Together Gibraltar Remains Unconvinced by Developers’ Reassurances on Victoria Keys and Requests Meeting from Government

Following on from the press statement released yesterday by “spokespeople” of the Victoria Keys project, Together Gibraltar reminds Government that the proposed project is financed with taxpayers’ money -funds borrowed from foreign lenders (£300mil). Government is funded by taxpayer and if the Government owes interest and capital in the future, it will always be the taxpayer who foots the bill.

In the press statement of yesterday, the developers say: “We’ve got nothing to hide”. It would therefore be a good start if they declared the names of the interested parties including the beneficial owners if they really have ‘nothing to hide’.

Further details which would be welcome by the people of Gibraltar, if they really have ‘nothing to hide’ would include details like, how much is being spent on the reclamation, what the interest rate will be, and over how long. Other questions that need clarifying include, why is Government funding a private enterprise in general? And whether it is on an exclusive basis in particular. If it is on a commercial basis, why doesn’t a commercial enterprise fund it for the developers? After all, these are commercial terms. And when and why did we stop seeking external investment in Gibraltar?

Unsurprisingly, the developers say they are “very excited” and have worked on several reclamation projects with successive governments and that “they’ve always been a success”. Are the developers implying that those of us questioning details of the development are now getting in the way of lucrative business for this particular set of ‘successful’ developers?

The people of Gibraltar deserve answers to these serious questions and in lieu of the eternal press release marathons between Government and Opposition, Together Gibraltar has today written to the Chief Minister to request an official meeting in order to clarify these questions and unknown factors in what could be the biggest capital project that Gibraltar may see in decades.

We look forward to reporting back to the community on the findings of this meeting in due course.

Together Gibraltar