Movement on the Clearwater Bay (Four Seasons) Project

Local multi millionaire rumoured to be taking over the 'blighted' Four Seasons project

Local multi millionaire rumoured to be taking over the ‘blighted’ Four Seasons project – Click to read tender on the sale of Four Seasons Property

It is good to read about government’s effort to wrestle the Four Seasons beast to the ground – finally. It maybe tactical to have placed the tender in this weekend’s press which is sure to go unnoticed by many Barbadians who are gearing up to party in the last lap for Crop Over 2013.

All discerning Barbadians look forward to full disclosure promised by Minister of Finance Chris Sinckler on this matter. Until he does Barbadians will begin to speculate about whether Ansa Merchant Bank has called the $120 million guarantee and the implication. It seems like a long time ago the late David Thompson went to parliament to validate the Clearwater Barbados Guarantee which was meant to kickstart the project. The media has reported the tender is meant to give the appearance of transparency. Given government’s hands-on approach to managing the project, it begs the question whither Project Manager and Chairman Avinash Persaud who was requested by the late David Thompson to retrieve the project?

BU notes that the tender requires that any new investor must be equipped to start the project within 12 months of signing. The tender notice gives until the 30 September 2013 to submit offers. It means that this project will likely not mobilize for another 18 months IF the rumour is true that a local multi millionaire has decided to bail the project.

Good luck!

37 comments

  • The following article is of interest because MoF Chris Sinckler and MoT Richard Sealy have advised Bajans that the Chinese will help to finance the purchase of Almond:

    Tufton: Chinese investment model must adjust to region’s challenges
    Friday, August 02, 2013

    OPPOSITION Senator Dr Christopher Tufton says offers being made by China for low-cost financing for infrastructure projects in the region will not be taken up at the desired rate, due to the requirements by Chinese lending institutions for government-backed sovereign guarantees.
    Senator Tufton, the Opposition spokesman on foreign affairs, foreign trade and investment as well as the co-executive director of the Caribbean Policy Research Institute (CaPRI), cited the high levels of indebtedness by Caribbean territories and their self-imposed or multilateral institution- imposed restrictions on incurring further debt as one of the challenges of taking up the Chinese offer.

    TUFTON… cites the high levels of indebtedness by Caribbean territories and restrictions on incurring further debt as one of the challenges of taking up the Chinese offer

    1/1
    He was addressing an audience of researchers, policymakers and business interests attending the recent China-Latin America and the Caribbean Think-Tank Forum in the Chinese capital Beijing.
    Citing Jamaica as an example, Senator Tufton said the agreement between the International Monetary Fund (IMF) severely restricts Jamaica’s capacity to borrow further as it attempts to meet a target set to bring the debt to within 95 per cent of GDP by 2020.
    “This means that the Jamaican Government will have to borrow and spend less, while managing the economy to facilitate growth,” Tufton told the forum.
    He argued that this was a difficult task in and of itself, but more so since key growth enablers include major Government-controlled infrastructure projects such as the ports. He said the challenge in Jamaica is similar in the region as six of the 10 most highly indebted countries in the world, on a per capita basis, are located in the Caribbean.
    The CaPRI co-executive director said a possible solution to this challenge would be for the Chinese Government, through its primary lending agencies — China Exim and China Development banks — to reconfigure their lending models to support non-sovereign-backed guaranteed loans, such as public private partnerships (PPPs) and joint ventures with regional private sector entities. “This would ensure faster take up of these funds, assist the growth agenda of struggling Caribbean economies, and strengthen relationships between China and the region in both the public and private sectors,” he said.
    At the same time, Tufton said more effort is needed by both Chinese investors and regional host countries to facilitate a better understanding of respective business cultures, while building strategic long-term relationships that are mutually beneficial. There are still lingering suspicions and even distrust between Chinese investors and local host country stakeholder groups, particularly the private sector in these territories, he said. “This will make PPPs and joint ventures difficult to achieve, since these investment models require closer working relationships over the long term between Chinese and local stakeholder groups,” Tufton said. “This can be overcome, not just by how contracts are configured, but through mechanisms to facilitate better cultural understanding and relationship building,” he argued. This, he said, could be aided through cultural and trade exchanges between China and the region.
    The Beijing Think-Tank forum was sponsored by the China Foundation for International Studies and the Chinese People’s Institute of Foreign Affairs with the aim of facilitating better understanding of the region’s challenges and opportunities, and areas for investment and trade collaboration between China and Latin America and the Caribbean.
    Read more: http://www.jamaicaobserver.com/news/Tufton–Chinese-investment-model-must-adjust-to-region-s-challenges_14795689#ixzz2asIckASz

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  • What we need in Barbados is a serious boost to journalism especially in the financial arena.

