By Sean Douglas
\nFriday, December 5 2008<\/i><\/p>\n
MINISTER of Planning, Dr Emily Gaynor Dick-Forde, said over $40 million was paid in commissions to the agents who arranged financing of the Waterfront Project, replying to a question by UNC Senator Mohammed Faisal Rahman in the Senate on Tuesday.<\/p>\n
She said the agents for the borrower, the Port-of-Spain Waterfront Development Limited, were First Caribbean International Bank (collateral agent and financial advisor) and Wells Fargo Bank, North America (trustee).
\n
\nThe agent for the lender, Barclays Capital Limited, was the law firm of Fitzwilliam, Stone, Furness-Smith and Morgan (local counsel). <\/p>\n
The fees paid to Barclays were $40.35 million for onward transmission to the various US counter-parties involved in the financing transaction. She said another agent, Chicago Title, had earned US$1.032 million. First Caribbean International Bank had earned fees including TT$1.417 million, US$10,853 , and US$25,000. She said Wells Fargo bank had been paid US$8,100 in trustees fee. <\/p>\n
The cost of the Waterfront Project has been previously reported as between $1.5 billion and $2.29 billion.<\/p>\n
http:\/\/www.newsday.co.tt\/politics\/0,91185.html<\/p>\n","protected":false},"excerpt":{"rendered":"
By Sean Douglas Friday, December 5 2008 MINISTER of Planning, Dr Emily Gaynor Dick-Forde, said over $40 million was paid in commissions to the agents who arranged financing of the Waterfront Project, replying to a question by UNC Senator Mohammed Faisal Rahman in the Senate on Tuesday. She said the agents for the borrower, the … Continue reading Over $40M in agent fees on waterfront project<\/span>