The $124 million advanced to the Government-owned company to settle a loan guarantee for the Four Seasons project did not go through all the right procedures.That acknowledgment has come from Director of Finance and Economic Affairs Ian Carrington who said proper permission should have been sought via a parliamentary resolution.Issuing Government’s response to the highly publicised and contentious sale of the failed project that resulted in the investment being written off – which was raised as a matter of concern in the Auditor General’s latest report – Carrington agreed that the advance given to Clearwater Bay Ltd, to settle a loan guarantee made in respect of the Four Seasons project, “was not properly appropriated”.He said it had been given based on instructions sent down by the Ministry of Finance at the time to the Treasury.In his report, Auditor General Leigh Trotman pointed out that the advance, made under the previous Democratic Labour Party administration, “was not from an appropriation as required by law”.