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  • ‘Four’ sale
    The Four Seasons property. (FP)
    Sat, August 03, 2013 – 12:09 AM
    The Four Seasons project is now officially up for sale.
    And potential investors will not only have to outline their plans for construction on the stalled project but show that they can “initiate construction” within a year after purchase.
    A notice in yesterday’s newspapers invited the offers to purchase and develop the near 32-acre property at Paradise Beach that consists of partly constructed villas.
    “The mortgagee, in assessing the suitability of the proposals for purchase, will take into account the capacity of the proposed purchaser to initiate construction of the approved project no more than 12 months from the date of purchase,” the notice stated, noting that the project already had Town and Country Planning permission for the construction of a hotel and private residences.
    “Offerors will be required to enter into a collateral developmental agreement in relation to the property and their proposals in relation to construction of the approved project should be clearly set out in their offers.”
    Potential investors now have until 4 p.m. on September 30 to submit their offers. (DP)
    http://www.nationnews.com/articles/view/four-sale/

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  • A gangster

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  • @ David [BU]

    Do you think Sinkliar knew about this when he had his conversation with the people last week Sunday?

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  • @pieceahderock

    Of course the MoF knew the details but to be fair his position on shielding disclosure was driven by the confidentiality factor.

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  • @Pieceahderock

    Regarding the Almond deal, again, in hid position he must have had sight of the term sheet.

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  • With past experiences, by now Government should be boxing in the foreign investors with pre-conditions – if their plans are to destroy existing structures in order to rebuild, any halt to destruction and subsequent construction before it is 100% finished should be met with a loss of punishing bonds and/or deposits, if not confiscation of the entire property and additional fines levied.

    The days of Sam Lords Castle and Paradise being levelled and then threats being made for additional cash from the taxpayer in order to start construction should never be seen in Barbados again.

    Four Seasons is a global multi-Billion dollar organisation and should be publicly shamed – globally – for their criminal greed in the Barbados farce, and that company should never be allowed to enter Barbados again.

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  • Look for Kyffin Simpson and Bjorn Bjerkham in the investor mix; probably won’t have to pay full price for the propery.
    @anonymous
    Four Seasons is a hotel management company same as Hilton. They don’t get involved in bricks and mortar development. It wasn’t their greed that screwed this project up. Until this project is finished, Four Seasons have nothing to manage.

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  • It appears Paradise Development went south when investors lost confidence in Pemberton and Patterson.

    On 3 August 2013 14:12, Barbados Underground

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  • Trini connection

    Tell the truth MOF Sinkler, Is Trini in on this deal. Which bajan entrep to which you point? Kiff Kiff naah. Let us not fool our selves nor our Bajan counterparts. Oil men stick to oil. Real estate to estate COW nahhh. Makes sense not true. Who is this entrep to which you direct Sinks?

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  • Trini Connection
    LP? and/or Duprey, the Trinidad CLICO maguffy?

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  • @ Anonymous
    “Four Seasons is a global multi-Billion dollar organisation and should be publicly shamed – globally – for their criminal greed in the Barbados farce, and that company should never be allowed to enter Barbados again”

    Really? Stupse! I wonder if Four Seasons know that their name is being associated with this fiasco. As “call a spade” commented “Four Seasons is a hotel management company same as Hilton.” My understanding was that they had opted out quite some time ago but it suits the jackasses around here to keep calling it “Four Seasons”.

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  • @checkit-out

    Maybe you missed it but it is estimated that it will take 400 million to do this. What LP what!

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  • Trini connection

    Check -it
    Try the Jack. Sprats no or never.Millions maybe trillions Sir David fiend. Trini in everythings even in Bim sight?

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  • Who is the Mortgagee? Ansa Merchant Bank?

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  • BU notes that the “OFFERS TO PURCHASE AND DEVELOP” should be submitted to Inn Chambers. Is this the Law Chamber who has King on board, the husband of the late David Thompson’s personal assistant? A damn incestuous pit it is. B or D same crap.

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  • Heard so many complaints about that King, they are totally disgusting and intertwined in each other, pit of vipers does not begin to describe.

