The following exchanges took place between Chairman of the NIS Dr. Justin Robinson and BU Blogmaster on Facebook Group FB Senate, a group administered by Senator John Watson. What was debunked by Chairman Robinson is that the NIS approved a USD60 million dollar facility that was utilized for the Paradise (Four Seasons project). The Chairman further confirmed that the NIS is exposed to the Paradise (Four Seasons project) the amount of 13 million dollars owed by government. The expectation is that the NIS will be paid from the proceeds of the sale of Paradise to JADA for USD60 million dollars
– BU blogmaster
David King is with Justin Robinson.
Chairman Justin Robinson for the sake of transparency where does the NIS sit in this latest revelation? “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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2Peter Lawrence Thompson and 1 other
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David King I should caution that any clarification statement offered may or may not be reported to BU.
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Justin Robinson NIS is in no way involved. the NIS is owed approxiMately 13ml by the project and expects to be paid from.any cash flows to the government.
1
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Philip F. Corbin Didn’t Govt use NIS funds in the amount of US$60M to pay the Ansa Loan which was guaranteed by the govt and on which Clearwater defaulted ?
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Justin Robinson the NIS has made a 60 million facility available on certain conditions. The conditions were never met so the funds were withdrawn.
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Justin Robinson the NIS is on the hook for 13ml. One of the more controversial decisions in my time. I am still.of the view that if all that could be done had been done to get that project restarted at the time we could have avoided years of economic decline.
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Philip F. Corbin ‘NIS on the hook for $13M’ …..is that the balance of a loan given to Govt or Is it a shortfall in NIS contributions ? US$60M flowed into Govt in 2016 so why has NIS not been paid up to the year 2018 ?
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Justin Robinson I don’t know if 60ml was paid or has been paid and property handed over. an agreement was concluded. the 13ml is an investment in the project.
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Philip F. Corbin Thank you
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Justin Robinson thats not really clear from the story in the paper today
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Reply to this…
David King Dr. Robinson to be clear, you are saying that NIS is only exposed for 13 million that was invested in the project. And that the 60 million facility was never drawn down. Are you also saying that with the sale no arrangement to formally address the NIS was made a condition of the sale?
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Justin Robinson 13ml. the 60ml facility was never drawn down. NIS was not a party to the sale or negotiations. the 13ml is due from the government.
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David King The 13 million was advanced to government in what form?
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