est. 2007

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Growth Development Incorporated Is Our Featured Company~We Need Others To Come Forward!

Managing director of BNB, Robert Le Hunte (left) shakes hands with Minister of Tourism, Noel Lynch, as Bruce Bayley, part owner of Growth Development Inc., looks on. Growth Development Inc. owns 51 per cent shares in the Sapphire Beach project   Growth Development Inc. owns 51 per cent shares in the project, while Hotels and…

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sapphire.jpeg

Managing director of BNB, Robert Le Hunte (left) shakes hands with Minister of Tourism, Noel Lynch, as Bruce Bayley, part owner of Growth Development Inc., looks on. Growth Development Inc. owns 51 per cent shares in the Sapphire Beach project

 

Growth Development Inc. owns 51 per cent shares in the project, while Hotels and Resorts Ltd owns the other 49 per cent. Growth Development Inc. is owned by Jada Development who is the contractor on the project, as well as Bruce Bayley and Peter Harris who are private investors.

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At BU we are always happy to see government partnering with private sector to develop Barbados. More companies need to come forward and help to mobilize development in the country. In the interest of transparency, we are asking that Minister Lynch tells the public something about the set-up of the company and other relevant details behind the Sapphire Beach Project. The development is where the bulldozed Dover Convention Centre was located. We are please… it appears that something will be rising into the skies from that location soon, after several years of nothingness. This now explains why Minister Lynch was hesitant to reveal information on the famous Sunday Brasstacks program a couple months ago. We find it interesting because a search of the registered companies in Barbados reveals that Sapphire Limited was created in 2004 when quizzed by Adrian Loveridge!

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Come to think of it Minister Lynch, the planning of this project would have been ongoing at the time you created history by walking-out from that live David Ellis program. We do remember you declining to answer questions on the financial health of HRL ltd. If negotiations were happening at that time, a man who is known to be seized with all information regarding his ministry, would he not have known a ball park number when asked about the debt burden which HRL aka GEMS was carrying at the time?

  1. How is the government of Barbados financing their 49% in Growth Development Inc? Is it coming from the Consolidated Fund or private sector funding?
  2. Does this company fall under the purview of the Financial Management and Audit Act 2007-11 or is it set-up like HRL Ltd?
  3. Whose idea was it to go with this concept, government or private sector?
  4. The philosophy of the government when they established Hotels and Resorts Limited, has it changed? BU read somewhere that Hotel and Resorts Ltd was set-up to improve hotel room stock on the South coast. It appears that the Sapphire Development will be high-end condominiums.
  5. How was the bank selected to partner on the project? Was there some tendering system to determine which bank might offer the best financing package to ensure that the taxpayers of Barbados benefit?

There are other questions which BU will ask in the future; however, we accept the ground breaking yesterday, and that there will be time for more information to flow into the public place.

Related Barbados Free Press Story

Barbados Tourism Minister – “Let’s Pour More Tax Money Down This GEMS Hole. NO… You Can’t See The Financial Statements You Stupid Bajans”

22 responses to “Growth Development Incorporated Is Our Featured Company~We Need Others To Come Forward!”

  1. Adrian Loveridge Avatar
    Adrian Loveridge

    Condominiums being built by a private sector company for sale on Taxpayer’s land.
    Yet we have no idea of just exactly how much Hotels and Resorts Ltd are in debt and when did they last publish audited accounts?
    David Shorey, still Chairman. How ‘we’ continue to reward people for failure!
    And as Minister Lynch seems to be finally up-to-date with the goings-on with GEMS, can he please tell us where the proceeds from the sale of Eastry House and Silver Rock (transfer tax exempt) GONE?