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  • COW can’t raise that kind of capital now. He is owed millions and owes millions. Still trying to get Apes Hill moving. Bjerkham, I am told, has a backer in the US — money in Port Ferdinand. Bjerkham is in JADA with Philip Tempro. Tempro and David Simpson (Kyffin’s son) are married to two sisters. Connecting a few dots here, but could be just blowing smoke. Have to wait and see.

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  • Trini connection and Call a Spade;
    The release said multimillionaire Barbadian afairecall. So Jack Warner is probably out. LP (and Duprey) could be in but it would be pure boldfacedness. What about LP, Johhny C and Duprey? LP has proven that he has no dearth of bold face, perhaps compensating for by lack of couth. Kiffin might be a little stretched these days having just recently acquired Exxon Caribbean. But could it be a consortium with some of these heavy hitters? Just guessin

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  • Checkit-out

    Leroy does not have that kind of money.

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  • millertheanunnaki

    @ David:

    There is something rather ‘fishy’ about this twist of events where the mortgagee is inviting bids to purchase and develop the rusting Four Seasons (FS) project.

    If you are inviting bids why the need to talk about making the process transparent while at the same time you confirm that you the mortgagee are in very delicate discussions with a local super rich business tycoon to take on the same project?
    How transparent is that and shouldn’t all bids involving public funds or State input be transparent?
    On the face of it, any private entity individual or consortium (unless it is made up of the same rich business magnate already earmarked) would be wasting their precious times and resources involved in the bidding process. It seems that this is a fait accompli one way or the other (fire sale to the loaded businessman already identified or the official death notice for the project). Asking others to make offers is just disgustingly insulting to right thinking Bajans, to say the least.
    If slick tongue Persaud could not do it, how can a two bit suspect lawyer seal the deal other than put money in his pocket?

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  • @Miller

    The Budget MAY reveal all, finally.

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  • Investigate and connect the dots David.

    http://www.kingdom.com.sa/kingdom-holding-acquires-100-of-four-seasons-toronto-canada-for-200-million

    Maybe Persaud should persuade alwaleed to add paradise to the kingdom

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  • @Hants

    It maybe too late for Professor Emeritus Avinash Persaud.

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  • so much questions on this one. where do i start? i don’t know a lot about this project but just going on was reported this stinks to the stars. correct if i’m wrong but here goes:

    who secured the money from Ansa Merchant Bank?

    where did the US $60 million from NIS go? did it go?

    what happen to the IDB money that was said to be approve for this project?

    was Simon Cowell and other not sues the developers? how does this play out in trying to sell the property? and

    who owns the property? Who is the Mortgagee?

    how much from this “sale” does NIS get back? how much does the mortgagee get? how much does the owner get?

    is Persaud still on the payroll? if yes, who is paying him? if no, what was he paid in total?

    i will stop for now. i don’t know much and these maybe really stupid primary school questions but they tell me there are no stupid questions only stupid answers. i don’t know i ask and i’m really lost on this one.

    CLICO to my mind was the biggest fraud pulled off on the people of this country. i have come to the belief that we will never know the amount of stealing which took place in that place, but to me, the layman, this Four Seasons scam makes CLICO look like a walk in the park to use the term.

    this thing is unf@$king believable.

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  • Oh my!- “LIE” part two! this whole saga reminds me of porgie and murda reverse macaroni pie! -you start with the finish(toppings) and then cook backwards” .
    MoF stated on brasstacks that he had some offers before him that he was reviewing and the public should know shortly. We now learn that the sale is now up. We can Iinfer that what he has before him was received before publication of the offer and has to be sent back to meet the mortgagees specs. Or that the publication is “window dressing”.
    Rumors have it that” what they “Requests” of a particular overseas company was thrown out by some big up investors who claimed that the amounts offered were way out of line” and left the meeting.so we are back to square one. this was months ago.
    Given the time lines,conditions stipulated and deadlines, don’t hold your breath for any action soon. (remember this project is over 6 years delay already). Mr Sinkler is reported to have said that” this project being fast tracked,albeit at a ‘slower pace”..BOGGLES THE MIND!!!(the tcpo reminder is bs. has been so 6 yrs ago.
    I think that Mof has some stuff in store for us, he wants to clear his cupboard of this project (tabula rasa) and get us primed for the budget blows! he has asked us to hear him out carefully! what we are seeing is a bit of truth coming out……”nothing really has been forthcoming for four seasons” we have now started from scratch!

