The Government of Anguilla is perhaps making its most decisive effort ever to find out what is happening at the Flag Project which has been closed since around the latter half of last year, with no apparent indication as to when work will resume.

L-R: Hon. Chief Minister Fleming, Hon. Victor Banks and Hon. Evans Rogers

Obviously tired about the scant information, and the uncertainty surrounding the mass development on some 220 acres of land with 125 leased from the Crown, Chief Minister Osbourne Fleming, and Minister of Finance, Victor Banks, told media representatives on Tuesday this week that the Government will be meeting with the Credit Suisse financiers of the project, those persons owning the uncompleted residences there, as well as Mr. Sillerman, one of the developers, to find out the true status of the development and whether or not the project will continue, change hands or whatever.

“We are pursuing the idea of trying to reopen this project,” the Chief Minister told the reporters. “We have now written a letter to Mr. Sillerman, to Credit Suisse, the financiers, and representatives of the Home Owners to express how we feel about the project going forward. To that end we have summoned a meeting with Mr. Sillerman and his partners, Credit Suisse, and representatives of the Home Owners, to this office next Monday, 23rd February at 10 a.m. We feel it is time that we sit and speak with these people so that we can find out the way forward, what’s happening and, by so doing, we can then tell the people of Anguilla what the position is with Flag.

“The letter states clearly that the Government cannot sit [idly] by and see this project constantly going down without finding out what is happening with Flag.”

Mr. Fleming said the Government had not spoken with the project’s bankers before and one of the reasons for meeting with them was that no “straight answers” had been obtained in all the discussions the Government has had with the developers over the past months. Another disturbing matter was the constant laying off of the remaining few persons there. “One of the areas that we don’t want to see any layoffs is security so we felt that because Credit Suisse has an interest [as well as] the Home Owners, we need to let them know that the Government of Anguilla will not sit idly and see the security diminished. That must continue at least. Secondly, we want to find out from Credit Suisse what their position is regarding the financing: whether they intend to go forward or they are not going forward at all.”

Mr. Banks had this to say: “We want to have a joint meeting where we have all the stakeholders – Credit Suisse, Mr. Sillerman and the Home Owners. The Home Owners have approached us wanting to know what the Government’s position is because the flow of information is not satisfactory…We had certain assurances of course but in these times nothing can be sure…This project was critical for the enhancement of Anguilla’s tourism product and the golf course meant that perhaps 20% more people would come to Anguilla because they want to play golf. That has been an important part of our marketing and our business plan and if that is not happening we need to know why. And if Credit Suisse is going into foreclosure with the property, which we have been hearing, or if Mr. Sillerman is going to engage a new buyer, we must know who the new buyer is and he or she or ‘the it’ must come under certain conditions which will probably change the conditions we have today.

“Anyone of those parties can say ‘we will not come to the meeting.’ I think that is their right but I think it is also our right to have them sit down individually perhaps, but also as a group of stakeholders to discuss the way forward. They may want certain things from us as well as we want to hear certain things from them so I think it is important.”

Mr. Rogers added his thoughts to the matter. “Let us not fool ourselves,” he interjected. “If security is not available at that particular project, who knows the type of vandalism that will go on there?” He said that from the Home Owners’ and the Creditors’ standpoint, what they would have to sell would be much less than what was now there.

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