  2. Wishing in Vain Avatar
    Wishing in Vain

    And again we have another piece of beachfront property being converted into condos as is the case with the old Dover convention center.
    When are we going to learn that these condos are going to be the doom of our hotel industry we are having a constant decline in hotel rooms meanwhile the condos are increasing at a rate just look at the prime real estate along the west coast that is now moving from hotels to condos.
    I am very happy to see that they have made Sandy Lane remove the bricks from across the road in front of the road of the hotel this is a good move wonder who allowed it in the first place was it the PM and only after the pressure he changed his program.
    NO more condos we need more hotel rooms fix the ills in the industry and allow hoteliers to make money and let them grow this can only be done by having someone with a brain heading the ministry of tourism and certainly Lynch does not fit this bill replace him install Adrian Loveridge or someone with a care and understanding of the industry not an idiot like Lynch.

  3. Trying to make a comment but Avatar
    Trying to make a comment but

    I see today that we are starting yet another condo project this one being sponsored by the gov’t of all people I thought that I heard it with my own two ears that minister lynch stated that research was being done on the impact of condos on the tourism sector but yet we commit taxpayers monies to this project before the research is done?
    This appears backward step to me this latest project must have the directors and shareholders of Jada smiling as they have conned the gov’t to free up our taxpayers land to build condos that a few of them will be making a handsome profit from,to be built on another piece of taxpayers owned beachfront property that would serve well as a hotel location.
    Somehow I think we have the cart before the horse here ??????????
    My other question here would be how much money is Noless Lynch making for arranging this deal with Bayley and company ?
    We have to seriously address the issue of these hotels versus condos and I am amazed that the gov’t can be party to such a development in this present setup this is nothing short of madness, what do we the taxpayers get out of the sale of our lands in this arrangement ?

  4. james Avatar
    james

    If true, that’s very dissapointing indeed. I hear that she’s done excellent work for Barbados in the UK tourist market and is probably well paid for it. Is this something that’s official yet/ an investigation in progress or just inside talk so far ?

  5. Zulu Avatar
    Zulu

    “Growth Development Inc. owns 51 per cent shares in the project, while Hotels and Resorts Ltd owns the other 49 per cent. Growth Development Inc. is owned by Jada Development who is the contractor on the project, as well as Bruce Bayley and Peter Harris who are private investors.”
    *****************************
    Clarify: are you saying that Bruce Bayley and Peter Harris are part owners of Growth Dev Inc?
    If HRL is putting in 49%, is the land on which the condos are to be built owned by the taxpayers? Is this another Kensington Oval scenario where the gov’t built on lands owned by the BCA?
    TTMACB
    I have to agree with you. The minister is on record as saying that research has to be undertaken on this whole condo/hotel thing.
    These ppl are sick to the core.

  6. Zulu Avatar
    Zulu

    Who is de husban’? And wha he does do?

  7. Wishing in Vain Avatar
    Wishing in Vain

    He was a Roach guy he had a brother that used to work for BWIA he was a dancer and went to New York and caught AIDS and died years ago, his other brother worked for Air Canada, another hotelier that is close to Owing used to service her before this young boy was on the scene.

  8. Conflict of Interest? Avatar
    Conflict of Interest?

    Does David Shorey Chairman of HRL sit on the board of CGI insurance? If he does, is the involvement of Bayley and Harris in Saphire not a conflict of interest?

  9. Wishing in Vain Avatar
    Wishing in Vain

    Have you seen Owing and company operate anything goes when they can con us out $ 200 million in the prison they can do anything and get away with it.

  10. David Avatar
    David

    Conflict of Interest ~ it certainly is but what are you going to do about it? When Mascoll was on the other side he was instrumental in bringing some pressure with the JAWS affair but Shorey withstood the barrage with Wilkinson being the “fall guy”. In fact Wilkinson appear to be doing very well financially since leaving the CEO of GEMS job.The last time we checked Wilkinson appears to be still on the Llaro Court invitation list so he did not fall very far. It is amazing that the GEMS concept has failed but many of the same players appear to be involved in its transformation.

    A constructive point we think which has been loss to all all so far. The BLP has some advantage by having Mascoll on their side now. They can ensure that all mistakes made on the GEMS project are avoided on the Sapphire project!

  11. Adrian Loveridge Avatar
    Adrian Loveridge

    David.. Amazing TRULY amazing…

    But it seems to be the modus operandi..
    reward people for failure!

    Did we ever discover why David Shorey was removed as Chairman of the former Caribbean Commercial Bank?

