Arthur Lok Jack, Chairman N&M
Barbados continues to find itself floundering in a challenging economic position. This current state of affairs means that investors continue to make decisions to ensure their fiduciary responsibility to protect shareholder interest is protected. It i no secret a saturated domestic investment market in Trinidad has driven T&T investors to look ‘outside‘ to maximize return on investments. One company which has led the T&T charge is Neal and Massy (N&M).
N&M has posted its 2013 Annual Report (153 pages). It is an interesting read but it will take a few hours. The report confirms what we know, the extent to which the Trinis dominate the local business landscape. A few observations about the 2013 Annual Report submitted by resident researcher Due Diligence.
At page 45 of the report the company reports a modest increase in profit from Barbados operations to TT$231 million. Comments about the Barbados Group are:
The Barbados Group of companies recorded an increase in profitability which is commendable given the challenges facing the Barbadian economy namely: stagnant economic growth, high unemployment and a large fiscal deficit. The country’s main foreign exchange earner, Tourism, continues to suffer and continues to see sluggish tourist arrivals and weak tourism output. In addition to the inherent difficulties facing the economy, the proposed austerity measures in the 2014 Government Budget, albeit necessary to reduce our deficit and build foreign exchange reserves, set the scene for even more challenging times ahead. Despite the gloomy outlook for the economy, Neal & Massy remains committed to Barbados and will continue to prudently invest and prepare its operations for the future. The Barbados Group will continue its deep focus on leadership development, talent management and achieving cost efficiencies as it continues to manage its operations through the current economic storm. In addition, through execution of our Barbados Retail Transformation plan, green field developments and investments in alternative energy, the Barbados Group will continue to ensure it is well poised to take advantage of opportunities when the Barbados economy rebounds.
The following is on page 11 of the 2013 Annual Report:
In December 2013, after the end of Financial Year 2013, the sales of both Almond Beach Village and Almond Casuarina hotels were closed. This marks the end of the restructuring arising from the acquisition of Barbados Shipping & Trading Co. Ltd. and the fallout of the global financial crisis of 2009. In due course, Almond Resorts Inc. and Casuarina Beach Club Limited will be wound up and liquidated.
No details were provided, we will have to wait for the 2014 Annual Report for more disclosure if the company adheres to transparency. At page 71 of the Report it records N&M share of equity Almond Resorts and Casuarina Holdings as:
Almond Resorts Inc 52.0%
Casuarina Holdings Inc 49.9%
A couple of questions:
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Who owned the remaining share of equity in these companies?
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Who was purchaser of these hotels?
Government has said it purchased the Almond Beach Village property for US$53 million with “an initial cash payment of US$25 million and the balance of US$28 million being paid over three years at an interest rate that is still to be agreed between the two parties. And will invest $500 million to demolish the Almond plant and build a new Beaches plant”.
It has been inferred in media reports that Sandals bought the Casuarina Hotel but did it? SRI/Gorstew (see – Sandals Documents) being privately owned by “Butch” do not disclose financial information. Comments like “the keys were turned over to Sandals” suggest they may in fact not have bought the property or shares in Casuarina Holdings Did Government purchase the the Casuarina property and turn it over to Sandals to operate?
What we know is that investors with smarts know when to invest to ensure their maximum interest is protected. We need our government who were elected to safeguard our interest to be smart.
Despite the gloomy outlook for the economy, Neal & Massy remains committed to Barbados and will continue to prudently invest and prepare its operations for the future. The Barbados Group will continue its deep focus on leadership development, talent management and achieving cost efficiencies as it continues to manage its operations through the current economic storm. In addition, through execution of our Barbados Retail Transformation plan, green field developments and investments in alternative energy, the Barbados Group will continue to ensure it is well poised to take advantage of opportunities when the Barbados economy rebounds.
DISPITE THE GLOOM & DOOM FORECASTERS trinidad have confidence in the future Barbados. , i take note they submit an expression of interest in an alternative energy project.
if only some of the Barbadian( large scale shopkeepers) investors would take some risk and stop looking for government handouts over the years we would have been in a better position. An economy has to be private sector driven.
