CIP to fund $75,000-a-week payment to a ‘questionable’ company to manage the Alfa Nero

In its meeting held yesterday, April 13, the Cabinet agreed to pay approximately EC$75,000 a week to Marina & Resort Ltd. for “managing the Alfa Nero vessel.”

The controversial yacht has been moored in Falmouth Harbour since February 2022 and, reportedly, has run up thousands and thousands of dollars in moorage fees, fuel bills, and salaries to crew.  

However, it is not known whether the weekly sum of US$28,000 – to be taken from the CIP Operating Account and transferred to ACB Caribbean – will cover these arrears.

According to legal sources, Marina & Resort Ltd. was registered in 2007 and, at present, reportedly lists a single director.

Allegedly, it has never filed an annual return and, therefore, should have been struck off the Register of Companies, the sources say, since it has no current Certificate of Good Standing.

Further, the legal sources say, the Cabinet should not be contracting a company that appears to be in violation of the Companies Act, which requires the filing of annual returns.

The Executive has already come in for harsh criticism from local business owners.  They are incensed that the Government – after acquiring the luxury yacht through amendment of the law; reporting that it was holding a number of bids ahead of the auction date; and announcing a date for opening those bids – has found itself legally unable to sell the vessel.

As a consequence, the taxpayers of this country have found themselves financially responsible for the insurance and maintenance of the yacht for an unknown period.

Ambassador to the United States Ronald Sanders, himself, has acknowledged that the lifting of the US sanctions imposed on the vessel – then owned by a Russian oligarch – could take a significant time.

Critics continue to chide the Administration for rushing into what it expected to be a quick and profitable sale – through financial desperation that caused it to disregard admonitions for caution.

However, a small business owner tells REAL  News he is amused by the turn of events.

“They scoring goal on themselves and celebrating,” he says.  “But, listen, we took out a high-interest loan to pay off a low-interest IMF loan before. Now, we took over the expenses of a super yacht and can’t sell it. We started a university and can’t afford to maintain it.”

He concludes: “After all the good work that Jesus did, they traded him for Barabbas.”