  12. Wishing in Vain Avatar
    Wishing in Vain

    BFP Link

    Is this project going to be using Chinese Labour as well.

  13. Peltdown Man Avatar
    Peltdown Man

    What usually happens with these condo projects is that the devlopers each get a condo as part of their “cut”. They then sell it or rent it for personal rather than corporate gain. It also avoids income tax. Neat.

  14. Wishing in Vain Avatar
    Wishing in Vain

    Peltdown ManAre you telling me that the top two floors of this erection will be for the sole use of Owing, Lynch, Bayley and their clan of crooks?

  15. Peltdown Man Avatar
    Peltdown Man

    WIV
    No, because I do not know which individuals will get a condo, if indeed, anyone does. What I said was that this is what “usually” happens with condo projects.

  16. David Avatar
    David

    Adrian~we have been unable to find out why CLICO fired Shorey but found out some interesting titbits from the past which appear relevant with the news of the Sapphire Development.

    MARCH 26, 2003 – Mascoll on Arthur’s modus operandi of creating state-owned private companies.

    “There is a strategy on the part of the Owen Arthur Administration – establish private companies that will not report to Parliament in any reliable time period, just like GEMS – two years later you are not sure what has happened over the last two fiscal periods. You have to guess about the losses at GEMS. You are going to have to guess about the Hilton.”

    OCTOBER 25, 2002 – Mascoll attacks Arthur on his connection with close friend, GEMS boss, Rodney Wilkinson, and accountant David Shorey.

    “How could you not know that your best friend [Rodney Wilkinson], who was in your ministry, who then turned around and got a job as chief executive officer of Gems that was under your portfolio, how could you not know of his elevation? . . . There is lots to be revealed. I am a researcher and I intend to research this to the bone.”

    “. . . This is the same Shorey of GEMS fame, chairman of Hotel and Resorts Limited. The same Shorey who was consultant to Cable & Wireless at their failed rate hearing. The same Shorey that Government paid a quarter-million dollars for a cricket study for the BCA (Barbados Cricket Association)”

    Source of Information

  17. Wishing in Vain Avatar
    Wishing in Vain

    His initials are B first name A middle name W last name he use to service Beverly as well.
    Seems to me it was a case of wuk for wuk.

  18. Wishing in Vain Avatar
    Wishing in Vain

    I wonder if David Ellis or anyone from the media may have considered booking an interview with Hallam Nicholls and or Glyne Bannister to seek their input as to their involvement with Owing et al afterall his name has been mentioned in the house and it was stated that he collects a commission on every and that is every vehicle coming into the island for the gov’t of Barbados that includes the fire trucks the trams at Harrisons cave every vehicle coming into Barbados that is criminal indeed.
    Surely as one who is so involved in everything that happens in Barbados he would love the chance to comment and clear his or their names of the dirtyness it has now.

  19. Wishing in Vain Avatar
    Wishing in Vain

    No awaiting further news now, I think you got your man from the West and North.
    No MM not likely to be playing in that ling.

  20. Wishing in Vain Avatar
    Wishing in Vain

    BVD you keeping your ear to the ground on this one?
    Lets see if Lynch can tiptoe around this issue in his ballet shoes so as not to keep any noise.
    He would be more at home in ballet shoes than cowboy boots anyway.
    Or will he turn a blind eye to matters there to maintain peace and unity in his ministry.
    This level of incompetence cannot be allowed to roll on unabated or controlled the ministry needs direction that is sadly not getting from its minister.

  21. Undercover... Avatar
    Undercover…

    Sometimes i see the german doctor outside daughter partying real hard with her friends in Barbados.I ask a friend mine who very friendly with her who is paying for all that.

  22. Condominiums In Barbados~ A Question Of Balance « Barbados Underground (BU) – bringing the news to the people

    […] Minister Barney Lynch was the biggest proponent of the condo model for Barbados. Did he not partner with Bruce Bayley and the Barbados National Bank to build condos on the South Coa… Now that the government has changed it would be interesting to find-out if this is another project […]

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