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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…

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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:

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

The capital of Barbados, Bridgetown
The capital of Barbados, Bridgetown

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.

157 responses to “A Pesky Irish International Investor”

  1. Hal Austin Avatar
    Hal Austin

    @ Theo

    Two points: no one said ‘trillions’ in relation to Barbados. I said the developed countries had spent (passed tense) trillions since CoVid. Is Barbados developed? I pointed this out before.
    As to Mia and quantitative easing, can she spell the two words? She is an economic illiterate. Ask her to define it. She should stop taking tutorials from Persaud.

  2. Hal Austin Avatar
    Hal Austin

    @ Vincent

    You are asking @Hants, who is in Canada, about a UK case that I first reported and have kept on top of? Really? The paper @Hants Googled is the one I used to edit. I have already said on BU that Ames is due in court in the autumn.

  3. Vincent Codrington Avatar
    Vincent Codrington

    @ John A at 10 :43 Am
    Those four beers cost $14 . I now see why the bush grew up around your shop. Bush likes urea.

  4. John A Avatar
    John A

    @ vincent.

    I thinking of planting some weeds (not weed) for them go water if dem dont pay the dollar to use the toilet!

    Listen have you been following the economic fallout Covid has slapped the UK Market with so far? I have to tell you we better diversify out of tourism fast cause its recovery is not going to be what the people here talking about. If the UK didnt have its own currency and could print as needed they would be in hell now.

    Hal should be able to help with the amount of sterling they have printed since March but it is plenty!

  5. John A Avatar
    John A

    Long and short is if we talking about foreign investment being we saviour wunna better take a long hard look at the reality in the source economies.

  6. Michael Campbell Avatar
    Michael Campbell

    @ TheOGazzerts

    A poster said the only reason Vonda Pile got 3 years in jail for stealing money from her client was because she came from Deacons Farm.
    Cheraine Parris got 4 years for stealing money from her client too. Did Parris get 4 years because of where she came from or that the client is white?

    Do you agree that where a lawyer come from is a non issue or that a lawyer should get locked up for stealing money entrusted them don’t care if they came from Nelson Street or Fort George Heights?

  7. Sargeant Avatar
    Sargeant

    @DPD

    Enough of the “whataboutism”, dare to mention China in any comparison to Barbados with regard to investment? At least pick another small island State; Investors have been flocking to China since Nixon and Pepsi went in 1972 because of its enormous population and will overlook legal challenges because of its potential while they will overlook Barbados because the pickings are measly and these “sea water and sand” islands tend to be stereotyped as having a “manana” attitude to getting things done.

    BTW and since others have mentioned it and I don’t want to pile on, are/were you a student of olde English? Some of the prose (not necessarily in this case) is absolutely torturous but maybe you are a Lawyer/English professor trying to baffle us with profundity.

  8. WURA-War-on-U Avatar
    WURA-War-on-U

    On other platforms that host nearly one million people, it was suggested by the most militant to take the house negros in Barbados outside and cut their asses for still promoting …..white is might…..and 1st class citizens in a Black majority country…..

    ….i have a feeling we may see it happening when they invite in 80,000 immigrants to work remotely and then still allow their little shitehound tiefing rejects for minorities to practice racism, segretation, exploition and oppression like the jackasses and wannabes they are, while ignoring that many will accept the invitation to the island and they will be Black….😂🤣😂🤣…..unless they plan to EXCLUDE black immigrants…

    …yep…it will definitely be better than TV….

  9. WURA-War-on-U Avatar
    WURA-War-on-U

    DPD is just boring…

  10. Hal Austin Avatar
    Hal Austin

    @ John Aplse tell Mia that furlough is part of QE)

    Mia has been disparaging about quantitative easing. It is good that at least you read the reports coming out of London and not taking lessons from Persaud.
    A few weeks ago, the EU alone issued US$884bn in common debt; The big debate was if this was a loan or grant. ie repayable or just a thank you.
    As to the UK, our main tourism market, Gatwick is practically now closed down; BA flights out of London now come from Heathrow and Virgin is not yet flying.
    In the first half of this year, UK GDP fell by 22.1 per cent, the wort fall since 1955 and the worst of any G& economy. The British economy is now back to its 2003 levels.
    The Office of Budget Responsibility, has predicted that unemployment will peak at 11.9 per cent, the highest level since 1984. And Britain’s debt is now £2trn, 100.5 per cent of GDP, for the first time since 1963.
    The furlough alone (plse tell Mia that furlough is part of QE) is £35.4bn. I do not want to bore you with any more figures, apart from telling you that this year alone 800000 young people emerged from schools and colleges without jobs – that is in addition to the already rising jobless figures.
    Government is now trying to cook the books by re-defining who is unemployed and who is economically inactive. What is Mottley doing about this new economy and the changing nature of work?
    It will take more than shouting on a platform, pointing with flaring hands, to get this juggernaut of an economy to turn round. On Tuesday we will know when the Governor General reads the Queen’s Speech.

