A Cn$1.4 billion pension fund is moving to sort out the current woes at its two New Providence-based resort properties, Tribune Business has been told, pursuing a 'twin-track' approach in renewed attempts to foreclose on the $867 million New South Ocean project. It is also seeking a buy-out of its joint venture partner at the British Colonial Hilton.
In the very same week that trustees of the Canadian Commercial Workers Industry Pension Plan (CCWIPP) were convicted of failing to properly supervise the plan's investments, especially those in its two Bahamian resort properties, informed sources said the fund and its officials have moved quickly - and quietly - to resolve the latest difficulties bedeviling the hotels.
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