Question to Minister asked under the rule of the public’s right to know:-
- How much?
- Who the Rh is Pharliciple?
166 responses to “Paradise (Clearwater Bay Ltd) Sold to Pharliciple Inc”
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Hal,
I am no lawyer. Just following what the Blogmaster posted within this thread a few days ago
“David February 22, 2018 at 2:09 AM #
Former AG Marshall posted the following to Facebook:Dale Marshall
4 hrs ·So….. you should note that the Deed or conveyance is dated December 29th 2014. What that means is that on that date, the Four Seasons lands were sold for US $32 million dollars.”
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Is it US $32 million dollars ? …or US $60 million dollars or did someone make a US $28 million profit ?
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@Northern Observer
The question that Barbadians at home and in the diaspora would want answered is: when were the sales proceeds received and where did it go? Was it included in Barbados’ Net International Reserves at December 31, 2014? We are only being informed of the sale now by way of a newspaper report, not from the Government of Barbados via the Minister of Finance or the Minister of Tourism. The conveyance is over 3 years old…..
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@Hants
The Sunday Sun (I don’t subscribe so could only read the cover) says they were TWO conveyances covering the sale. The one shown on the BU Blog is for US$32, hence, I will “assume” the second is for US$28 and thus the $60 quoted by the Sun article. We know the listed sellers in one conveyance were Clearwater Bay and Paradise 888, I have no idea who they were in the second conveyance.It would be up to the accounting gurus within the relevant Ministries to report on the corresponding entries with their books.
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When Mia was a lawyer to this project, was it not a private company? It was not that she was lawyer when the government stupidly injected itself into it using pensioners’ NIS funds…….a private bowl of incompetence and confusion.
David Thompson, the political light weight that he was made a colossal error and the NIS contributors are going suffer for the dlp stupidity.
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NorthernObserver March 4, 2018 at 2:20 PM #
So….. you should note that the Deed or conveyance is dated December 29th 2014. What that means is that on that date, the Four Seasons lands were sold for US $32 million dollars.”(Quote)
I am not a lawyer either, nor would I cross swords with a former attorney general. I am going on the common law as I understand it in England and Wales: until there is an exchange of contracts, there is no sale.
Title deeds are exchanged on the sale of the property and the mortgage lender (bank, building society, etc, will hold on to the title deeds until the mortgage is repaid by the borrower).
If it is a cash sale, and no lender, at the point of exchanging contracts the deeds are also exchanged. This is normally called the exchange of contract, which means the deal is then complete.
From that moment the buyer is the new owner. -
Barbadians need answers on this Four Season sale.
How was the sale brokered? Was it done through the former executive chairmen of Paradise Limited Professor Avinash Persaud who was head hunted specifically for the task by the late Prime Minister David Thompson? Was the sale brokered after Professor Persaud left the Paradise organisation? Was the sale brokered before or after the IADB withdrew their funding for the restart of the Four Seasons project? Was the sale of the property advertised publicly, far and wide, locally and internationally as is the case with the Harlequin property at Merricks? Were bids for the property invited by open tender or was it put only to a select group of potential investors/buyers? Are there any finders’ fees involved for the party/parties who brokered the deal with Jada?
These are questions that Barbadians need to have answered. Clearwater Bay is a government owned and taxpayer funded company which is party to the sale. Recall that a US$60 million guarantee was provided by Clearwater Bay through resolution of Parliament which was eventually called by Ansa Merchant Bank.
What is the final cost to taxpayers for this? The net proceeds of the sale will be less than the US$60 million due to attorneys’ fees, duties etc.
Is the Barbadian taxpayer burdened with a loss as a result of government having getting involved in a private sector project????
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@Northern Observer
The Paradise properties were sold for USD60 million, 32, 150 and 27,500. The liar Sinckler promised to have a debate on the matter knowing parliament is about to be dissolved.
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Why the Rh Sinckler denied the sale when he knew it was a done deal in August last year when asked?
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Note this matter was forced public when BU posted one of the conveyances last week received from a trusted source.
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The source was still negotiating for access to BOTH conveyances. Or is it 3? LOL
Somehow they have tied JADA to Pharliciple. It would be interesting to know if JADA or a JADA owned entity also owned any of
a) Paradise Beach LLP;
(b) Paradise Beach Limited;
(c) Paradise 88 Ltd;
(d) Eastern Resorts Limited, a company incorporated under the
laws of England; and
(e) Paradise 8 8 L.P, a company registered as an external company
under the Companies Act,The flow would seem, subsequent to the Loan Guarantee (5 Tranches = US$60M) somebody(s) defaulted, hence reverting land ownership to the Guarantor [GoB] and ?????
It has the appearance that somebody got squeezed. And debt was converted to equity.
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@David March 4, 2018 at 5:22 PM “Why the Rh Sinckler denied the sale when he knew it was a done deal in August last year when asked?”
David you should really ask his Sunday school teacher or his pastor.
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[…] page of the Sunday sun and most likely seen and read the entire document that was featured on the Barbados Underground two weeks previously on February 20, 2018. There is therefore physical evidence for the entire […]
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[…] startling revelation made public by Barbados Underground on February 20, 2018that the government of Barbados SOLD what Barbadians refer to as Paradise or […]
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