The National Investment Bank of Jamaica (NIBJ) has washed its hands of the Sandals Whitehouse Hotel project in which it is a partner, saying the bank was not the project manager and “we don’t need to comment on the matter”.

“At this stage, enough has been said. The contractor-general’s report is clear,” said Aubyn Hill, the NIBJ chairman, in the only comment he would make to the Sunday Observer.

The NIBJ, with the Urban Development Corporation (UDC) and Gordon ‘Butch’ Stewart’s Gorstew, built the Westmoreland hotel, which was Stewart’s dream plan for opening up the way to south coast tourism and economic development for that area of the country.

But when the hotel’s completion was delayed and agreed features not delivered, Sandals, which manages the property, sued for lost millions of dollars in refunds and free-stays and heavy discounts to guests. Sandals, Jamaica’s most successful brand internationally, was also severely damaged, Stewart complained.

The contractor-general investigated the project and cited massive cost overruns that some have put at up to US$41 million. Following the contractor-general’s report to Parliament accusing the main partner, UDC, of deliberately concealing information from his sleuths, Vin Lawrence, the UDC chairman, resigned from that post and all other state boards he headed.

But up till Friday, the NIBJ was the only partner which had kept quiet while charges and counter-charges flew about who was responsible for the cost overruns.

From his terse comment to the Sunday Observer, it was clear that Hill, a former head of the National Commercial Bank, would like it to remain that way.

The NIBJ, created by Government in 1975, states on its website that: “Through equity financing, NIBJ invests in development projects that are designed to improve and broaden the country’s economic base. Equity financing is done primarily through the taking of Preference Shares or utilising a Convertible Debenture and, in special circumstances, Ordinary Shares.

The bank’s investments are limited to:

. investments made in Jamaica;

. a minority stake in any one company; and

. a maximum of 40 per cent of a project’s cost except where the company’s input can be assessed to include its net worth, the website said.

Sandals Whitehouse is an ultra luxurious hotel that boasts a European village atmosphere, several gourmet restaurants and white glove butler service. However, the palatial surroundings came at a heavy price tag. According to his 73-page report issued in July, Contractor-General Greg Christie attributed US$22 million of the cost overruns to changes in the scope of works and another US$17 million to the overruns in time.

Although Lawrence subsequently resigned, the UDC insisted that there was no deliberate attempt to incur the cost overruns. Gorstew has maintained that it was kept in the dark about overruns by the UDC, despite vigorous efforts to get financial information from the project manager.