{"id":111385,"date":"2020-05-31T11:16:45","date_gmt":"2020-05-31T15:16:45","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=111385"},"modified":"2020-05-31T11:16:45","modified_gmt":"2020-05-31T15:16:45","slug":"pm-reveals-eight-million-dollar-payment-to-hmb-after-threat-to-seize-namcos-assets","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-reveals-eight-million-dollar-payment-to-hmb-after-threat-to-seize-namcos-assets\/","title":{"rendered":"PM Reveals Eight Million Dollar Payment To HMB After Threat To Seize NAMCO\u2019s Assets"},"content":{"rendered":"
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Prime Minister Gaston Browne says Antigua & Barbuda was forced to pay 8 million dollars towards the Halfmoon Bay judgment in March.<\/p>

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Browne said Antigua & Barbuda had no choice because the court mandated the payment.<\/p>\n

The court was threatening to issue a garnishee order on the assets of the National Assets Management Company (NAMCO), a move the prime minister strongly opposed.<\/p>

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Browne said that as a result the government had to pay 8 million dollars.<\/p>

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\u201cWe had to pay HMB 8 million dollars even though we have COVID expenses to deal with because the court mandated that we pay them and we have not extinguished that debt as yet,\u201d he told Pointe FM.<\/p>\n

The government still has US$20 million in outstanding debt to HMB Holdings in settlement of the property at Half Moon Bay which was compulsorily acquired back in 2007. With the principle debt of US$26.6 million being paid, the $20 million outstanding debt is due to accrual on interest over the last 13 years.<\/p>

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The prime minister said had Antigua & Barbuda not been saddled with a high debt burden from previous governments the county\u2019s ability to respond to shocks would be much better.<\/p>\n

\u201cSo I want the people to understand that is not a case we had surpluses and we squandered the money. We had a lot of debt we were saddled,\u201d he said.<\/p>

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Meantime, Browne says the 200 million Credit Swiss loan has been suspended \u201cand we\u2019ve agreed with Credit Swiss that we\u2019ll have a standstill for the next year.\u201d<\/p>

\"\"<\/a><\/div>\n

\u201cSo we paid them what was due to them and we have a formal agreement now in which there will be a debt standstill until there is some stabilisation until the end of the year and maybe next year\u201d.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Prime Minister Gaston Browne says Antigua & Barbuda was forced to pay 8 million dollars towards the Halfmoon Bay judgment in March. Browne said Antigua & Barbuda had no choice because the court mandated the payment. The court was threatening to issue a garnishee order on the assets of the National Assets Management Company (NAMCO), […]<\/p>\n","protected":false},"author":3,"featured_media":11716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-111385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nPM Reveals Eight Million Dollar Payment To HMB After Threat To Seize NAMCO\u2019s Assets - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/pm-reveals-eight-million-dollar-payment-to-hmb-after-threat-to-seize-namcos-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM Reveals Eight Million Dollar Payment To HMB After Threat To Seize NAMCO\u2019s Assets\" \/>\n<meta property=\"og:description\" content=\"Prime Minister Gaston Browne says Antigua & Barbuda was forced to pay 8 million dollars towards the Halfmoon Bay judgment in March. Browne said Antigua & Barbuda had no choice because the court mandated the payment. 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