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  • @thunda

    Given the political machinations at play one wonders how the interview with Ellis was arranged. We got the impression that VoB extended an invitation to the MoF but did it go down as we were made to believe?

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  • Miller said:

    “If slick tongue Persaud could not do it, how can a two bit suspect lawyer seal the deal other than put money in his pocket?”
    _____________________________________________

    From all reports, that is what the said lawyer is very skilled at doing, making sure depositors lose their deposits, particularly for beach front properties, while he and his cohorts pocket large sums, the depositor(s) just has to walk away. Why do you think investors are also so hesitant about Barbados, the word has spread.

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  • Let it be made clear once again that the Barbados Workers Union called for an inventory of the labour attached to this 4 Seasons Project since they had contended that locals could find no work on the project,which was a lie.In this nastiness,they were aided and abetted by a compliant lot of DLP sycophants who pestered the call in programmes day and night criticising the project and maligning the then OSA administration of selling Barbados to foreigners .As Zin Henry would say, the upshot of all this led foreign investors to become nervous and the collapse of the project followed.It’s a paradox that the same DLP through the dead king, brought on board Bishnoo boy, to rescue the project and after 5 years Bishnoo boy can’t show we the money nor the investors.Meanwhile Bishnooboy done talking,Sikliar done talking,Freundel never says anything and all ‘o we guessing who the mutimillionaire is that will get that piece of real property for a song,just to get it offa Stuart han’.

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  • On the DLP TV tonight PM Stuart is warning LIAT to shape up or!!Or what PM.I have repeatedly said that LIAT is Antigua and so long as that is the situation,you will find out the hard way that you can do nothing about LIAT
    so long as it remains headquartered in Antigua with all the tired management
    who are living high off the hog and protected by the unions and politicians in Antigua.You are wasting taxpayers dollars on LIAT.Redjet might have been a better bet but you would have needed skilled hardnosed airline experience to ensure your bases were adequately covered in dealing with Redjet.EWB had the network for this kind of stuff.The minister assigned was far out of his depth.

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  • The following WSJ article provides a good background to this matter:

    http://online.wsj.com/article/SB10001424052748704423204575017191067750712.html

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  • millertheanunnaki

    @ Gabriel Tackle | August 4, 2013 at 7:53 PM |
    “I have repeatedly said that LIAT is Antigua and so long as that is the situation, you will find out the hard way that you can do nothing about LIAT so long as it remains headquartered in Antigua with all the tired management.”

    This is the main problem with LIAT. A bunch load of politically appointed incompetents calling themselves managers are the biggest stumbling block to that airline improving its performance.
    Despite what Freundel says for political grandstanding purposes his fellow politicians in the region have contributed a lot to the current state of affairs by their manipulative involvement along with their political appointees like the chairman insistence on micromanaging the day-to-day activities and decision making processes of that overburdened airline.

    Just dismiss Fumble. We heard similar hot air regarding the fishing agreement between Barbados and Trinidad & Tobago.
    Where is his minister responsible for International Transport or the MoF.
    He should be focusing and talking about the debt owed to the UWI and all the promises and lies emanating from his MoF.
    Fumble promised that under no circumstances Bajans will be asked to pay for education at the UWI at the point of access. We shall see if he will keep silent on this most pressing matter.

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  • LIAT Head Office (hub) cannot be setup in Barbados unless we get CAT I status.

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  • yes why not sell barbados to foreigners so we can be chamber maids and gardeners and they import some more whites to run it.cause you know bajans too lazy and stupid for that job.plus, the whites can bring family in and have a ball in your country while you carry the concrete blocks,dumb asses.

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  • There is an interesting perspective on “The Four Seasons Project “ by Andrew Mallalieu in the Terra Caribbean “Red Book 2012”. It’s on page 101 “Market Outlook and Emerging Trends” and there is a section dealing with the Four Seasons Project. Here is the link the “Red Book 2012”.
    http://content.yudu.com/Library/A1vzup/TheRedBook2012/resources/index.htm?referrerUrl=http%3A%2F%2Ffree.yudu.com%2Fitem%2Fdetails%2F490985%2FThe-Red-Book-2012

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    PLANTATION DEEDS BID NOT ONE CENT , WE HOPE YOU ALL CHECK FOR CLEAR TITLES BEFORE YOU LOSE MORE MONEY IN THIS MASSIVE LAND FRAUD DEAL ,,, SUCKERS BORN EVERY SEC.
    HEY IT LOOK LIKE TWINS.

    Like

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