An economy has to be private sector driven but Government capital works projects can contribute significantly.
Barbadians are an easy target for exploitation by T&T investors.
280000 avaricious consumers on a 166 sq miles.
They all have to eat and drink.
Are you sure you mean “peak”? Is it a record that you didn’t get past (pass?) the SECOND word without making a mistake?
“Who owned the remaining share of equity in these companies?
Who was purchaser of these hotels?”
i do not know, if she was just talking her head off or she knows for a fact but one of Rihanna’s friends, keeps mentioning that Rihanna owns the Almond Beach
Try more than just a peak!!!!!! Just look into the bank accounts of your corrupt politicians and government officials.
For the past two years I have been looking into the actions of Canada Drugs and their owners Re:/ Tom Haughton; Kris Thorkelson; Maryanne (Haughton) Thorkelson. Different government officials have looked upon Canada Drugs and those who owned/operated it as upstanding business. They look at the multitude of monies generated for the coppers of their local treasuries without any concern for just how these monies were generated and the devastation caused through the business practices utilized in its generation. In their collective eyes, blinded by the huge monies generated, this trio is prime examples of what they, the Government Officials Representing the Interests Of Canadians, consider heroes in the business world.
How would you feel if one of your loved ones went to the hospital for cancer treatment but died due to them receiving bogus drugs instead of the treatment that would save their lives…..Then seeing that those who supplied these bogus counterfeit drugs have snubbed their collective noses at the law avoiding any responsibility for their actions???????? Then You Find Out That The Canadian Government Looks Upon These Criminals As Hero’s Above The Law!!!!!
A short while ago the wife of a good friend of mine was diagnosed with cancer. She, at the advice of her doctor, went into treatment using a drug called Avastin. For six months her treatment went along just fine. Her cancer was under control with her symptoms being reduced on a daily bases.
Then, all the sudden her cancer returned with a vengeance……the drugs that she had been taking had suddenly stopped working and her cancer started to spread uncontrollably. It was then that rumors of counterfeit Avastin being shipped to unsuspecting doctors and clinics. With this knowledge her doctor had the Avastin checked and found out that what he had been administrating to my friends wife was counterfeit and contained NO active ingredients.
A month later my friend’s wife, like a lot of those who were treated by this counterfeit drug, died of advanced cancer. We do not know if she would have survived if she had been receiving a non-counterfeit drug and this would be very hard to prove in court…..therefore, due to the costs involved and the legal blockages put in place by Canada Drugs and their numerous internet drug companies scattered worldwide (and outside of the American Judicial System) any legal or civil charges were not activated.
I am requesting the help of the general public in finding any pertinent information regarding Mr. Tom Haughton, Mrs. Maryanne Thorkelson (Haughton) and Mr. Kris Thorkelson, the owners and operators of the hundreds of internet drug companies (All working under the main company called Canada Drugs based in Winnipeg, Canada) with web sites scattered worldwide.
At one point Mr. Tomas Haughton had set up shop in Barbados utilizing their lax laws and reputation of skirting international regulations especially with those who had deep pockets and plenty of graft monies to flaunt and spread around to the numerous politicians and government officials who readily stood with their greedy hands outstretched. Mr. Haughton was able, through his political and legal connections, escape prosecution in Barbados and hide out in Canada where he was able to sanitize any and all records of his existence (there is no public records of his existence and even with a physical search I could not find anything that even showed that he existed…..even his school records, his marriage records and those of his children have somehow disappeared from public view….what money will buy when it is spread around the right sources) thus hiding from public view.
Over the past two years I have been actively investigating the goings-on of Canada Drugs and those who operated this company distributing bogus counterfeit drugs to the unsuspecting public. I have been able trace the activities of one Mr. Tomas Haughton, who was the brains behind the operation, setting up hundreds of web sites to promote the sale of these counterfeit drugs. He was able to establish an operational base in the Barbados (living at 18-19 Sugar Cane, Royal Westmoreland, St. James ) where, through the utilization of his inflated bank account, he was able to flaunt the law and these drugs to the unsuspecting public worldwide without fear of prosecution.
