Paradise (Clearwater Bay Ltd) Sold to Pharliciple Inc

Question to Minister asked under the rule of the public’s right to know:-

  1. How much?
  2. Who the Rh is Pharliciple?

Click image to read scanned document (The BU household apologizes for the quality)

166 thoughts on “Paradise (Clearwater Bay Ltd) Sold to Pharliciple Inc

  1. @Tron February 21, 2018 at 8:42 PM “the provision in Barbados that the employer must provide work clothes.”

    Not true.

    Whoever told you this was deceiving you.

  2. @NorthernObserver February 23, 2018 at 1:44 PM “They have a right to know the company is a legally registered entity. And you showed from your first post, that it is.”

    I’ve heard that British Columbia is requiring or is soon to require that companies reveal who are the real-real people who own companies. Soon Ontario and Quebec may follow.

    Why not Barbados?

    Who the hell are the real-real owners of this pharisitical company?

    We want to know is it Annie Alleyne, Barry Brown, Curtis Cumberbatch

    And if it was me, I would never call my company PHARLICIPLE.

    Sounds too much like Pharisee. And Pharisees don’t have such a good reputation.

    • Lynette Eastmond made a good point this week on the talk show, in summary- there is nothing preventing our legislators from enacting laws that suits how we want to do business.

  3. @Tron February 24, 2018 at 1:44 PM “Why is Bizzy then running around the island in his white shirt with a big green Willy Industries sticker on it?”

    Please don’t write like that.

    You know what I read your statement as?

    Why is Bizzy then running around the island…with a big green Willy?

  4. Dr. Simple Simon February 24, 2018 at 12:59 PM #

    There is civil legislation in most developed countries that compel people to explain their wealth. If Barbadians would not do it for politicians, do you think they will do it for businesspeople, especially the dodgy hedge fund managers buying multi-million dollar properties on the West coast?
    More than that, look at David Ames, being investigated by the SFO in the UK, but so not a whimper from the Barbados authorities.

  5. Northern et al,

    Here is one great example of why the principals of any company investing in assets significant to the country, should be clearly and fully declared and assessed.

    Two words.

    Cahill Energy.

    When the folks on BU investigated the corporate documents, it was found to be a shell company. Then and only then did people generally know what was really going on.

    Case closed, M’Lud.

  6. @DrSS
    do you really think there is a difference between politicians, that operate in essentially an identical system to get elected, depending on geography?

    The need, and calls, for legislation has been around for years, and what have they done? issued various sets of “guidelines”. They do not wish to touch legislation with a 10ft pole. Promises. Promises. Promises.

    The difference is Canada has one sh!t load of natural resources, and other revenue earning tools, which allows them to get away with much. Do you know that Ontario, just the province, has a debt in excess today of $300 Billion.

  7. @Crusoe
    You seem to be of the opinion, that I object to what “should/could be”.
    What I point out is what “should/could be” is not “what is”.

    Therefore, ENACT the required legislation. Let all parties to a transaction know what is required BY LAW. Not some ‘guideline’ nor ‘suggestion’ which is easily avoided.

    Demanding a ‘right to know’ when there are no corresponding legal requirements is a waste of breath.

  8. NorthernObserver February 24, 2018 at 5:32 PM #

    Fair enough. That said, that demand worked in the case of Cahill, correct?

    If Barbados had investigative reporters, instead of leaving it yo BU, light would have shone on Cahill much earlier.

    Anyway, that BU got to it and exposed the reality, without ‘corresponding legal requirements’, should be encouraging.

    Likely Pharciple is incorporated here, where they can hide the principals, unlike other jurisdictions that have internet access to such holdings.

  9. Northern is talking nonsense.

    Knowing of the corrupt practices of both governments, it’s in the best interest of Bajans not to ignore or accept companies that have no history and who no one has any information about, even if because of government negligence and cover ups, particularly when taxpayer’s money, entities and interests are involved..

    ……these shady companies have to be brought to the attention of international policing and regulating agencies…a blind eye must never be turned to shady companies anywhere in the Caribbean…no one else in the world does that.

    .because Fruendel and Sinckler are keeping secrets from the population, does not mean the public cannot investigate themselves…or have to remain silent and suffering in silence…as Northern will have them do.

    There are worldwide investigations ongoing into shady, secretive companies…just request that Pharliciple be added to the list by contacting the relevant agencies in case they are into money laundering, tax fraud etc, see how the secretive criminals who always seek to rob the people on the island like that one.

