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HOME	JANUARY 22nd, 2005

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The Government of Grenada wishes to inform the Nation that it acknowledges the statement carried on the local news media regarding judgment on default payment by Inter-Continental Grenada Limited (ICG) and Mr. J. Ekram Miller of the United States.

The Government of Grenada had provided a bank guarantee to ICG and Mr. Miller for conducting preliminary studies and conceptual works, leading to the building of a luxury Hotel and Golf Course at the proposed Mt. Hartman and Hog Island sites and wishes to assure the public that negotiations have been ongoing over several months now with another developer.

Contingent upon negotiations, the preliminary studies and conceptual works carried out by ICG and Mr. Miller, through the firm of Basix in Belgium, will be purchased by the new developer. This is expected to liquidate the sum now claimed by Fortis Bank.

During negotiations with the Bank, Government was assured of a moratorium, contingent upon a closing agreement with the new developer, during which time Hurricane Ivan struck Grenada, and therefore, over the passage of time, the Bank proceeded to obtain judgment in the matter.

The Government of Grenada gives the assurance to all Grenadians that it will continue to represent the best interest of the Country and people in all undertakings, and citizens must not allow those who have hidden agendas and no positive suggestions to offer for national progress, to distract the Nation from the prize of infrastructural development.

Taking into consideration the responsibilities placed on the administration, there is no need to be alarmed and the Nation can rest assured that the judgment against ICG and Mr. Ekram Miller, in which Government has been joined, shall not, in any way, be a tax burden or otherwise to the Government and people of Grenada. This is in view of the ongoing negotiations.

The Mt. Hartman and Hog Island project has tremendous potential for creating a quantum leap for the tourism industry, which will create significant benefits to every sector of the Country's economy.

(Submitted by the GOVERNMENT INFORMATION SERVICE)