The list of government officials who were bought off in this banana republic, paid to look the other way and to lose any documents so/as to prevent any legal actions is endless. From what I have been able to discover is that multi dollars changed hands (I have not been able to find a positive paper trail but through international banking records and coming from the scuttle bug there was talk about huge cash withdrawals being made but no tracing as to the disposal of these monies were to be found) with most of this is said to have been distributed in and to officials in Barbados.
When Mr. Tomas Haughton left the country (after important paperwork has mysteriously disappeared and any format of charges were dropped) he seemed to disappear from the spotlight but he reappeared in his home town of Winnipeg Canada. There he has taken on the task of running his partners business in the same mannerism that he had done with the illegal counterfeit drug business.
From What I have been able to discover from different news reports and public interviews Mr. Haughton has openly denied that he knew that the Avastin that he was shipping to the public was fake but even after the different news reports were issued he continued to do so.
The following are just a few of the numerous exerts that I have been able to find that were made way before these shipments finely ceased:
From an interview posted by the CBC:
According to British authorities, 82 of the counterfeit vials were shipped to the U.S. by River East Supplies, located in the U.K. and owned by Canadian businessman Tom Haughton. Haughton is currently under federal investigation for shipping counterfeit Avastin into the U.S., offering Avastin for about $2,000 a vial — some $400 less than the manufacturer’s price.
We tracked Haughton down last month in Barbados. He denied any wrongdoing and took a strong stance against counterfeits.
Fake Avastin importer claims he broke no laws
Following the trail of fake Avastin
How fake Avastin from overseas ends up in U.S.
“We’re depending on the governments and regulators to make sure these supply chains are indeed safe. I will do everything within my power to ensure this never happens ever again.”
The FDA said one distributor of the worthless Altuzan was California-based Ban Dune Marketing. In February, its owner pleaded guilty to distributing “adulterated prescription drugs” used for cancer treatment and not approved by the FDA.
According to the government, it offered big discounts on cancer treatment drugs — “14 to 60 percent” — requesting doctors keep its price list confidential.
When contacted by CBS News Wednesday, Tom Haughton had no comment. The FDA, meanwhile, would not tell us how many doctors may have received the fake Altuzan, but said these counterfeit products are potentially dangerous to patients who are relying on these medicines to get better.
Fake Avastin importer claims he broke no laws
Following the trail of fake Avastin
How fake Avastin from overseas ends up in U.S.
“We’re depending on the governments and regulators to make sure these supply chains are indeed safe. I will do everything within my power to ensure this never happens ever again.”
The FDA said one distributor of the worthless Altuzan was California-based Ban Dune Marketing. In February, its owner pleaded guilty to distributing “adulterated prescription drugs” used for cancer treatment and not approved by the FDA.
According to the government, it offered big discounts on cancer treatment drugs — “14 to 60 percent” — requesting doctors keep its price list confidential.
When contacted by CBS News Wednesday, Tom Haughton had no comment. The FDA, meanwhile, would not tell us how many doctors may have received the fake Altuzan, but said these counterfeit products are potentially dangerous to patients who are relying on these medicines to get better.
We tracked Haughton down last month in Barbados.
And from The Daily crawler I got the following:
The only FDA-approved Avastin that is allowed to be sold in the U.S. is manufactured domestically by Genetech. Five million vials of Avastin were sold in the U.S. in 2011.
The counterfeit Avastin was manufactured outside the U.S. in an unknown location, and was sold by Montana Healthcare Solutions (MHS), a company located in the Barbados, CBS found.
MHS sold the counterfeit Avastin for just under $2,000 for 400-milligram vials, $400 less than the manufacturer’s price.
Tom Haughton was responsible for bringing the drugs into the US. He runs several businesses in the pharmaceutical industry, including MHS and 3,000 website domain names.
The drugs were then sold through a complicated web of companies owned by Houghton in the U.K., Denmark, Switzerland, Turkey and Cairo, according to CBS sources.
I have nothing to hide,” Houghton said when interviewed by CBS News about bringing counterfeit drugs into the U.S. “The businesses that I have are ethical, safe and legal.” When pressed further by CBS, Houghton admitted he was “not sure what the U.S. laws are.”
