June 13, 2012--PROVIDENCIALES, Turks and Caicos Islands -- The bank holding the mortgage on the Alexandria resort in Providenciales, Turks and Caicos Islands, has placed the resort into receivership.

Local sources have anticipated this move for some time, as the resort has a reputation for not being able to meet its expenses.

The developer and director of the corporation operating the resort, Washington Misick, has said that customers of the resort need not to be concerned, as business will be conducted as usual.

Shareholders in the resort are reported to include Misick, his brother and former premier Michael Misick, as well as known Progressive National Party (PNP) supporter and businessman Sherlock Watkins. Watkins has several land holdings in the TCI and has the largest marine store and franchise marine operations, based in Provo.

Washington Misick was a former chief minister from 1991 until 1995 when he lost the election to the Peoples Democratic Movement (PDM) as then led by the current PDM leader Derek Taylor. Washington Misick also was the chairman of the board of directors of the TCI Bank, which failed in April 2010, taking down with it the savings of some 4,000 depositors.

Washington Misick also heads Prestigious Properties, a large real estate agency, which was recently named as an intermediary for tainted funds destined for the campaign coffers of the PNP, but which ended up being deposited to the personal accounts of Michael Misick.

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