New Onion

So, we’re seeing a public-private partnership to build large docks. Smells like an opportunity for more legal corruption.

Cross Island Marina will be built under a private-public partnership between the West End Development Company (Wedco) and South Basin Development Ltd….

“The multi-phased Cross Island Marina project will offer approximately 200 slips, along with support and club facilities. It will include a mix of slip sizes —100 to 250 feet and possibly in excess of 300 feet long — to accommodate both mega-yachts and those smaller in size. The marina will offer exceptional services for yacht owners, captains, crews and their vessels and it is anticipated that a large number of local yacht owners will take advantage of the new facility.

Here are my questions:
- Who is “South Basin Development Ltd.”? EVERY SINGLE SHAREHOLDER.
- Has the contractor been chosen? ie. is this just to keep Correia’s Gravy Train continuing after the cruise ship terminals and other Dockyard work is finished?
- Is it going to be public risk, private profit?
- Why would mega yachts come here to be serviced?
- Is there a shortage of slip space in Bermuda?
- How do the financials work? Who pays for what? How much will it cost?
- What local yacht owners (I can think of 5 “local” boats and some ferries that may be large enough to use such a facility)?
- Where are the people going to come from to run it/do the work?
- How will the average person be better off?

This smells like another hair-brained idea ripe for corruption and self-dealing. Convince me it’s not, given the history of government projects down there the burden of proof is on those claiming not to be crooked.