    Because the two governments do not want transparency…does not mean the public cannot enforce it themselves.

  10. The Government of Barbados should not sell property without full disclosure to the public

    including the names of owners/directors of the purchaser.

    Barbados is a capitalist democracy.

  11. @Crusoe
    the pdf document provided has some “spaces” between the pages. There is an unidentified signature one assumes on behalf of Pharliciple. It looks like Plin….(???), but could be anything. In most places one has to identify in caps, who the signature belongs to?

    there is an old saying “people in glass houses shouldn’t pelt rocks”. You should examine some of your local government transactions, and cross reference with the Company registrar, and tell me the information you request. See if the listed director and offices for Ontario 2367548 Ltd o/a Pegusus Investments, (just a wild example) isn’t a P.O.Box or law office, and the listed director, isn’t the same person who incorporated the company (lawyer or other agent). That it has issued an unlimited number of common shares of no par value, and not a clue who owns 1 or 1000 or 1,000,000 shares. I can tell you the green energy program under the current administration yields some interesting candidates.

    Further, investigate certain crowns, the old ORC is a minefield. They would settle multi-million $$$ lawsuits ‘out of court’ and you cannot find who they settled with or how much.

  12. @ NorthernObserver who wrote “there is an old saying “people in glass houses shouldn’t pelt rocks”. You should examine some of your local government transactions,”

    I am a Bajan. My financial glass house is in Barbados.

    My position will not change.

    Government should not sell government owned property without full disclosure to the public.

  13. @Hants
    I am not asking you to change.
    Just appreciate the dilemma, when your ‘financial glass house’ and your ‘personal glass house’ are not one and the same.

  14. Maybe we are seeing why the government sees the need to extend its tenure of government into the 90 day discretionary period the Constitution allows. They need to complete a few transactions on behalf of Bjerkham and Temple? They didn’t get the big transaction of CAHILL now they are able to close on a piece of rock at a prime location. And thy have picked it up for spit.

    • The upside is that these people maybe able to inject some value to the area which has been derelict for years.

  15. Is Bd$120m the market value of the property? Has it been under-valued? If so, does this mean that other payments may be made, in private or otherwise? Is such a sale something that should have been completed just days before a general election? Who advised the government on this sale?

  16. When you read the conveyance shown above it says Dec 2014. The Sunday Sun Article shown today, says they were 2 separate conveyances, and I have no idea when the second was dated.(but assume it is the same)

  17. The Minister of Finance announced in Parliament many times that we were to have a Four Seasons day when that matter would be debated and all would be revealed. Parliament will be dissolved March 5, 2018 unless the Prime Minister instructs the Governor General to do so before. Its last session for this term was Friday March 2,2018 and we have not had that day as yet. Barbadians need FULL DISCLOSURE of this sale given that taxpayers money went into providing a guarantee to this project by way of the government of Barbados owned (and thereby taxpayer owned) company Clearwater Bay which is party to the conveyance. Why is this sale where the conveyance seen dates back to more than 3 year ago now being made public on the close of the parliamentary term and eve of an election?

    • @BarbadosFirst

      Are you saying in a quite way that Sinckler has been proved a liar yet again?

  18. Later this year MIA will become Prime Minister. Four Seasons COULD be developed and given

    the similar concessions to what Sandals got.

    BLP DLP…..same difference to the rich and about to get rich…er!

    • @Hants

      Many had hoped Sinckler would have delivered on a promise to have a day in parliament to debate Four Seasons. Particularly because Mia is known as one of the lawyers involved. It is noteworthy that the late David Thompson selected Avinash Persaud to lead the failed attempt to rescue the project. There is lot for the public to be clues into regarding how public funds were spent on a private project.

  19. @ David,

    From as far back as I can remember BU and some bloggers were asking for Transparency and

    Freedom of information to be legislated.

    The public should not have to “clue into” how public funds were spent on a private project.

    • @Hants

      Now we understand why the government needs the extra time before blowing the whistle.

  20. @ David,

    The rich are said to give to both politically parties.

    The “extra time” is to create more dense smoke to hide the trip to the IMF.

  21. 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.”

  22. Is it US $32 million dollars ? …or US $60 million dollars or did someone make a US $28 million profit ?

  23. @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…..

  24. @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.

    • @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.

    • Why the Rh Sinckler denied the sale when he knew it was a done deal in August last year when asked?

  25. 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.

  26. 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.

  27. 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????

  28. 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.

  29. @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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