“It’s my fault that my company sold this product,” Haughton said. “But I’m telling you we sourced it from the controlled and regulated EU supply chain that millions of people trust every day.”
A source close to a federal investigation told CBS News that Houghton’s involvement in bringing the counterfeit drugs into the U.S. is a key part of the investigation.
CBS also learned that Tom Houghton is one of the leading suppliers of Canadadrugs.com, the “largest and most trusted” online Canadian pharmacy, who alleges that they had nothing to do with the fake Avastin being sold in the U.S. Furthermore, Canada Drugs says that Tom Houghton is “one of [their] trusted partners.”
Regardless, the U.S. Food and Drug Administration says that it is illegal for pharmacies based in Canada or other countries to ship prescription drugs into the U.S.
“Canada Drugs is not licensed in any of the U.S. states,” Carmen Catizone, executive director of the National Association of Boards of Pharmacy, said. “They are violating state law every time they ship a package into the U.S. to a U.S. patient.”
Catizone also noted that “no drugs that are being shipped via the Internet to U.S. consumers from these websites we’ve identified actually come from Canada or have actually been approved by Health Canada.”
The FDA has sent letters to 19 medical practices, saying they may have purchased the counterfeit drug which contained no active ingredient, containing mainly salt and starch.
“We use Avastin in combination with other chemotherapy,” Dr. James Speyer, head of the NYU Langone Cancer Center said. “In some these colon, lung and renal cancers, it significantly changes the rate of response and may change survival.”
“Counterfeit drugs is a huge problem in the United States,” Catizone said. “The estimates are that $75 billion worth of sales of counterfeit drugs occur annually.”
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Tags: Avastin, Counterfeit, FDA
And these are only two of close to six hundred news articles and interviews that I have been able to uncover.
It seems that, with the monies that were made through the sale of counterfeit drugs and the unscrupulous business practices that he had become famous for, this ???criminal???once again has found a way of circumstancing the laws of the land and inflating his and his partner’s bank accounts.
He,hiding behind his high priced legal team,
RE:/ (Aikins Law, re:/ AIKINS, MACAULAY & THORVALSON LLP,
and represented by one JOHN B. MARTENS
occupying the 30th floor of 360 Main St., Winnipeg, Canada, R3C 4G1…
phone number 204-957-0050)
Presently Mr. Haughton is employed as a manager for Thorwin realestate (Owned by Kris Torkelson) and the only reliable address and phone number that I can get on him is:
Niakwa Park Place
200-1310 Archibald Street,
Winnipeg,
Canada, R2J0Z4
With a phone number registered under Thorwin Real Estate re:/phone number 204-253-1885.
Once again he has found a safe haven, with the sanitation of official records, hidden from public view. To try and bring this individual to justice might be a pipe dream given the resources that he has at his disposal. Knowing his past history of using his political and legal influence (paid for through the enormous profits gained through his internet drug business) and the fact that he has become an expert at circumstancing the law, I realize that what I am trying to do will only come about with the assistance and information coming from those who he had maltreated.
These fugitives from justice might have found a safe haven hiding out in Canada but they are not forgotten. Just how many people, how many loved ones, who went to their doctors for treatment and were given not the treatments that would have saved their lives but a counterfeit drug being sold by a company whose main objective was inflating their bottom line??????? And how often have these criminals gotten off through them bribing or paying off government officials and the justice system allowing them to go Scot free????? Just how many people have had their hopes and dreams shattered through the criminal actions of these predators who preyed upon the innocent sick and dying human beings who needed the help that this drug would have given them….that is if they had received the drugs that they needed not the counterfeit knockoff that was sold by these criminals who hide behind their lawyers and bought off politicians.?????? I feel that it is time to give them a taste of their own medicine!!!!!!!!
I am presently seeking information on the location; the addresses and Phone numbers of Kris Thorkelson; His Wife Maryanne (Haughton) Thorkelson and Tom Haughton….owners of Canada Drugs who sold counterfeit drugs to unsuspecting people worldwide: To allow these criminals to live freely in Canada just goes to show the depth that Canadians have lowered themselves…..
