Mon | Jun 14, 2021

Gov't watching Palmyra situation

Published:Monday | June 17, 2013 | 1:34 PM

Claudia Gardner, Gleaner Writer



Western Bureau:

Minister of Industry, Investment and Commerce, Anthony Hylton, says the government is paying careful attention to the problem-plagued Palmyra Resort and Spa investment situation.




Hylton made the comments in response to queries made by an overseas-based investor this morning during a session on Jamaica's Growth and Investment Strategy at the fifth biennial Jamaica Diaspora Conference which is now on in Montego Bay, St James. 



He said Palmyra was a private investment gone bad and that while the Government was unable to immediately intervene, it would nonetheless be watching to ensure the outcome does not adversely affect investors.



The Montego Bay-based investment was placed in receivership in July 2010 after the owners of the project fell in arrears on a US$88 million loan from National Commercial Bank and a US$22 million loan from RBC Royal Bank Jamaica.



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