Saunders calls for re-evaluation of British takeover
Former PNP leader hopeful E. Jay Saunders was addressed the state of affairs in the TCI since the takeover by the British Government.
In an open letter, Saunders said quote: “Most residents of the TCI are not happy with the way the country is being governed. The nonchalant manner in how the present administration engages the public has caused them to lose any goodwill that the public had for them.”
Saunders charged that rather than treating Turks and Caicos Islanders as partners in the rebuilding of the country, the British Government has taken the position that the only way to fix the problems is to take away privileges, create more rules, and implement detailed procedures to ensure that going forward persons will have no choice but to do the “right thing.”
He asserted that quote: “What we need along with the right set of rules are leaders who are prepared to lead for others and not themselves. And we have that! However, the one way this country will not get back on track is through the indefinite suspension of its constitution.
“As such, I am publicly calling on the Prime Minister of Britain and Leader of its Conservative Party, Rt Hon David Cameron MP; the Prime Minister of Canada and Leader of its Conservative Party, Rt Hon Stephen Harper MP; and all the world leaders who believe in democracy to look into this distributing issue and help the people of the TCI stop this open-ended Order from going into force.”
Saunders was unsuccessful last August in his bid to be Leader of the Progressive National Party, that election saw Attorney at Law Clayton Greene elected as the party’s leader.
DRUGS STILL A QUESTION
Police and Immigration officials in the Turks and Caicos Islands are still at a loss for words as to how two Bahamian men managed to leave the Providenciales Int airport and arrive at the Lynden Pindling Int Airport in the Bahamas with 16 taped packages of cocaine.
The men, aged 38 and 45, had flown in to New Providence from the Turks and Caicos on a private aircraft and DRUG Enforcement Unit (DEU) officers arrested them on Monday morning.
Officers at the airport made the discovery shortly before 10am after they searched a suitcase carried by one of the men. And were later taken into custody. A Senior member of the Royal Bahamas Police Force told RTC that the men will appear in court hopefully by this week and they will be contacting the Turks and Caicos Islands police to ascertain the origin of the illegal substance.
Obama hosts China's Hu at rare private White House meal
Chinese President Hu Jintao has kicked off a four-day US visit with a rare private dinner at the White House with President Barack Obama.
Analysts say Mr Hu's visit is the most important by a Chinese leader in 30 years given China's growing military, economic and diplomatic clout.
Relations have been strained on issues from currency controls and trade disputes to human rights and Taiwan.
Talks are also expected to include North Korea's nuclear activities.
Mr Hu stepped off a jet plane to a show of pomp at Andrews Air Force base outside Washington on Tuesday, greeted by US Vice-President Joseph Biden.
In the US capital, meanwhile, raucous demonstrators protesting against China's Tibet policies gathered in front of the White House, waving signs and flags and chanting slogans.
Workers hung US and Chinese flags along Pennsylvania Avenue, one of Washington DC's chief arteries, which runs between the White House and the Capitol building where Congress sits.
Tuesday's dinner will be followed on Wednesday by talks in the Oval Office, during which White House aides pledged the US president would engage his counterpart on the top issues facing the two nations.
"Whether we're dealing with economic discussions, whether we're dealing with those in the security realm, or whether we're doing those with human rights, I think this is an argument that we have and we'll continue to make to the Chinese and push them to do better," spokesman Robert Gibbs told reporters.
On Wednesday evening Mr Obama will host an opulent state dinner.
Later in the week, Mr Hu is expected to travel to Chicago, where some predict he will sign a series of trade and investment agreements.
China's foreign ministry called Mr Hu's visit "an important one".
"We hope the visit will promote positive and co-operative China-US relations, map out new directions for bilateral relations in the new era and raise co-operation to a new level," said spokesman Hong Lei.
This is likely to be Mr Hu's last state visit to the US before a handover of power is completed in China in 2013.
US Secretary of State Hillary Clinton has said that America and China are "at a critical juncture, a time when the choices we make, big and small, will shape the trajectory of this relationship".
Both sides recognise the deep divisions that have dogged relations over the past year: the value of the yuan, the huge trade gap, human rights, US arms sales to Taiwan.
The US is also concerned by China's growing military strength.
Earlier this month, during a trip to China by US Defence Secretary Robert Gates, Beijing confirmed that it had tested a prototype J-20 stealth fighter, invisible to radar.