  11. John A Avatar
    John A

    @ Hal

    Yes and the fall out is the effect it is having on the pound. It has weakened badly recently and as a result will make travel to places like us who are tied to the USD very expensive for the Brits. That is why I say i dont think our tourism people here are plugged into reality. The ecomomic reality does not equate to the political mouthing locally. Its one thing to be optimistic but another to be fool hardy.

    As for Persaud and his sheep I leave them in La La Land to discuss things like fiscal space and the tooth fairy.

  12. NorthernObserver Avatar
    NorthernObserver

    @HA
    Word is the PM has been occupying a West Coast beach house preparing for the forthcoming ‘reset’. You will be pleased the ‘guests’ (advisors?) seem to be some of the regions most creative people, with significant IMF experience.

  13. John A Avatar
    John A

    @Northern

    Lord that could only mean one thing more austerity.

  14. NorthernObserver Avatar
    NorthernObserver

    @JohnA
    FYI…the £ is higher to the USD today, than it was a year ago

  15. Hal Austin Avatar
    Hal Austin

    @ Northern Observer

    I can believe what your contact has told you. It is more of the same, all singing from the same song sheet. We need new ideas, new forms of thinking.
    The IMF’s Washington Consensus has exhausted itself. It has nothing else to offer apart from bullying. The old story is the same about these economists. If someone has made his reputation by regurgitating neo-classical economics.
    It is not in their interest to later reject this school. To do so means they will be rejecting their ‘expertise’. It is in their interest to attack anyone who opposes them.
    They do it in the universities by not even teaching the alternatives. After the 2008 banking crisis, it took students at the London School of Economics and Manchester University to challenge their professors to teach about the causes of the crisis. Although it was happening before their very eyes they still pretended it was not happening.
    Remember, Obama’s mantra of ‘yes we can’, he turned and recruited the same old same old when he took up the presidency in January 2009.
    It is fear of the unknown. One reason why our central bankers do not want to invest in derivatives and repeat nonsense about foreign reserves. That went out in the 1960s. Read Milton Friedman on derivatives.

  16. NorthernObserver Avatar
    NorthernObserver

    @HA
    But they are Jamaican (regions most creative people)

  17. John A Avatar
    John A

    @ northern

    It was 1.34 on the 15th aug and down to 1.28 and falling. Looking back at where it was pre covid is pointles. The Uk didnt have nearly 12 % unemployment then and the debt the average household carrying now or the contracted economy they have now wasnt there last year.

    Dont compare pre covid with post covid just so as too many other perameters have change like employment, GDP etc. In simple terms the people got less pounds in dem wallet than last year.

  18. NorthernObserver Avatar
    NorthernObserver

    WW&C
    In the Saturday headliner in the Globe, was about a lady of Grenadian heritage contemplating becoming a mother. After all the talk about black and blackness, she describes the partner she has found.
    “He is a straight white cis-male merman”. Help me with that in simple English.

  19. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Sarge, if you guys and gals who grew up reading the same Eng Lit I did find the “olde English’ references distressing then I must revisit the dictum of speaking the language of one’s audience… the problem is that when I use colloquial social media slang and abbreviations there is critique from other bloggers. So, wha to do but write as the merry mood blasts me! 😎

    No bro, the reference to China made the point of DIFFICULT barriers for an investor … it was NOT about opportunity size for ROI. An Irish investor has MINUSCULE business risk difficulties coming into Bim (or Cayman or The Bahamas) about which he cannot HEDGE accordingly … the same could NEVER be said of going into China’s legal systems or otherwise!

    Why thank you @WURA, coming from you the lady whose first post ten year ago is almost verbatim (except the current details for the person/matter) the same today that’s a resounding complement. I expect to be more like you some day soon … repetitively moribund! 😢

  20. David Avatar
    David

    @John A

    Dr. Greenidge just rubbished the idea of changing our currency peg to any other option. As you know Greenidge is a former central banker on secondment from the IMF.

    >

  21. Vincent Codrington Avatar
    Vincent Codrington

    @ John A at 11:09 AM

    You and I have been preaching the gospels of economic diversification and food security months if not years before COVID -19. We were roundly cussed. For open economies ,there is a limit to the effectiveness of quantitative easing. That is the main reason I have scrolled pass his reference thereto. He does not recognise the limitations of small size and openness,. Therefore he attempts to transfer solutions from large powerful economies to micro economies like Barbados.
    BTW the USA is also using the printing press freely as well. We do not have that freedom of action. BBD $ is not a reserve currency.
    Good luck with your greening of the environment . I hope you are planting savannah grass and potato slips.