Please have your office write to him and their highly paid legal team who protects them from prosecution and let them know that they might be able to run but they will eventually get caught……They might be able to buy off and bribe those living in a third world banana republic but they will not escape just punishment……let’s make their miserable lives pure hell and give them an example of Canadian Justice!!!!!
Any information regarding these criminals and their activities, no matter how trivial, would be greatly welcomed.
Please forward this message to any and every person that you can…..Lets get these criminals off the streets.
Thanks Jacko!
Interesting to learn that minister Donville Inniss was summons to present to the Trinidad Chamber and Commerce today. It seems there is heightened concerns from the T&T money men who have a lot at stake given the drift in the local economy.
C News Live
Like This Page · 13 hours ago
SM Jaleel has proof it did not ship cocaine: SM Jaleel Limited officials say the shipment of Trinidad Juices, which turned up in the United States along with 732 pounds of cocaine, did not leave their factory. In a statement issued on Tuesday afternoon, the company said its examination of the labels used on the Trinidad Juices product turned up an inconsistency – the labels on the tins had the wrong coloured ink on the part which declares how much liquid is in each tin.
They said this is evidence that the labels were counterfeit. Officials from the company also appeared CTV’s First Up Morning Show on Tuesday. Robert Lim Choy, the company’s Import/Export Manager, said SM Jaleel may be targeted by smugglers because unlike other large manufacturers in Trinidad and Tobago, they do not have overseas plants or factories. “We’re one of the few manufacturers in Trinidad that don’t have a bottling plant in the UK or the US that people could go use to export without asking questions.” Read More: http://ow.ly/sPpC2
Economy on the rebound, says Barbados minister
Story Updated: Jan 22, 2014 The Barbados government is currently spending 54 cents of every dollar it generates in revenue on public sector wages, the country’s Minister of Industry Donville Inniss said yesterday. He flew to Trinidad and Tobago from Bridgetown to be the guest speaker at the Chamber of Commerce’s first quarterly business luncheon at its Westmoorings headquarters. Inniss outlined both the social and financial problems that have impacted the country’s economy since the global meltdown in 2008. But he also pointed out that even though its tourism product was affected by the global financial collapse, the island was beginning to rebound and enjoyed a good winter tourist season last year. Inniss also highlighted a number of areas — including real estate, financial services and business development — that could prove lucrative to Trinidadian entrepreneurs who are willing to invest in Barbados. “I’m not here to lecture or make cheap political platitudes. The truth is, if I were still an investor I would raise questions about the economic and social conditions (in Barbados),” he told Chamber members. Trinidadian businesses invested BDS$70 million in the island in 2011 and both countries enjoy good trade relations with each other. But there is an ongoing trade imbalance. Trinidad and Tobago exports almost US$400 million of mostly petroleum products to Barbados, which has no oil or mineral wealth of its own. In turn, Barbados exported just US$39 million in goods and services to Trinidad in 2008. Inniss noted that his country’s high wage bill and decline in tourism were “at the core” of what hurt the island’s economy. Its expensive, subsidised social programmes — US$200 million on public health and US$300 million on free education for Barbadians — would challenge the “greatest economic minds” for a population of 300,000 people, he said. Austerity measures, “an abundance of political noise and a decline in tourism from United Kingdom markets”, have all hurt the Barbadian economy, he added. But there are also economic positives. Inniss pointed out that tourism was on an upswing, with difficulties over Christmas to book a reservation at a good restaurant on the island. Hotel bookings were also up, he said, adding that if a person wanted to rent a car on the island, they would have to wait until February because of high demand. Areas that Trinidadians can look to invest include real estate (where one property recently sold for US$30 million), financial services, retail and cultural events like carnival. “We invite Trinidad and Tobago to come party with us and invest in our cultural industry. We are not on a mission of charity, we have turned a curve and are moving up now,” he told local investors and business people at the luncheon. But he also noted that the Barbadian government was taking steps to improve its economic conditions. One of the tougher measures is the plan to cut 3,000 public sector jobs by the end of this month. Inniss was confident though that investment in the island would reap benefits and Barbadian will be able to find jobs and reduce the country’s unemployment to below seven per cent by 2018.