The US has also bolstered its support for its East Asian allies, most notably South Korea and Japan amid maritime rivalries with China in the Pacific.
The two powers have also been at loggerheads over how to curb North Korea's belligerent behaviour and advancement of its nuclear programme.
In a rare interview with foreign media, Mr Hu acknowledged the "differences and sensitive issues", but said co-operation rather than confrontation would serve both sides best.
Ahead of Mr Hu's arrival in the US, a Chinese trade mission signed six deals with US companies in Houston worth $600m (£376m) - which analysts say is an attempt to create a "positive" atmosphere for the talks.
Trade between the US and China is worth $400bn, up from $100m 30 years ago, when the US formalised relations with the communist state.
The US is also encouraging China to buy tens of billions of dollars of aircraft from Boeing, car parts, agricultural goods and beef.
A series of deals on bilateral trade, energy, environmental protection, infrastructure building, and cultural exchanges are expected to be signed during the visit, Chinese state media reported.
Meanwhile, US senators have been pressing Congress to penalise Beijing for "manipulating" its currency.
They say it is important to punish China if it does not allow the yuan to rise in value rather than manage its exchange rate - making Chinese products cheaper in the US and raising the price of US goods in China.
Mr Hu earlier said the yuan was not undervalued, and that China had adopted a "managed floating exchange rate regime" determined by the balance of international payments and supply and demand.
He also questioned the role of the US dollar as the world's reserve currency and criticised US monetary policy, saying that by keeping interest rates low, the Federal Reserve was devaluing the dollar and creating inflation elsewhere.
Members of Congress have also highlighted China's human rights record.
Laverne Ingham captures top prize for LIME’s Christmas promotion
LIME. For Living. Everyday. That is the new slogan for LIME’s refreshed brand and it was the impetus behind the company’s captivating 2010 Christmas Campaign.
LIME TCI gave the top three winners of the Christmas campaign a surprise to remember. General Manager Drexwell Seymour and Head of Corporate Sales, Delleriece Hall along with the television media greeted each winner who was picked up. Ms. Yohlean Smith, Mr. Henry Harvey and Ms. Lavern Ingham were delightfully shocked and happiness radiated on the faces of the winners as they were brought back to the LIME office in a police escorted limousine for the announcement of who had won which prize.
At the beginning of the campaign, General Manager, Drexwell Seymour commented: “LIME’s grand prize of ‘Live free for a year’ with $24,000 for mortgage plus groceries and communications is the company’s way of helping in this challenging environment which we live. Other prizes include a Family vacation and an Entertainment pack which will alleviate the burden for some customers and help them start 2011 with a bright outlook.”
The winners received a cool drink in their personalized LIME champagne flutes as they received flowers and wine. The atmosphere in the office was pulsing with excitement as the winners were seated and the presentation began.
Marketing Manager, Rachel Harvey welcomed everyone and gave a brief overview of the campaign. She said, “LIME is so pleased to be here today to conclude our Christmas promotion on a high note. All three customers won by using the text method of entry into the competition.” Staff members, Angell Gardiner, Darcia Ingham and Joanne Missick participate in the “big reveal” to indicate who had won. Each of them had a t-shirt with the name of one of the winners.
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The 3D entertainment package which included a flat screen television, surround sound speakers and 3D glasses was captured by Mr. Henry Harvey. The crowd and the winners were then eagerly anticipating who would be announced next. Ms. Yohlean Smith won the Family vacation and when it was announced that Ms. Lavern Ingham had won the top prize, she was overcome with emotions and she cried.
Ms. Ingham said, “I have never won anything in my life. Thanks LIME. This will be a great help.” Ms. Yohlean Smith said, “This is wonderful. I am going to be able to relax and enjoy a vacation compliments of LIME and I am so grateful.” Mr. Henry Harvey commented, “I said that I would enter by texting but I had no idea that I would win. I am in shock.”
Someone said at the end of the presentation, “It brought tears to my eyes.”
LIME Turks & Caicos Islands is so proud that everything worked out well for our winners. Laverne will live free for a year; Henry will kick back with his new system and Yohlean will enjoy a relaxing vacation courtesy of LIME.