  22. David Avatar
    David

    @Northern Observer

    You are probably aware WO is still active in the market renegotiating deals.

  23. Vincent Codrington Avatar
    Vincent Codrington

    @ David Bu at 12 :23 PM

    I agree with Dr. Greenidge. There is no economic advantage in the published alternatives.

  24. bajanfreeparty Avatar
    bajanfreeparty

    You all keep your ears open for sweet mouth MiaVirass , a lot of talks and taking people money and nothing to show, not one red cent for her but jail for her and her crew! Barbados investment 100% robbery! Going to court can cost you more money than the investment, buy a Roti of KFC

  25. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    I ‘assume’ they are, though I do not know who is a WO operative and who is not.

  26. NorthernObserver Avatar
    NorthernObserver

    @JohnA
    Then based on your reply, the trading value of the £ is of no relevance post Covid. Other factors rule.

  27. John A Avatar
    John A

    @ Vincent

    I just got one question when the police say them seize ” 100 lbs of vegetable matter” what dem mean?

    Just want to be sure i aint got too many (sorry) i mean no vegetable matter plant in my vegetables!

    As for the mouthings of persaud et al I leaving them to their big brain ideas. I know dem is only one solution if you dont have you own international currency like the USA or Uk and its either you earn more of their USDs or spend less. Their is no other workable option. How ever you dress it up you down to them 2 options.

    I see more austerity coming in an attempt to protect the reserves, seeing that without tourism in any real numbers to replenish the reserves will be hard. So wunna tighten the belt and brace. Hopefully they will expand agriculture and alternative energy in a major way and ease the demand on FX.

    As for us getting cuss yes you are right. But let me ask you a question where we end up now, not exactly where we said over a year ago we would if nothing changed? All that happen is covid hasten we arrival.

  28. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU at 12 :25 PM

    “active in the market”? What market? Is that the theoretical one in which TheOgazerts is applying his “stochastic processes”?

  29. lawson Avatar
    lawson

    Bajans tend to go into debt to catch up with people who are already there

  30. Pachamama Avatar
    Pachamama

    Northern
    We have been telling this PM, here on BU and through back-channels, that this ‘reset’, so-called, is highly misconceived.

    Our suggestion is that an election should be called to ‘reset’ the political-economy. Not the farcical and ritualistic contrivances as planned for sometime this week.

    Her sequestration, seclusion, on the gold coast should have been unnecessary as neither she nor those beating a trail to meet with her has anything of material importance to tell her beyond pomp and pageantry.

    Maybe her isolation would finally bring her to recognize that an election must be called for the people to decide on her mandate in the circumstances where all traditional economic responses have expired, when the regional and international environments portend only further hardships.

    An election, for one, will give the government the legitimacy needed to navigate the far worse conditions likely within the next 2 to 3 years, possibly spawn the worse of times.

    Whereas this ill-advised ‘reset’ represents no more than mere window-dressing to cover-up the gigantic failure of vision demonstrated so far by Mugabe and her regime.

    A failure which this writer foresaw as the more pressing threat at the same time when we were stoutly defending the Mugabe regime around the issue of strategic default (SD).

    However, we are being made to expect no more than lipid attempts to taper.

  31. John A Avatar
    John A

    @ northern

    Yes and no. But this is how it would pan out to the traveller last year in very simple terms in their wallet before they arrived compared to 2020. I know its over simplified but you and Vincent bear with me for doing it this way for everyone and not factoring in inflation etc.

    Had £20 n the wallet that could of buy at 1.20 to the USD a total of $24 USD.

    2020

    I only got £14 in de wallet cause the wife get fire so this year I got 14× 1.28 to the USD so de wallet only got in $ 17.92 USD to buy beer with this year, so i standing home.

    So that is why I say comparing currency rates pre covid to post covid, without taking into account the liquidity factor and economic reality is not a fair comparison post covid.

  32. Hants Avatar
    Hants

    on You Tube

    Kes the Band – Savannah Grass “LIVE” @ Gateway to the World 2019

  33. David Avatar
    David

    @Vincent

    The local market, renegotiating deals between private and public sector arrangements.

  34. Vincent Codrington Avatar
    Vincent Codrington

    @ Pachamama

    Calling an election now is ten times more ineffectual than a reset through a Throne Speech. It is not only unnecessary the result will be no different than the current position politically.
    Let us face facts, we do not change administrations because of the difficulties caused by an exogenous event which no one foresaw. Especially when over 90 % of the electorate believe that the crisis has been handled well by the GoB. If any thing it will cement the present Administraion in power for the next five years.
    We live in a real world. We need solidarity and workable solutions to unforeseen developments. We either rise to the occasion or flounder until the rising tide, that floats all boats including SS Barbados, returns.

  35. TheOGazerts Avatar
    TheOGazerts

    @John A 12:53
    Simply brilliant.
    Even I, a bread and butter man, got it.

