Former Finance Minister Harold Lovell is demanding that the government produce audited financial statements to support its claim that the Jolly Beach Resort has turned a profit of US$1.5 million under the management of the Barrett Group.
Speaking at a United Progressive Party (UPP) town hall meeting held at Freedom House on Monday night, Lovell described the government’s statements about the profitability of the resort as “unverified” and potentially misleading.
“Where are the audited financial statements?” Lovell asked. “We keep hearing about this $1.5 million in profit, but no one has produced any documentation to show where that figure is coming from.”
The government has previously stated that under the stewardship of the late Sir Robert Barrett, the resort began generating profit following years of financial hardship. Prime Minister Gaston Browne has suggested that the Barrett Group will continue to manage the property, even after Sir Robert’s passing.
However, Lovell cast doubt on both the profitability and the sustainability of the current management arrangement. “Rob Barrett was one of the most outstanding hoteliers in the region, and his personal leadership was a major factor. But there’s no guarantee that the same success can continue without him,” he said.
He further warned that using Social Security funds to support the redevelopment or operation of the resort, based on such unverified profit projections, would be “reckless.”
“This isn’t NAMCO’s money. This is Social Security money—money that belongs to contributors and beneficiaries. If you’re going to risk it, you need hard facts and full transparency,” Lovell argued.
He also noted that the Social Security Board has not been presented with key documents, including a valuation of the property or detailed operational reports. “To this day, the board has not seen any audited financial statements for Jolly Beach or even for Social Security itself in recent years,” he said.
Lovell reiterated his call for the government to publish full financial disclosures relating to the resort’s management and any proposed investment from the Social Security Fund, warning that failure to do so could have long-term consequences for pensioners and other beneficiaries.