Hotel company Jamaica Grande Limited to be wound up after decade of dormancy

The government is seeking a trustee to manage the liquidation of Jamaica Grande Limited.

Jamaica Grande Limited has four shareholders; the Jamaican government, through Financial Institutions Services Limited, has the largest interest of 49.5 per cent.

The tender document stated that the decision to dissolve the company is imminent as the only income it derives is from its deposits.

The appointed trustee will be responsible for monetising all assets, settling outstanding debts, including taxes and trustee fees, and distributing any resulting surplus to the shareholders.

Jamaica Grande Limited sold off its assets in August 2004, after a decade of operation, significantly reducing its debts in the process and ultimately ceasing operations in September of that year.

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