    @Pacha
    Think I understand and agree with most of what you said. Cannot see how an election will help. If you have the same or similar to a 30-0 outcome we are back to where we were.

    Like taking $10 from one pocket and putting it in the next and telling yourself you now have $20.00.

    Please explain some more.

  36. TheOGazerts Avatar
    TheOGazerts

    Wow; saw VC comment. feeling brilliant…

  37. Hal Austin Avatar
    Hal Austin

    Dr. Greenidge just rubbished the idea of changing our currency peg to any other option. As you know Greenidge is a former central banker on secondment from the IMF….(Quote)

    I am sure the chairman means Dr Greenidge disagrees. That is great, it is a free market of ideas. But did he say why not? Any other option is rather broad, or is Dr Greenidge talking rubbish, bluffing like his colleague..
    I have said before. Stop being deferential to these people with titles. Jobs in the Brettons Woods organisations, and most international organisations, are distributed geographically, not necessarily on merit. There is an entry level ie a PhD and X years experience. Once you have met that barrier, then it is this job goes to Europe, this one to the US, that one to Africa, that one to Latin America, etc.
    What I like about Persaud is that his bluff is catching him out. At some point he has to show what he knows. Owen Arthur also had that trick.
    If challenged, he would always say I can’t tell you; or if only you knew. Giving the impression he had secret information.
    Persaud also gives that impression that his sophisticated economic knowledge is such he cannot discuss it with ordinary people. He may fool Mia.

  38. Vincent Codrington Avatar
    Vincent Codrington

    @David Bu at 1 : 02 PM

    Have you any more jokes? You need to come better than that.

  39. David Avatar
    David

    @Vincent

    The blogmaster does not joke about serious business.

  40. John A Avatar
    John A

    @ Theo

    Thanks for the kind words that is the shop keeper explanation. The politician would of talk bout fiscal space last year compared to this year and a whole set of long talk that mean nothimg. Lol

  41. NorthernObserver Avatar
    NorthernObserver

    @JohnA
    You fahget I does live away?
    I understand. And doan leff out the encouragement to spend your dollers at home, after de govment tek on nuff nuff new debt. All ah dem printing, $£€¥.

  42. Pachamama Avatar
    Pachamama

    tepid

  43. TheOGazerts Avatar
    TheOGazerts

    “You are probably aware WO is still active in the market renegotiating deals.”

    Is renegotiating a sign of failure?
    Do we have to pay additional money for these renegotiations?
    Is WO part of the College of Negotiators?
    How do I join/graduate from the above college?
    Did a WO packet fall off a truck or is the blogmaster doing wishful thinking?

  44. John A Avatar
    John A

    @ Northern

    When you shake out the pockets put any loose change in a bottle for we less fortunate ones done here please cause it looking like we going need it to prop up the reserves with.

  45. Hants Avatar
    Hants

    @ John A,

    We use credit or debit cards no cash / loose change. lol

  46. Tron Avatar
    Tron

    Our Irish investor is really very naive. I wonder how he came to his wealth. Every investor knows that he either needs an arbitration clause or has to bribe the native, impoverished judges and politicians. After all, we are in the Caribbean and not in Scandinavia. LOL.

    Away from that: It is clear that times are getting more difficult for international investors. Racists like the radical Prescott and some activists are probably already planning large-scale expropriations. I wouldn’t be surprised if our expats and our businessman set up a militia to fight back these radicals.

  47. Hants Avatar
    Hants

    Anyone knows the maimum amount of money a non resident Bajan can take out of Barbados per year ?

    I was told bds $ 50,000.

  48. NorthernObserver Avatar
    NorthernObserver

    @Pacha
    We know you have been beating the election drum, for reasons not fully understood. Or agreed with. Unless you wish to show what a disarray any opposition is in, or give @John the chance for a ‘legal opposition’.
    More interested to know the laws passed to enrich the GEL bunch. Since Sagicor moved their trading base, I am left with them, and trying to appreciate what makes them tick.
    My research thus far suggests their ‘going public’ initially was based on political pressure.

  49. NorthernObserver Avatar
    NorthernObserver

    @Hants
    You can take out however many $BDD you want, you cannot spend them in any quantity anywhere else.
    As to how much Fx you can get permission for, that depends for what.

  50. NorthernObserver Avatar
    NorthernObserver

    @Hants
    Ask the blogmaster bout de ole trick. I have a biz in Canada and you have one in Bim.
    Let’s use a product called “transmissions” as we know they can cost anywhere from $2000 – $30000 based on recent public exchanges.
    I will charge you $3000bdd foreach of 10, BUT I will invoice you for $20000bdd each. You will get permission to send me (20×10/2) $100,000US. The overage, of $85,000US I will deposit for you, in a bank account overseas.

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