Four Seasons Project: Public Servants Must Serve Taxpayers NOT Politicians

The Four Seasons Project – Story of Failure continues to be an example of how the public continues is short changed by public officials elected and recruited to serve us. The inability of taxpayers to solicit answers to legitimate questions regarding the quality of decisions made by successive governments is an embarrassment to the type of democracy we should be aspire. This has to be a significant contributing factor to the social dysfunction we have been reminded by the Trojan Riddims video affair – see How De Yutes Get So?. Officialdom expresses righteous indignation at a group of artistes for violating public morals of the country, however, successive governments and public servants have been unable to defend malfeasance, financial indiscipline highlighted in years of Auditor General (AG) reports. It is surprising local calypsonians hasvenever penned a title ‘politicians laughing at we’. The Paradise 88, Four Seasons, Clearwater Bay issue suggest there is opportunity for another title, ‘public servants also laughing at we’.

Some took umbrage to the call by BU that some public servants should be fired for unresolved issues highlighted in years of AG reporting- see 2020 Auditor General Report – Time to Fire Senior Public Servants. Yesterday AG Leigh Trotman was quoted in the press calling for tougher legislation to force public servants to comply with requests for information to complete audits. A decade of AG reports and not one person handed over to the justice system for processing. Not a single public servant sacked. As we prepare to convert to a Republic meant to solidify people power, it begs the question – why are senior public servants betraying the trust of the PEOPLE?

The Four Seasons matter is a classic case of the cloak of secrecy zealously guarded by politicians AND public servants. How on earth can a government incorporate Clearwater Bay Limited, appoint directors who are public servants with a fiduciary responsibility to citizens of Barbados, yet, feel comfortable guarding the interest of politicians and the money class? These public servants must be held accountable.

Although the AG is constrained to audit public sector business, it should not be forgotten the other signature on public agreements is often times a private sector player. The company Clearwater Bay Ltd had oversight over the transaction which led to the following comment by the AG:-

The treatment of the investment in Clearwater Bay needs to be further explained. The investment in this government-owned company was recorded at a value of $124 million investment in prior years. It represented an investment by Clearwater in the Four Seasons Hotel project. The value of this investment remained unchanged on the books of government for several years even though the property on which the investment was based was significantly impaired.

Leigh Trotman, Auditor General

The part of the AG’s comment (highlighted) taxpayers should be concerned about is that public servants who sat on the Board of Clearwater Bay as directors have been complicit in the ‘cover-up’. Many, if not all of the directors are considered respectable citizens of Barbados and competent public servants. The meetings of Clearwater are recorded in board books and should be available to the public. Unfortunately the public does not have the avenue of Freedom of Information legislation to activate an important check and balance in our system of government, this should not be necessary if the public servants serving as directors of Clearwater protected the public’s interest they are ethically required to do.

It is never too late to right a wrong Directors.

William Decoursey Layne

Adrian Maurice King

Louis St. Elmo Wooddroff

Margaret E Sivers

Sonia Carol-Ann Foster

Julia Thorington-Powlett

Nancy L Headley

Enter Clearwater to see Clearwater directors listed in the ICIJ – Offshore Leaks Database.

Related Documents:

  1. Paradise 88 and Clearwater Sold to PHARLICIPLE INC
  2. Request for Offers to Purchase and Develop ‘Paradise Property’

174 comments

  • Haiti devastation

    Like

  • NorthernObserverAugust 14, 2021 1:39 PM

    @ac
    Tell muh, causin I en got it yet. Who are are the ‘two parties’, principal party and first party you refer to?
    Imagine the GoB could lend out over $100 million of de peeples munny, and get stiff for all of it? Who valued the asset prior to the guarantee to ensure its value covered the guaranteed amount of loans

    Xxxxxx
    Them questions asked Straughn
    He the one with all the info
    Yuh get it

    Like

  • @NO

    The same approach was used by the then government, issue 600 million in bonds with underlying assets totaling 60 million. You simply cannot make this rh up.

    Like

  • Good luck
    Wunna not big shots llike Four Seasons and others who for years suck off govt nipples wunna just poor working class

    ClassifiedsRead ePaper
    Home / Top Featured Article / NUPW calls for cave workers to be paid outstanding pensions

    NUPW calls for cave workers to be paid outstanding pensions – by Randy Bennett August 14, 2021
    Nearly a year after being made redundant, more than two dozen former employees of Harrison’s Cave are yet to receive their pensions and gratuities, prompting the National Union of Public Workers to call for urgent resolution.

    Two months ago, Minister of Energy, Small Business and Entrepreneurship, Kerrie Symmonds told Parliament that the rebranded Caves of Barbados Limited had paid out over $3 million in benefits to the cave’s severed workers.

    Symmonds said close to $2.5 million of that total was severance payments.

    Acting General Secretary of the National Union of Public Workers (NUPW) Wayne Walrond Friday said the ex-workers are at their wits’ end and out of pocket. He called for the situation to be rectified urgently.

