Opposition Shadow Finance Minister, Nazim Burke says that the $16.3 million awarded to Fortis Bank of Belgium by a London High court judge in a legal matter against the Grenada Government and U.S investor Ekram J. Miller could have built over 325 new homes in the country.

Bukre made the disclosure at a press conference Tuesday by the main opposition National Democratic Congress (NDC) to highlight the plight of home owners on the island in the aftermath of the destruction caused by hurricane Ivan last September.

The Congress party has announced plans to hold a public rally for housing on January 30 at the La. Tante Junction in St. David's, to highlight the worsening housing situation on the island.

Last October, a British Judge ordered the Keith Mitchell-led New National Party (NNP) government to pay the $16.1m sum to the Belgian bank after it lost a matter involving the controversial Ritz Carlton/Mt. Hartman hotel in a London Court.

The judge ruled in favour of the bank as a result of the failure of the Mitchell administration and Miller to repay the financial institution monies loaned to them for the project. Miller had managed to get the Grenada government in 2000 to sign a guarantee for the loan that he secured and made draw-downs on from Fortis Bank of Belgium.

Burke charged that the recent judgment against the State has helped to increase the financial burden of the country as a result of the recklessness of the government. He pointed out that the $EC16.3 million awarded to Fortis Bank could have constructed over 325 new, decent homes with two bedrooms and all other amenities for Grenadians.

"Before this judgement there was over $40 million in outstanding claims against this government, judgements that have been obtained by people for lands taken from people for which they had refused to pay",he said. Burke, the Member of Parliament for the St. George North-east constituency, charged the NNP with having its priorities mixed up, saying that housing is being ignored, while government continues to incur all kinds of senseless debts.

"We are guaranteeing all kinds of arbitrary loans for fly by night briefcase investors then the people have to pay. This is the kind of practice that we see as really troublesome", said the NDC Public Relations Officer (PRO).

Burke, who is also a barrister-at-law by profession, pointed out that there is absolutely no reason why the State should be paying this kind of money in the Ritz Carlton judgment. He said the time has come for the Mitchell government to be democratically removed from power by the people of the country to save the image of Grenada.

"We want to ensure that he (Mitchell) is removed because if we continue in this way we will have very serious problems in this country. Already we have reached the stage where the national debt is 120% of the Gross Domestic Product (GDP). Grenada's national debt is already estimated at $1.5 million dollars with most of its being incurred by the Mitchell government in the last nine years.

Burke indicated that at the moment, 38 cents on every $1 earned by Grenada goes towards paying debts while government continues to sign guarantees for all kinds of people. Saying This situation, he said is untenable, unsustainable and cannot continue.

Opposition Leader Tillman Thomas who also spoke on the issue said that government had acknowledged receipt of US $7 million as payments for the lands in the form of a deed that the NDC officials showed to the local media.

Thomas said it is clear that these monies were not received and deposited into the Consolidated Fund by government and this is enough for Dr. Mitchell and his government to resign from office. "You acknowledge receipt which is stated in the receipt clause for 7 million and you can't show a penny. You are playing with the assets of the State", he quipped.