Government Completes Purchase Of Deluxe

12

The government has completed the purchase of Deluxe Cinema, a property once linked to Tourism Minister Charles Max Fernandez.

Fernandez has always denied involvement in the sale saying that the building was sold by the Antigua Commercial Bank.

Following Cabinet on Wednesday, it was announced that the Ministry of Culture will take occupancy of the Deluxe Theater commencing January 1, 2019.

“It will retain the largest of the three movie theaters for the continued showing of cultural films and Antiguan productions.

The other spaces will be retrofitted to meet other demands,” Government Spokesman Lionel Max Hurst announced.

The purchase price of the building was not disclosed. Earlier reports indicated that it was in the region of EC$ 8 million.

CLICK HERE TO JOIN OUR WHATSAPP GROUP

12 COMMENTS

  1. Great move. This is a can do government and always does the right thing. The Performing Arts should be very happy to now have a home. Now we can develop the Antiguan talents in many aspects in an affordable way.

    • Really sideline. Perhaps you would like to point out to us (the public who I can almost guarantee are not going to frequent this building for a variety of reasons parking not being the least of them) what the benefits are in the purchase of this useless building?? Our, we the people, monies would have been far more prudently/considerately spent on such vital necessities as medical supplies for the hospital, social security, govt. school upgrades, cleaning up and beautifying St. John’s, the roads, regular water supply and the list goes on and on. I am disgusted that our money has been wasted on this crappy building in order to bail out a ‘friend’…hmmm, I guess this loan was not one that could be buried in the paperwork but that is Fernandez’s problem, not ours!

    • Apparently the government is not the new owner, probably is a cabinet member or ABLP big shot. Government is renting it so we know that is a very profitable scam based on past examples.

  2. You owe acb for the building and your friends bail you out so you nah haffe pay no loan
    Dem politician really think arwe dumb
    But wait we are

    • Do you understand how a foreclosure works. The bank take over your property and sell it to another buyer at the market value. If the balance of the loan is more than the market value then you still owe the bank the difference. If the market value is more than the balance of the loan than you will get the surplus. I believe you know how much the balance of the loan is and how much the bank sold the property for. Bear in mind that usually it takes the bank many years to sell a property they have repossessed. just take a look at the two casino’s. The one at Dickenson Bay and the one at Jolly Harbour. And the many homes that are laying derelict for many years. You cannot have a situation like that in the middle of town. And that while the ministry of culture is in need for a home for the Performing Arts. This is win win situation for the bank and the government. The borrower has nothing to do with this. Actually borrowers in most of these cases walk away from the debt and start a new business leaving the bank with the empty bag. Just look what OMG did to its creditors. The owners did not suffer a dime loss of their personal wealth. Shareholders are only liable up to the money they have put into the company. ABIB was another such situation.

  3. I hope the first production will be dubbed “The Acquisition of Deluxe”. Make sure it is uncutted so we can see all the behind the scenes wheeling and dealing. As for the rating please rate it PG and also R so all can see the Pure Greed and Rip-off of the country’s resources that is seemingly going unchecked!

  4. Antigua produces an indigenous film like once every 3 years, do we need three theatres to show a handful of films. How about keep one, and convert the other two into a actual live performance theater, dance studio, etc etc

Comments are closed.