TURKS AND CAICOS ISLANDS CONSULTATIVE FORUM REVIEW
Consultative Forum public meeting on January 11th and closed meeting on January 12th 2011, both attended by members of the Advisory Council to discuss Constitutional and Electoral Reform (CER) in the TCI, and to inform a response to the revised recommendations from the CER Adviser Ms Kate Sullivan. The public meeting received presentations from political, business and civil leaders.
Constitutional and Electoral Reform
Opening the session on Tuesday January 11th the Forum Chair, Lillian Misick welcomed members of the Advisory Council. She noted the particular importance of the meeting and its focus on the CER.
Forum and Council Members received presentations from the Attorney General Huw Shepheard on the main differences between the revised recommendations published last November by the independent Adviser on Constitutional and Electoral Reform Kate Sullivan, and the report of the All-Party Commission. He observed that the All Party Commission Report did not make many changes to the 2006 constitution, while the revised recommendations in the Kate Sullivan report set out a number of amendments.
Presentations from the leader of the Peoples Democratic Movement Doug Parnell, former Chief Minister Norman Saunders Snr, former Chief Minister and former PDM Leader Derek Taylor, lawyer/politician Carlos Simons, and politician Clarence Selver provided the Forum with a number of comments on Ms Sullivan’s recommendations. They largely focused on the responsibilities of the Governor and the cabinet, the size of the House of Assembly, and public financial management. They recognized the need to provide necessary checks and balances but were concerned that these should be carefully balanced so as not to curtail the initiative for future elected officials. The Chairman of the All Party Commission Wendal Swan also made himself available to answer questions from the Forum.
The Forum met in closed session on Wednesday January 12th to reflect on Tuesday’s presentations, again inviting members of the Advisory Council to join them for part of their deliberations. The Forum expressed satisfaction with the contributions of presenters in the open session and agreed to include them in the Forum’s submission on the way forward.
Immigration Reform
In addition to discussions on the CER, the Closed session on Wednesday 12th also received an update from Adviser on Immigration Lorraine Rogerson, and Permanent Secretary in the Ministry of Border Control and Labour Clara Gardiner. This covered plans for immigration reform.
Reflecting on the two day meetings, Chair of the Forum Lillian Misick said:
“The Forum was pleased to welcome members of the Advisory Council and was grateful for their participation and support for these important discussions. We were also pleased to have the input of the political leaders and community representatives who came forward to share their views on the recommendations before us on constitutional and electoral reform. I think this has been a valuable exercise to help us provide a thorough response on the revised recommendations published my Ms Sullivan.
“While we may have some differences of opinion, as is to be expected on such an important issue, there was clearly a strong desire with the Forum, Advisory Council members and contributors to ensure that the end result of this reform process is a new Constitution which promotes good governance and equal opportunities for all of us in the Turks and Caicos islands.
Buju Fans locked down Miami
Buju Banton maybe down but certainly not out and there isn’t more evidence than the huge turn out for his Buju Banton & Friends concert Sunday night at The Bayfront Park amphitheatre in downtown Miami.
The sold out show was to be streamed live by LIME TV and BUJULIVE.com, however technical difficulties prevented the streaming.
The media coverage for the event was stricter than normal, but Urban Islandz reporters and supporters were on hand to send in constant updates.
The press, who came from all over the world to cover the event were allowed only to video or photograph the first five minutes (one song) of each performance.
Every artist who graces the stage was well received by fans. It was the ‘My Cupp’ deejay himself Richie Loop who kicks things off in fine style. From then on every artist consistently raise the bar leading up to the big man himself Buju Banton.
The opening performance include veterans like Freddie McGregor, Nadine Sutherland, Everton Blender, Gramps Morgan, Gyptian and more, who all gave fans above average performances. Gramps send thank you shouts out to Stephen Marley, who gave his Miami home as collateral for Buju bail.
Other notable performances include Tarrus Riley, Shaggy, Sean Paul, Konshens, Dean Fraser, Sly and Robbie, DJ Khaled, as well as, Stephen Marley and Damian Marley who performed their new single ‘Jah Army’ to a receptive crowd.
Security officials were out in their numbers at the venue, which obviously made some patrons uneasy. Police officers, US Marshals and Buju Banton security detail seal the event tight. It was as if the security force was guarding a serial killer. But nonetheless, the concert was incident free.
Buju Banton song for fans from the heart and fans loved it, they couldn’t got enough of the Gargamel as he belt out songs from his huge catalogue of hits. Carlene who was almost at the front, told Urban Islandz that this was her first Buju Banton concert and it felt like magic.