    While conceding that those former National Conservation Commission (NCC) workers would have received their severance, he said they were still waiting for their pensions 11 months after being laid off as part of the restructuring exercise at Harrison’s Cave.

    Walrond said Harrison’s Cave was run by the NCC before Government awarded Jamaican company Chukka Caribbean Adventures a 25-year lease to manage its operations last year.

    Barbados today

    Like

  • As usual shift when found out. Your modus operandi is known.

    Like

  • Pingback: A Citizenry Contented to be Baffled by BS | Barbados Underground

  • NorthernObserver

    @ac
    The only RH u got was your conclusion the govt ‘ fulfilled it’s obligation’ whatever the sh!!te that means.
    They sold out the taxpayers!!!
    Invest in Buhbaydus, no down side, for the govt will cover any losses ONCE u agree to pay our lawyers and consultants as directed in fx offshore, using funds we will provide. And this isn’t a B or D thing, the whole RH lot of them in bed together. But the natives are docile and obedient (this is for WW&C) and so you rip them off and they will remain calm.

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  • NorthernObserver

    And if some jobby is heading towards the fan…play the race card, talk about how govt is supporting the white business elite, and suddenly all facts get lost in the more powerful emotion of massa. We can’t even remember the topic formerly being discussed.

    Like

  • “Here goes the tell tale of the Blame game. At this point who is managing the economy should be asked.”

    It’s obviously clear your main intention is to BLAME the current BLP administration for the previous DLP administration facilitating the ‘shafting’ of Barbadian taxpayers, by creating Clearwater Company and ill-advisedly guaranteeing a $124M loan for the Four Seasons project.

    And, you’re ‘talking’ about “blame game?”

    Hypocrite!!!!

    I’ve always held the view that you’re an idiot. And, based on the evidence, there isn’t anything anyone could say that would convince me otherwise. You’ve essentially demonstrated your ignorance for all to read.

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  • Artax

    I’ve always held the view that you’re an idiot. And, based on the evidence, there isn’t anything anyone could say that would convince me otherwise. You’ve essentially demonstrated your ignorance for all to read.

    Xxccccccccc

    It takes a idiot to know a idiot
    For what it is worth I never place blame on any govt
    I said present govt fulfilled it’s obligation in repaying the loan
    My beef lays with govt not pursuing a legal avenue to demand repayment from the first party involved in the agreement

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  • NorthernObserver

    @ac
    How do you know it was “present government” who repaid the money as guarantor? Surely that occurred under a former administration.
    And here you go with “first party” again. They were a few companies involved.
    What beef? The GoB had no business guaranteeing any monies without the necessary collateral. Did you note any significant progress in the re-start? The money was used to pay off existing debts, already accumulated prior to the guarantee. They was no restart of any consequence.
    Meanwhile you cry daily about the working person being skinned, while it was your team who orchestrated this deal to the benefit of all the debtors, and left the working class holding the bag. Shame.
    No wonder Mia and Sinkyuh are “good friends”.

    Like

  • Do not forget the former Exec Chairman encrusted by the late David Thompson who continues to benefit from the public trough Mercedes and all.

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  • NO

    Meanwhile you cry daily about the working person being skinned, while it was your team who orchestrated this deal to the benefit of all the debtors, and left the working class holding the bag. Shame.
    No wonder Mia and Sinkyuh are “good friends

    Xxxxxxxx

    Funny enough how individually I am always singled as one playing the blame game although on this issue as presently presented and explained by Straughan I gave the benefit of doubt to present govt for fulfilling an obligation burden by a loan
    Now here u come with an exposed view build on a political assumption that past govt had no right of guareenting the loan
    My question to you what factual evidence can you provide to show the validity of such a strong opinion

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  • NorthernObserver

    Factual evidence?
    The AudG report that the monies re CBL had been sitting on the books for SEVERAL years.
    It is NO ASSUMPTION…political or otherwise…CBL was incorporated by a former administration of GoB to “restart the project”. The FACT, according to the AudG Report is it cost taxpayers $124M. The guarantor (taxpayer of Bdos) did NOT HAVE the required collateral OR there would be NO COST to the taxpayer.
    All the Barbadian taxpayers did was BAIL OUT all the big businesses and foreign investors and local professionals who had lost (were owed) money, UNTIL, the taxpayers gave those monies owed back to them.
    Shame. Shame. Shame.
    Why did the local taxpayers owe anything…what did they do to cause the losses?

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  • The former government decided to bail a private project that went south?

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  • Clarification on Four Seasons

    Minister in the Ministry of Finance Ryan Straughn has said that contrary to the headline on the Back Page of yesterday’s Saturday Sun, Four Seasons Back On Market, Government was still in talks with a United States-based entity, which began in 2019, to have a large hotel built on the Paradise beachfront property.
    “We have always operated in good faith discussions with the investors and, therefore, there is no truth to us putting Four Seasons back on the market,” he said yesterday in a call to clarify the matter.
    (BW)

    Source: Nation

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  • “I said present govt fulfilled it’s obligation in repaying the loan. My beef lays with govt not pursuing a legal avenue to demand repayment from the first party involved in the agreement.”

