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FDAWLA Issues Statement

The "NRA Agreement" Documents

We are pleased, for public interest purposes, that the Cayman Islands Government is releasing two reports relating to the NRA Agreement between Dart Realty (Cayman) Ltd, the NRA and the Cayman Islands Government (the "NRA Agreement"). The reports are accompanied by the First and Second Amendments to the NRA Agreement and a draft third amendment.

The first report, dated October 2012, considers the value-for-money impact of the NRA Agreement and two subsequent amendments dated 28th April 2012 and 25th July 2012.

The second report, dated May 2013, is issued in draft only and considers the potential value-for-money impact of the NRA Agreement as amended further by the draft third amendment agreed in principle on 12 April 2013. As the third amendment is unsigned, this report remains in draft form.

The basis of preparation of the reports for the intended recipients, the Cayman Islands Government and Dart Realty (Cayman) Ltd, is set out at the beginning of each report.

The overall findings with respect to value-for-money are summarized in Section 9 of each report. (The reports as released in PDF form are scheduled to be up on the government website on Monday.)