“This was one of my best concert ever, I was at the front and could every sweat from Buju, they need to free the man,” she said.
Money raised from Sunday’s event will help cover security and other costs while on house arrest.
Buju Banton new trial is schedule to begin next month, after his first ended last year September in a mistrial.
Buju Banton has only done one interview since release on bonds late last year, his attorney David Markus says ‘Banton and his team are very thankful to the court for the opportunity to do what he lives for – performing his music.’
Windies going back to Sri Lanka at month end
West Indies will return to Sri Lanka at the end of this month to contest three one-day internationals (ODIs).
A five-match series to be contested at three venues being inaugurated to stage World Cup matches was shelved because of heavy rain in the country last December, and the three day/night matches are to make up for this.
The newly built Suriyawewa Stadium in the southern Hambantota district will stage the first ODI on January 31.
Last two matches
The Premadasa Stadium in the capital city Colombo will host the last two matches on February 4 and 6.
Both venues will stage World Cup matches, so the matches will give the two sides, as well as cricket officials, a chance to test the readiness of the facilities for the cricket's marquee limited-overs event, which begins on February 19.
Sri Lanka will co-host with India and Bangladesh after Pakistan was eliminated from the joint arrangement due to security fears.
The Sri Lankans and Darren Sammy's West Indies drew 0-0 in a three-Test series last year, which was badly affected by rain.
Apple sets new record with sales of $27 billion
Apple reported results on Tuesday for its best-ever quarter, with revenue of $26.7 billion driven by holiday iPad and iPhone sales that were much better than forecast. Apple's profit of $6 billion also set a new record.
The Cupertino, Calif., company sold 7.3 million iPads in the quarter, easily surpassing the expectations of nearly every Wall Street analyst. Those sales essentially matched iPad sales from the previous two quarters combined.
The iPad's success is coming from multiple sources. While Apple's Macintosh computers have always struggled for traction in the business world, Apple said the iPad is generating strong crossover interest from business customers. Around 80% of Fortune 100 companies have deployed the tablet for their employees.
Apple also announced that it sold a record 16.2 million iPhones, just before the smartphone goes on sale on the Verizon Wireless network, beginning next month.
"We had a phenomenal holiday quarter," CEO Steve Jobs said in a prepared statement. "We are firing on all cylinders and we've got some exciting things in the pipeline for this year including iPhone 4 on Verizon, which customers can't wait to get their hands on."
The company sold 4.1 million Macintosh computers and 19.5 million iPods during the its fiscal first quarter, which ended Dec. 25. Mac sales were at an all-time high, but still a bit below analysts' expectations. On a conference call with analysts, that raised a question about whether the iPad was cannibalizing Mac sales.
"Yeah, I think there is some cannibalization, but there is also a halo effect," said Apple Chief Operating Officer Tim Cook, referring to the way sales of one Apple product can lead to sales of other Apple gizmos. "If this is cannibalization, it feels pretty good."
The company also noted that iPad sales will likely fall back somewhat in the current quarter, since the tablet proved to be a hot holiday purchase. The iPod follows a similar trend, with holiday-quarter sales typically doubling the average sales from the other three quarters.
Apple continues to add new revenue streams. The $4.4 billion in iPad sales during the quarter come from a product that didn't exist a year ago -- the tablet computer first went on sale in April. The company also expanded its chain of retail stores, which reached $1 billion in sales for the first time.
The news comes a day after Jobs temporarily stepped down from his job, taking his second medical leave of absence in two years, and his third since 2004.
In the conference call following the financial results release, some analysts asked about Apple's business plan for the future -- especially if Jobs does not return to the company.
In response, Cook said the Apple team has "incredible depth of talent and a culture of innovation that Steve has driven, and excellence has become a habit."
He added: "We have incredible hope for the future of the company."
Apple usually provides a conservative outlook for the current quarter, but this time the company blew away analysts' forecasts. The company said it expects earnings of $4.90 per share on revenue of $22 billion this quarter, compared to Wall Street's expectation of $4.47 per share on $20.8 billion of sales.
Shares of Apple (AAPL, Fortune 500) rose more than 1% afterhours, after closing down 2% on Tuesday, in the first day of trading following Jobs' announcement.
