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Azopardi wrong on Sunborn lending – 215/2023

By April 6, 2023 No Comments

Reacting to Mr Azopardi’s interview with GBC today, the Chief Minister, the Hon Fabian Picardo KC MP, said: “Mr Azopardi is wrong to suggest that the Government was involved in any sleight of hand in respect of the lending by Credit Finance Company Limited to the Sunborn. The Government confirmed that it, the Government, had no lent any money to the Sunborn. The Government further confirmed that Credit Finance Company Limited, which is owned by the Gibraltar Savings Bank, not the Government, had lent money to the owners of the Sunborn.

“As a result, Gibraltar was able to secure a five star hotel. This was a much needed facility which the community and in particular the financial services and gaming sector needed. The operation of the hotel has created jobs and direct income to the Government in terms of PAYE and Social Insurance payments. “Additionally, the Credit Finance Company Limited has been repaid its capital AND made over £12m in profit on the loan.

“Mr Azopardi should want to avoid reminding people of how wrong they were on the Sunborn, both in substance and in form. The public can see it is just the same old disappointing GSD. Not ready to support things which are good for Gibraltar. Not ready for Government.”