Statement from the Minister of Finance on loans provided to Fairmont Southampton employees

Good afternoon.

On the 23rd October 2020 the employees of the Fairmont Southampton were made redundant. At the time, the hotel ownership was unable to meet its obligation to make redundancy payments in a timely fashion to more than 700 employees, and there was no guarantee as to when the owner, Westend Properties Ltd. (“Westend”), or the ultimate owner Gencom would be able to make the payments.

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