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Privy Council slashes US$46 million judgment against Antigua-Barbuda
Published on March 1, 2014 Email To Friend    Print Version

Half Moon Bay, Antigua

ST JOHN’S, Antigua -- The Privy Council in London has slashed, by about half, a multi-million dollar award the government of Antigua and Barbuda had been ordered to pay Half Moon Bay (HMB) Holdings for its property compulsorily acquired in 2007.

In a statement following the judgment, the government said it was vindicated in its assessment, saved taxpayers’ money, and “now job-creating development can move forward at one of the most beautiful beaches in our country.”

"This is a big win for the people of Antigua and Barbuda," the statement said. "It means that we will soon finally have this episode behind us and we can move forward with job creating development. It shows that we were on the side of right all along and that taxpayer money will be saved."

The Privy Council decision overturns the 2011 Eastern Caribbean Supreme Court of Appeal order for the government to pay HMB around US$46 million with interest at 10.25 percent per annum.

The new valuation is more in line with the US$23 million the government of Antigua and Barbuda has been insisting was the worth of the property.
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