Charges filed against 'Baby Doc' Duvalier in Haiti
Extraordinary drama unfolded Tuesday in Port-au-Prince as charges were filed against former Haitian dictator Jean-Claude "Baby Doc" Duvalier, government sources told CNN.
It was not immediately clear what the charges were.
A judge will have 30 days to investigate and decide whether the accusations merit moving forward with a case against Duvalier.
Earlier in the day, the former leader was taken into custody at his hotel and transported to a downtown courthouse for a hearing. After hours of questioning, Duvalier was allowed to return to his hotel.
A flurry of intense legal activity preceded Duvalier's emergence from the Karibe Hotel, where he had been since his mysterious return to Haiti on Sunday.
His hands free of handcuffs, he made his way down three flights of stairs and waved to a small crowd of supporters before heavily armed police escorted him away in a waiting white van.
Outside the hotel in the swanky suburb of Petionville, throngs of journalists had waited for Duvalier's appearance amid speculation that the former despot would be arrested.
Several hundred people lined the downhill road from Petionville to downtown Port-au-Prince to show support. Some held photos of Duvalier when he was in his prime and banners.
Duvalier shocked the world by returning to his homeland Sunday night after some 25 years of exile in France. He is accused of pillaging the country, siphoning money from Haiti's treasury into his family's pockets during his rule, which ended with a popular rebellion in 1986.
Human rights groups have sounded a call for justice for atrocities committed during his 15 years of rule.
Under Duvalier's presidency, thousands were killed and tortured, and hundreds of thousands of Haitians fled into exile, according to Human Rights Watch.
Michele Montas, a Haitian journalist who has fought for democracy and is a former spokeswoman for the United Nations secretary-general, said Monday night that she plans to file a criminal complaint against Duvalier.
"We have enough proof. There are enough people who can testify. And what I will do is go to a public prosecutor, and there is a public prosecutor that could actually accommodate our complaints," she said on CNN's "Parker Spitzer."
The United Nations said Tuesday that Duvalier's presence in Haiti had taken the global body by surprise and it "clearly raises issues of impunity and accountability." Rupert Colville, a spokesman for the U.N. Office of the High Commissioner for Human Rights, said a range of human rights abuses and corruption issues surround Duvalier.
U.S. Ambassador to the United Nations Susan Rice told reporters Tuesday she hoped for a peaceful resolution to the tensions in Haiti.
"I think that it is clearly a tense and fragile time in Haiti, given the unresolved issues around the election, given the cholera epidemic, and it's certainly in the interests of the people of Haiti for there to be peaceful and cooperative efforts to resolve the outstanding issues related to the elections," she said.
It's still unclear why Duvalier decided to go back to Haiti, and speculation is mounting over what he hopes to accomplish.
His presence certainly added to a bubbling cauldron of political turmoil sparked by a presidential election mired in controversy.
"Obviously this is an important and crucial time for the people of Haiti," said White House Press Secretary Robert Gibbs.
"Any political leader or any former political leader should focus not only on him or herself, but on making progress towards a set of important elections," Gibbs said, adding that such people should dedicate "their time and their energy toward the reconstruction of the country."
Journalist Amy Wilentz, author of "The Rainy Season: Haiti Since Duvalier," said the "Baby Doc" media circus was taking the focus off Haiti's leadership crisis.
"It's a giant sideshow to the electoral debate," she said.
Preliminary results of the November 28 election placed former first lady Mirlande Manigat in a runoff with Jude Celestin, the candidate backed by Haiti's unpopular President Rene Preval. However, international monitors charged fraud and a subsequent election review put Celestin in third place. Observers suggested he be eliminated from contention.
Preval's government has not officially commented on Duvalier's return, though some Haitians, craving a father figure to lead the nation out of crisis, have commented favorably on the old days of Duvalier.
Back then, the streets were safe, said Port-au-Prince resident Jean Etienne. People could walk outside at night and food was cheap, he said.
But Garry Pierre-Pierre, editor of the New York-based Haitian Times, blamed the father-son Duvalier dynasty for a nation struggling to regain footing. He said the scars still run deep from an era when no one trusted each other.
Pierre-Pierre said he hopes justice will finally prevail.
"If there is a bright sport," he said, "finally we have to face that decision that we have never faced straight up. We've been in denial about what happened during the 29-year reign of dictatorship of the Duvaliers."
