A Pesky Irish International Investor
The following article appears in the Business Section of the the Independent dated 13 September 2020, a newspaper based in Ireland where Prime Minister Mia Mottley was also reported promoting business opportunities between Barbados and Ireland.
Readers will recall two earlier blogs posted to Barbados Underground which highlighted a matter that has reached the Barbados Courts between Irish businessman Alan McIntosh and local businessman Peter Odle which has been in abeyance in the court system since 2008..
See following links:
- Foreign Investor Unable to Have Case Heard Against Hotelier Peter Odle
- The Peter Principle – The Peter Odle Imbroglio
It makes any sensible person wonder what is the point of expending so much effort and resources to sell Barbados as an international business centre and because of a dysfunctional court system; one that is perceived to be manipulated, potential returns are nullified. Based on the notification from the Supreme Court of Barbados the case is set down to be heard on the 26 January 2021 at 9:30AM. We know this is no guarantee the matter will be heard given the long arm of influence by some in our country.
See article in the Independent newspaper.
Cairn Homes founder warns investors about Barbados
September 13 2020 02:30 AMAlan McIntosh, a founder of Cairn Homes and Emerald Investments, has sent a letter to the Prime Minister of Barbados in which he advised people not to invest in Barbados.
The investor wrote the letter after Prime Minister of Barbados Mia Mottley appeared in a Business Post article looking to increase economic links between Ireland and her country. She also appeared on Irish radio to talk about a “work from Barbados” scheme.
Copies of the letter were sent to others, including Tánaiste Leo Varadkar.
McIntosh made a $2.5m investment in Barbados three years ago. He ended up in a dispute with one of the shareholders in the project, Peter Ogle, starting legal action in 2018.
In the letter, seen by Ergo, McIntosh wrote that he has been waiting “almost three years” for the matter to be heard.
Of investing in Barbados, McIntosh wrote: “I am an Irish investor who invested in Barbados, and I wish I’d never done so. Unless changes are made to the legal system in Barbados, I would urge no one to invest in Barbados, either commercially or to buy a condo, holiday home or even take a holiday there. Why? The legal system is not fit for foreign investment or even to settle minor disputes in a timely manner.”
Later in the letter, he wrote: “I have waited for the court system to allow me due process, and after almost three years have seen no progress in the courts whatsoever.
“My advice to anyone contemplating investing in Barbados is: ‘Do not Do It’.”
Barbados didn’t respond to a request for comment.