Chris Mchale is the one everybody loves to hate. He has been embroiled in controversy of one kind or the other in the last 20 years. One endearing quality (BU’s view) no one can deny is his willingness to take on all-comers. The latest two, PwC and FCIB in a decision handed down by Justice Olson Alleyne on 11 March 2014.
Disposal (Decision 1489 of 2012)
[69] In light of the foregoing, the preliminary issue is determined in favour of the Mr. Mchale and the application is dismissed.
[70] I will hear the parties as to costs.
More and more international companies with global brands are being taken to the law courts to defend their decisions. Three days ago PwC faced a decision by a U.S . District Court that it gave bad advice to a company to buy $6.3 billions of sovereign debt that contributed to losses – see PwC must face $1 billion lawsuit over MF Global advice. And in May FCIB announced six months results ended April 2014 it had recorded a net loss of $199 millions. Some (including Mchale) will suggest FCIB’s loss making state in the Barbados and the Caribbean is linked to bad decision making – see FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED (“CIBC FIRSTCARIBBEAN”) TODAY ANNOUNCED RESULTS FOR THE SIX MONTHS ENDED APRIL 30, 2014. On a tangential note BU believes the Barbados Investors Policyholders Association (BIPA), Financial Services Commission FSC) or some other vested party should have taken PwC to the law courts to test negligence on their part.
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