Burt Administration’s loan agreement not so savvy

By September 27, 2020No Comments

Statement from OBA candidate Patricia Gordon-Pamplin

The Burt Administration’s agreement to loan $800,000 to Savvy Entertainment raises more questions than answers – especially as the loan may not to have been backed by security in Bermuda, according to OBA candidate Patricia Gordon-Pamplin.

“The $800,000 loan was repayable over three years, which is around $22,000 a month, plus interest, from a so-called entertainment business that does not appear to have had any trading activity.

“How can a ‘non-business’ re-pay $22,000 a month?

“The Burt Administration has given money away to a non-Bermudian ‘music promoter’ whose company has no track record. How many other loans like this have been agreed by Premier David Burt?

“The Premier’s recent ‘apology’ stated the $800,000 loan had security. From the Appendix to the contract, it appears that the “security” may have been the equipment Savvy planned to buy with the money.

“But where were the so-called assets that were supposed to secure the loan? Were they in Bermuda? Did the assets exist at all? The people’s money was just handed over to the promoter? Why?

“This money belongs to the people of Bermuda. How can the Premier have been so gullible to have approved this dodgy-looking deal? Let’s just hope this was incompetence and nothing more than that.”

Not so savvy.

We will do better.