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Premier Smith mum on ALL investors for BVI Airways!

- said there is no guarantee that VI will get the 20% annual return on $7Million of taxpayers money
BVI Airways is expected to have direct flights from Miami, Florida to the Terrence B. Lettsome International Airport on Beef Island. Photo: Internet Source
Premier Dr The Hon D. Orlando Smith (left) has refused to divulge the names of all investors of the defunct BVI Airways in a question asked by the Leader of the Opposition Hon Julian Fraser RA (R3) in the House of Assembly on June 23, 2016. Photo: VINO/File
Premier Dr The Hon D. Orlando Smith (left) has refused to divulge the names of all investors of the defunct BVI Airways in a question asked by the Leader of the Opposition Hon Julian Fraser RA (R3) in the House of Assembly on June 23, 2016. Photo: VINO/File
Terrance B. Lettsome International Airport terminal on Beef Island. Photo: VINO/File
Terrance B. Lettsome International Airport terminal on Beef Island. Photo: VINO/File
ROAD TOWN, Tortola, VI- As the months go by more and more information is being unearthed on the controversial deal where taxpayers forked out some $7M to subsidise a once defunct BVI Airways.

The airline, which operated a few years ago before going bankrupt, was back last year with a new lease on life with an injection of some $7 Million from the National Democratic Party (NDP) Administration via the public purse.

Silence on all BVI Airways Investors

In an answer to a question today June 23, 2016 from Leader of the Opposition Hon Julian Fraser RA (R3) at the Ninth Sitting of the First Session of the Third House of Assembly, Premier and Minister of Finance Dr The Honourable D. Orlando Smith was asked to tell the public ‘All’ the investors in BVI Airways.

However, he told the House of Assembly, “I am not able to provide the names of all the investors in BVI Airways, as these would have various ownership stakes in the venture that do not require disclosure.”

In other words he was not willing to give the public the names. He, however, disclosed some of the main principals of the venture.

Public might not get a dime back out of deal

Meanwhile, Hon Smith was also asked by Hon Fraser about the 20% return on investment. The Premier and Minister of Finance told the people that “the Government cannot guarantee the 20% annual return on the investment made.”

Again, what this means is that the territory may not get back a dime out of the investments. BVI Airways is expected, according to Premier Smith, to have direct flights from Miami, Florida to the Terrence B. Lettsome International Airport on Beef Island.

When BVI Airways went bankrupt during its first time operating at the T. B. Lettsome International Airport in 2014, it left owing the BVI Airports Authority (BVIAA) thousands of dollars.

15 Responses to “Premier Smith mum on ALL investors for BVI Airways!”

  • Hint (23/06/2016, 20:51) Like (14) Dislike (1) Reply
    Why he refused to mention russy's name?
  • Ting to hide (23/06/2016, 20:59) Like (17) Dislike (0) Reply
    You can always tell when they fully well know they stringing us along. Nothing about our tax money is our business where NDP concerned. Must be he and Lerna 7 mill he give them that we don't need to know the details. Go ahead man. When time come who got to disclose their vote will do so. Time longer than time so have your fun
  • General Accounts (23/06/2016, 21:01) Like (13) Dislike (1) Reply
    Another write-off on the backhand side.
  • mark my words (23/06/2016, 21:10) Like (24) Dislike (0) Reply
    Non Disclosure Party (NDP) so good at keeping secrets for their innercircle, more secretive than any international secret service, but every turkey has its day on the cutting board.
  • jail work (23/06/2016, 21:21) Like (11) Dislike (0) Reply
    Poor tax payers
  • See this (23/06/2016, 22:01) Like (13) Dislike (0) Reply
    Might just as well be living in a communist country . Classless thieves
  • Foolish People.. (24/06/2016, 00:32) Like (9) Dislike (2) Reply
    He ain no because its Picko doing. That money would have been better spent to spring our Festivals and Music Festival up to an international standard... Then we will see the visitors coming....
  • facts man (24/06/2016, 01:29) Like (12) Dislike (1) Reply
    More kick backs more coruprion
  • oh boy (24/06/2016, 03:47) Like (14) Dislike (0) Reply
    How come we don't hear the term " Contingent Liability " anymore? At least Bi-Water spent their own money. Imagine there are still people going around saying that having Fraser as the leader of this country would have being bad for us. This is the lowest the country has ever sunk.
  • wize up (24/06/2016, 04:43) Like (15) Dislike (0) Reply
    That is a political airline because another airline wanted to operate in the BVI: this other airline wanted no government funding but your government choose BVI Airways becuse their political friends stands to profits from the money given to BVI Airways: things are tuff financially one airline wanted no government money however your government went with the airline they had to give 10 million dollars; a bankrupt airline that owe this territory, one hundred thousand dollars just so they political.....when last you hear any of the talk show host speaking about the cruise project and the unaccountability of your tax money(just asking)
  • Boo (24/06/2016, 09:58) Like (7) Dislike (0) Reply
    They flying yet?
    • Chocolate Factory (24/06/2016, 11:31) Like (2) Dislike (4) Reply
      The government should allow JetBlue or American Airlines to run these routes.
      They will not have to put up all this money, they collect their landing fees etc.
  • Scary Mary (24/06/2016, 11:23) Like (9) Dislike (1) Reply
    People, people, people! There is no such thing as "transparency" in communist countries. Just ask any tin-pot dictator like Kim Jong-un. Why should the BVI be any different?

    Jeesh, by the way you all moan and groan about these things, you would think you believe you live in a democracy or something! Get a grip.


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