Almond pays out $9.7m

Thu, July 05, 2012 - 12:08 AM

Almond Resorts Inc. shelled out $9.7 million in severance and other payments to the near 600 workers who lost their jobs when the flagship Almond Beach Village in St Peter was closed at the end of April.

This was revealed yesterday to shareholders of Almond Resorts Inc (ARI) by deputy chairman and Neal & Massy group chief executive officer Gervase Warner, during a special shareholders meeting at the closed facility.

According to reports from the meeting, Warner revealed that the company also had paid out $600 000 in penalties for not meeting contractual arrangement with tour operators and guests.

Shareholders reported that Warner, who heads the Trinidad and Tobago-based conglomerate, said the hotel group was unlikely to expend more money in severance charges because the two other hotels – Almond Casuarina in Christ Church, Almond Beach Club in St James – would be sold as going concerns. (GE)

Please read the full story in today’s DAILY NATION, or in the eNATION edition.

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Posted by Kenneth King 10 months, 3 weeks ago: We just don't learn do we, how many more closers are in the making from the twin island state. It seems that someone is trying to break us and somehow it always fails; we " we tek de uppercut" buckle to our knees for a while but then we move on but my worry is how long can Barbadian accept this incompetence of business ethics each time a foreign company open it's business here.

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Posted by yogi Ni 10 months, 3 weeks ago: That is why BS&T should have never been allowed to go into Trinidadians hands. Who were the persons that really profited from Selling out BS&T???

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Posted by Bim Bum 10 months, 3 weeks ago: Maybe we're not in control of our destiny
like how we *think* we are?

If Bajans want CONTROL, this come along with Financial Independence!
When these distress sales come along, those Bajans wid nuff mout
need to pull their pocket and buy de ting
so WE BAJANS can control it!

Talk cheap -it tek MONEY to buy rum and hotels.

Doan be crying because Trini decided to tek de ole ting ouka his back pocket and throw it away because he has no use for it any longer.
It is Trini's to keep -or throw away. Simple so.
No nationalistic emotion involved, not for Trini at least.
It either mekkin money or it's a dead horse.
Simple so!