Duvalier was supposed to have held a news conference Monday but it was canceled and he remained huddled inside the Karibe until he was taken away Tuesday.
Henry Robert Sterlin, a Duvalier associate, told reporters that Duvalier returned because he was moved by the anniversary of last year's tragic earthquake and because he missed his native land.
"He's deeply hurt in his soul after the earthquake," Sterlin said. "He wanted to come back to see how is the actual Haitian situation -- of the people and of the country."
Sterlin said he did not know how long the former leader had planned to stay.
The Duvalier family ruled Haiti for three decades, starting in 1957 when Francois "Papa Doc" Duvalier was elected president. He later declared himself president for life. When he died in 1971, he was succeeded by his son, then only 19.
SOURCE:CNN
Bank calls in the receivers to Newstead Belmont
Newstead Belmont Hills Golf Resort went into receivership yesterday after Butterfield Bank recalled a multi-million dollar loan.
The luxury Paget property will continue to run, although receivers Ernst and Young have not ruled out selling some, or all, of its assets to recoup the loan.
Butterfield Bank would not say how much the outstanding loan was for, or how long the hotel property had defaulted on it.
A bank spokesman said the company did not take the decision lightly but it was in the best interest of its shareholders and stakeholders.
The resort which boasts 104 hotel rooms, 74 residential units, an 18-hole golf course and world-class spa was the first new large luxury hotel to open on the Island in 30 years.
Hollywood stars Michael Douglas and Catherine Zeta-Jones were at the ribbon cutting as owner Kevin Petty said the new development ushered in a tourism renaissance for the Island in 2008.
Yesterday, Mr Petty said he was shocked when he was told the hotel was in receivership at 8am.
The telephone call came after 18 months of negotiations to restructure the financing of the property. However, negotiations broke down neither side will say why last Tuesday and the bank served Belmont and the related companies with a formal demand to repay the debt in full.
“I was not expecting the bank to make a demand for repayment at this time and I was certainly not expecting to come to work [Monday] and find that my first appointment was to be with people from Ernst and Young who have been appointed private receivers under the terms of Belmont's debentures (documents that either create a debt or acknowledge it) with the bank.
“I am in a state of shock and I am taking advice as to what the next steps may be for myself personally, the companies, the creditors, the fractional owners and the resort's employees.
“It is a most unfortunate situation but I am determined to do what I can to protect my employees and keep the resort operating.”
Mr Petty added he would continue to try and raise capital and repay the loan, saying he has already invested ten years of his life and millions of his own money.
“I have sacrificed everything to keep this project alive and I don't intend to simply walk away and lose it all if I can possibly avoid it,” he said.
“I will continue to work with the bank and receivers and hope that this is the shortest receivership in history and the project ultimately succeeds down the road.”
An Ernst and Young spokeswoman said: “Operations will continue to run under the management of the receivers. The receivers do not anticipate any immediate impact on day-to-day operations of the businesses.
“The receivers will focus on reorganising and restructuring operations to facilitate business continuity with a view to a sale of the assets as a going concern.”
A bank spokesman said they were the primary mortgage lender for the property. A spokeswoman for Ernst and Young said they were not in a position to comment on any additional mortgages yesterday.
The two restaurants on the property, Blu and Beau Rivage, are independently owned and not a part of the receivership.
When asked why the bank recalled the loan, a bank spokesman said: “The bank is exercising its legal right to place into receivership the assets of Newstead Belmont Hills Shuttle Ltd, Newstead Belmont Hills Hotel Ltd, Belmont Hills Golf Course Management Ltd and Belmont Hills Property Ltd, which were put up as collateral for various credit facilities extended by the bank.
“The bank took this action following default on payments of principal and interest owed by the companies on loans advanced by Butterfield.
“The decision was not taken lightly, but Butterfield feels it is appropriate at this juncture, and the decision to place the assets into receivership is in the best interests of the bank's shareholders and all other stakeholders.”
In 2009 the bank had $94.3 million worth of credit provision on “hospitality loans” for two properties.
By November 2010 a bank executive said the figure had risen to almost $114 million.
Previously the bank had declined to name either of the properties that had secured the loan. Newstead has long been speculated as one of the properties and a bank official confirmed it yesterday.
Newstead's receivership is the second in the past twelve months. In July last year Pink Beach Club was put in receivership.