One question that boggles the mind is why would Lok Jack recommend the closure of Bwee Airlines which used Barbados as its major hub in the Eastern Caribbean with daily flight to major Barbados’s major source markets in the USA,Canada and the UK,when Lok Jack was chaiman of Neal and Massy Holdings owners of the 3 Almond Properties in Barbados.Bwee Airlines continues to fly as Caribbean Airlines,however they have hatcheted and de-hubbed Barbados ,since they no longer operate direct to these markets from here.
The Guyana press is reporting that COPA airlines of Panama will begin twice weekly service to that country beginning July 2014.
@ Bushie:
we note your marked absence of any contribution to this thread.
Are you still that rapaciously filled with your anti-Trinidadian sentiments?
You have the raptorial predisposition to blame all of Bim’s commercial impotence on the poor BLP accusing the last administration of selling out all the once thriving Bajan businesses to the ‘Trickidadians’ for a few dollars of forex.
We wonder what you have to say about the praises being sung by one of your favourite DLP johnnies named Inniss who, in sycophant enthusiasm, is welcoming with open arms more ‘Trickidadian’ investments in the distribution and retail sectors. He promises to do everything in his power to see investments flows to these areas from T&T take place as smooth as possible under his watch.
Maybe he is preparing the wicket for the Trickidadians eventual takeover of the airport as part of the diversification strategy of their investment portfolio in Bim.
But what’s so new about the country’s gold and silver assets being sold for forex? It started with vigour under the Sandiford administration when strategic manufacturing assets were sold off as part of plan to stave off devaluation. It looks like you guys are back to square one.
Note Innis mention to the T&T businessmen that tourism is on the rebound. Well you be the judge.
On 23 January 2014 21:42, Barbados Underground
A Dominican company is buying Barbados KFC franchise for $30million.
Revised treaty of Chagaramus allows caribbean countries to exploit each other’s consuming masses of spend don’t save (Bushie wha you does call dem again?)
I hope the $30million will be reinvested in Barbados but in a Capitalist country you do what you choose with your money.
@ Miller
” Bushie:: we note your marked absence of any contribution to this thread.
Are you still that rapaciously filled with your anti-Trinidadian sentiments?”
Shiite Miller ….you are some kinda gallows bait hear…?
Skippa, Bushie may be retired, but the bushman still need to tend to the couple dollars… (OK couple $M.. 🙂 ) ….also, why wunna feel that Islandgal has been so quiet recently…..think Bushie easy nuh?!?
Secondly, BUSHIE IS NOT ANTI-TRINIDADIAN….
In fact, Bushie has great admiration for Trinis…..especially how they are extracting such revenge for those calypsos bout the Bajan and Trini wid the “meat in the rice”, and bout “three coins in a fountain”….
You feel we should tell them that we were only mekking sport…?
Ha Ha Ha
Trinis are NOT brass bowls like Bajans….go down there an see if you could get a fountain built now as a Bajan….
LOL ….you could not even tek a flying fish out of um……
Barrow was right.
We woke up and found that these fields and hills no longer belong to us – and that we are now loitering on foreigners doorsteps – RIGHT HERE in BIM……
Brass bowls….
Hants | January 22, 2014 at 3:00 AM |
Barbadians are an easy target for exploitation by T&T investors.@
True when the same lawyers and Minister title holders sell out Barbados .
Passing money is not proof of ownership when dealing with fraud , and for quick gains, Every thing in Barbados is for sale but not from the true owners , The same people you look up to as so called BIG ups are the biggest crooks, What them well , Ralph Thorne and the other Judges who were lawyers at the time in in this up to their ROBES, Clerk of the Court who ran out the door in July of 2013 knew the kitchen was getting hot.Take a look look at the Names in Barbados , Clarke , Simmons, Williams, Lashley, Mascoll ,Herbert, Cummins, Cheltenham,Forde,Nicholls, et.al, These are just a few of the Family Names that show up all over the place doing dirty to the people of Barbados , from the CHURCH TO THE GOVERNMENT HOUSE., With the biggest names in REAL ESTATE in Barbados. When an Audit is done so will them All,
At this point Barbados will be where it needs to be .Right side up.