignored.
Jude Nicholas
Stock Farm
# posted by : February 20, 2010 12:38 PM
: February 20, 2010 12:38 PM
Jude, what value do you place on the 60 jobs??? The whole loan should be forgiven especially considering that Sam was the one who worked hard to get the passports sold.
How dare you compare this with layou?????Government have thrown tens of millions away on Layou with nothing to show. It is a shame that Sam is being hounded to repay.
This government is clearly clueless...they are going after the ONLY place in Dominica to create NEW jobs in the lst nine years of their administration...go figure!!!
How dare you compare this with layou?????Government have thrown tens of millions away on Layou with nothing to show. It is a shame that Sam is being hounded to repay.
This government is clearly clueless...they are going after the ONLY place in Dominica to create NEW jobs in the lst nine years of their administration...go figure!!!
# posted by : February 20, 2010 7:29 PM
: February 20, 2010 7:29 PM
This government does not have a clue about running a country. But for the grace of God we would be finished. Why would you go public with a local who singlehandedly is providing the only source of income for the South East while you fritter away millions to the Chinese and Grace Tongue....God help us!
# posted by : February 20, 2010 10:03 PM
: February 20, 2010 10:03 PM Links to this post:
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