Professor Avinash D. Persaud, Chairman of Paradise Beach Limited
Today the NATION has reported that law suits have been filed by UK billionaires Lucian Grainge and Aidan Heavy. Those who have followed the Four Seasons Project know that this is an OLD matter which has resurfaced. The NATION article quotes denials by Mia Mottley and Professor Avinash Persaud, principals for the project, that any NEW action has been filed against the project. Further, the matters are said to being handled amicably between the lawyers. Again this is an attempt at yellow journalism given the emotional nature of the Four Seasons transaction for Barbadians, SHAME!
BU understands there were some meetings held recently where property owners and other key stakeholders of the Four Seasons Project were present. While we are not privy to the finer details of what was discussed, we have learnt that the property owners are not happy with the Mercedes driving chairman Avinash Persaud. He would have done well to keep the likes of Sir Philip Green and other property owners happy because if they are not the Four Seasons Project is likely to continue to struggle.
The property owners led by Sir Philip – who controls Simon Cowell’s investment – have given Persaud 30 days to produce all the documentation on the project, after which a new company will be created and certain parties removed from the board. It appears there is some disagreement about how a certain 60 million dollars was used to liquidate debt.
BU further understands the influential and very rich Sir Philip Green has expressed his appreciation at the effort made by the government of Barbados to resuscitate the Four Season Project. Such confidence by property owners is expected to translate in a bigger representation on the board of the reconstituted company. The good news for Barbadians is that the property owners will commit to complete the villa aspect of the project with the hotel funded from the IDB drawdown which has already been approved.
The meetings of late served to clear communication lines which appeared to be clogged and should have been the responsibility of the omnipresent Avinash Persaud. BU has not been able to confirm if proposed changes include the replacement of Persaud’s Queen’s College alumnus Mia Mottley who is one of the lawyers on the project.
It is no secret BU has been at the vanguard of cries against the investment of NIS funds in the Four Seasons Project. While our position has not changed, we are happy to learn of the renewed commitment by Sir Philip Green and other heavy roller investors without which the Four Seasons Project is doomed.
Uh-oh! So those bad people at the Barbados Nation somehow influenced the London Times to print an outdated story when, indeed, things are now on the up and up with the Four Seasons Project. NIS is putting in the 60 million US (when they had only apparently wanted 50 million), IDB has agreed to put in their bit; and the private, well-heeled investors are happy that they will eventually recoup their investments and no longer want them back now.
Good work Mia!
Shame on the Nation!
@Checkit-Out
The key here is that what was reported in The Times is old soup.
David. You said in your chapeau above
It appears there is some disagreement about how a certain 60 million dollars used by Persaud to liquidate debt was used.
That sounds interesting! Is that a recent 60 Million $ or an earlier 60 Million Dollars? In any case it sounds as if a good Investigative journalist would prick up his ears at this one.
Or is that sentence a mistake?
@Checkit-Out
It is our understanding the villa investors put up 60 million to restart the project but Pemberton and Patterson paid bills with it.
This is obviously before Persaud.
So Philip Green is a Sir…. Just the kind of chap you would want your kids to fashion themselves after. This Sir thing is really something else. If ever I was offered a Sirship, I would publicly refuse it … wrong company
Casino people wouldn’t have these delays.This project lacks money am I expected to believe that villa sales will make this project profitable? They better call in the Obeah man and get the jinx off of down there.
Now how could the NIS put up US dollars? They plan on repatriating some of the overseas investments that they have made over the years (with the generous collaboration of the Central Bank)?
Mia Mottley is the lead lawyer in a major Government initiative … You see why lawyers does que put to run fah office? Now they got Nicholls, Hinkson, Braddy’s daughter and a few others looking for spots at the trough … Not my vote. Not fah shite
The Nation majority owned at least the local end by BLP operatives will do its utmost to stymie any plans by the DLP to get Barbados moving again. If Mia and Rawle Eastmond have Owen Arthur cornered he knows there is a ray of hope in the anti government crusade by the Nation.
The $60 million is surely the original money raised from Ansa McAl to get the project going again. This was the subject of the Barbados Government guarantee.
That money was used to pay off creditors and buy some land which the development was on which was not owned by Pemberton/Paradise.
That says everyting about the quality of the original management on the project – build (or plan to build) on land you don’t own? Madness!
Something puzzles me about this story. You say that villa owners are happy with the efforts of the Government to resuscitate the project and are unhappy with Persaud, but who is the person responsible for getting the ANSA Merchant Bank loan to pay the creditors? Who is the person who negotiated the IDB loan? Who is the person who negotiated the NIS loan?
It is true that the Government (read David Thompson) guaranteed the ANSA loan and the Government (read Chris Sinckler) supports the NIS investment, but someone had to drive these initiatives.
And then there are the little innuendos like the “Mercedes-driving Persuad.” What is this to signify? And “there is some disagreement about how a certain 60 million dollars was used to liquidate debt.” Tell us what the disagreement is David. Or you just listening to cocktail circuit gossip. We Bajans have jealousy imprinted in our DNA. As soon as someone is successful there is the implicit suggestion that wrongdoing is involved.
You know the more I see and hear I realize that Four Seasons is a lot like the flyovers. One idiot makes an ill-conceived comment and scuttles a great solution to moving traffic from every parish in the island except coastal Christ Church and St. James across the highway at peak times and Bajans vault onto the bandwagon like wildebeest in migration.
I pray and hope that Four Seasons gets built because the benefits to Barbados will be substantial. And what are the alternatives? That the site remains an open scar on what is prime economic land, harbouring criminals who hide behind the hoarding to prey on unsuspecting locals and visitors alike swimming at one of the best beaches on the island. What a waste of a prime natural resource. But we like it so, it seems.
to me the nation story reminded us of why the government got involved in the first place.
Can we really afford to have that kind of bad press in our main market? This issue needs to be settled in a favourable manner soon.
Don’t fret about the fluff, is it true that the developers have not been happy campers through the process even after Persaud took over?
The 60 mil referenced was injected by Greene and other investors earlier and Pemberton and Patterson have not satisfied all concerned about their stewardship of said funds? The investors are still pissed about it.
Interesting the NATION has published denial by Paradise to the TIMES story which it ‘regurgitated’ on Sunday. Why not one story?
Bajan to d bone
You know the more I see and hear I realize that Four Seasons is a lot like the flyovers. One idiot makes an ill-conceived comment and scuttles a great solution to moving traffic from every parish in the island except coastal Christ Church and St. James across the highway at peak times and Bajans vault onto the bandwagon like wildebeest in migration.
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Totally agree
$40 Million to broadcast porn audio during the weather news at CBC….where NIS$60 Million to Four Seasons gine really end up??
Everything BU has been discussing.