HOURS after the States approved the financial deal for the £330m Waterfront development yesterday, Members were handed documents that raised concerns about the funding behind the project.
And Chief Minister Frank Walker had to apologise for misleading the House yesterday after originally denying the existence of a multi-million-dollar lawsuit against developers Harcourt over Las Vegas’s $800m Sullivan Square development. He said he had been misinformed, and that he had only been told about the lawsuit after the debate.
The reports into Harcourt by Pricewaterhouse-Coopers and a risk management company – given to Members confidentially but leaked almost immediately to the JEP – strike a note of caution and say that the Waterfront Enterprise Board should ask for more recent information about developers Harcourt and claim that they would have to borrow money for the project.
Senator Walker says that the deal will be guaranteed by a major bank before it is signed, and that the public interest will be protected if things go wrong. The reports praise Harcourt’s record in large-scale developments and include letters from three major banks supporting them.
*The Las Vegas development at the heart of the lawsuit
Article posted on 6th June, 2008 - 3.00pm
5 Article Comments
Hopeless..
The members of the states are completely inept at their jobs. I am sure a little background research could have told them this information ages ago.
Senator Cohen should definitely resign over all this! What a farce!
Nice effort …… have no States member ever heard of Google or thought to research Harcourt beforehand? What a bunch of incompetent goons.
I have a horrible feeling that this is going to end up costing us, the taxpayer, big time.
why didnt the States wait until the PWC report was presented before approving the deal. surely they knew of the report? who commissioned the report? most of the time with such reports the commissioners are informed of the contents before final release.
please dont let there be another lack of disclosure, transaparency and accountability by the states - it’s getting embarassing. you are supposed to be public servants.
we, the public of jersey, have a large asset here in the Waterfront. any deal should therefore be struck in the long term interest of the jersey public and not individuals or any corporate interest.
It is high time that these incompetent States members resigned! Junior office workers could have found out about Harcourts. NO deal should be made without a full check of the background of those involved, and dismissed if there is anything at all that is not 100%.
AA
Who decided to go with Harcourts?
Was the lease put up for tender?
And they did know about the law suits before the vote but choose to ignore it!