This has happened after the Minister for Finance and National Planning, the Hon Lisiate ‘Aloveita ‘Akolo, officially signed a Deed of Agreement of Transfer of Leasehold Estate and Interest in Land and Related Assets with the Liquidator of the Hotel, Mr Wayne Madden of Nuku'alofa. During the last few months, the Hotel was placed under liquidation, and meant to be put in the market for sale. However, government thought that this is a prime national asset and had agreed to pay off all non-government creditors, allowing the Hotel to be returned to the ownership of the government.Meanwhile, the Cabinet has authorized the Minister for Finance and National Planning, Mr Lisiate ‘Aloveita ‘Akolo, to be responsible for the management of the Hotel until a more permanent arrangement is made. He is also authorized to appoint an interim Management Committee to assist him with the management and operation of the Hotel, as well as the welfare of the staff. According to Minister ‘Akolo, the immediate plan includes the conducting of a preliminary assessment of the structural, financial and operation position of the Hotel, which will be used as a base for inviting of potential investment and management contracting partners to take-over the long term management of the Hotel. In other words, the government has no intention of managing the Hotel, instead, it will be contracted out, with the government still maintaining ownership or the majority shares. The International Finance Corporation, an arm of the World Bank Group, has offered to assist in conducting the preliminary assessment of the Hotel.
ENDSIssued by the: Ministry of Finance and National Planning, Nuku'alofa, 2012.