    Hmmmmmm……….

    To use your question, “My question to you what factual evidence can you provide to show the validity of such a strong opinion?”

    The problem with you is, you DON’T THINK, READ or RESEARCH, always preferring instead to look for ‘the easy way out’ when criticizing ‘government,’ either by copy and pasting to BU, unsubstantiated information from people’s Facebook pages, without bothering to verify its accuracy or credibility of its source…………

    ………….. ‘picking bits and pieces’ from other people’s opinions as a basis of constructing your own contributions………… or fabricating, ‘making up things’ as you go.

    Your comments on this Four Seasons issue are among several examples.

    In 2011, Paradise Beach Ltd. secured an 18 month, US$60M (BD$120,000,000) loan from ANSA Merchant Bank, at an interest rate of 6.75%, for the purpose of ‘restarting’ construction of Four Seasons Resort.

    The former DLP administration agreed to guarantee the loan in return for a 20% stake in the project.

    For further information on the loan, read the ‘Clearwater Bay Limited (Guarantee of Loan) Bill, 2011.’

    Paradise Beach Ltd. defaulted on the loan and the former DLP administration ‘trading as government,’ as guarantor, had to repay the outstanding amount and interest in the amount of $124,329,766.

    On Wednesday, January 25, 2012, Avinash Persaud allegedly wrote, “If the guarantee is called by ANSA McAl, all lands and assets of Paradise Beach Limited will then transfer to the Government. The lands were independently valued recently at $200m.”

    It’s about time you stop spreading misinformation in this forum.

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  • All the screaming and hollering does not erase the fact that present govt pursue an easy way out instead of a legal avenue to.pursue the 124million
    I gave govt benefit of doubt however with more revelations by those pursuing facts
    Most of interest reveals that present govt did not fulfill a rightful obligation firstly one which should have been founded on accountability bearing the full brunt of the law on those who took advantage of past govt generosity to disadvantage the taxpayers
    On that much said I find fault with present govt given the footsoldiers side of the story

    Like

  • How do you suggest the government have pursued the 120 million if the guarantee to Ansa had to be honoured?

    #askingforafriend

    Like

  • DavidAugust 15, 2021 10:15 AM

    How do you suggest the government have pursued the 120 million if the guarantee to Ansa had to be honoured?

    The loan was honored and correctly and wisely so done
    However the principle party could have been pursued
    There are laws on the books stating that debt owed can be collected through legal process
    What I find mostly disturbing in Barbados that when big business refuse to pay debt whether be taxes or loans govt closes the books in easy manner
    Find it hard to understand why govt never use the justice system for final resolution
    After all it is bold face theft of govt funds

    Like

  • Who should have been pursued? Who is the principal party?

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  • Time and time again one read the Auditor general report of guaranteed loans by govt where the principle parties involved reneges and govt writes off or repay the loans and govt does nothing to recoup the money
    Millions went out the treasury without any govt using legal force which would send messages to business thinking of pulling off shut a sister heist
    Why it seems as if some intellectuals here belive that govt cannot do any thing by legal resolution
    Bet if the same parties tried such game plan in the USA there would not see the light of day unless they repay the money owed to govt
    But not Barbados govt throws hand in the air writes off debt and that is the end of the story
    Can govt afford to be that generous time and time again

    Like

  • DavidAugust 15, 2021 10:49 AM

    Who should have been pursued? Who is the principal party?

    Xxx.

    Ask Ryan Straughan

    Like

  • Cuhdear govts for bigbusiness only having no sympathy for small business
    Cuhbdear

    Like

  • The others nailed it, on this issue you prefer to hinge an argument on your political partisan view.

    Like

  • DavidAugust 15, 2021 11:23 AM

    The others nailed it, on this issue you prefer to hinge an argument on your political partisan view.

    Xxxxx

    Well good
    I did give present govt benefit of doubt
    However that was clearly overlooked by one Artax who proceeded to bring facts
    Which on so doing he opened up to me certain facts giving me reason to point way of how govt policies protect businesses even when these businesses do wrong
    Hoping that next govt would not be so generous with the treasury purse
    Two many wrongs and no right ways in pursuit of good governance

    Like

  • I have been reading this ‘all seasons, all parties’ blog.
    The truth is that I do not understand it fully, but it seem like a good way to transfer the people’s money to private and politicians pockets. Politicians? the possibility of ‘kickbacks/passing money under the counter’ cannot be ruled out.

    Like

  • So how come the highway Phase one project on the that started in November 2020 finished in less than a year and the project for the vendors that started in 2018 still not finished
    If memory serves correct there was COVID in 2020 an excuse which has been used by govt and footsoldiers as reason why the Fairchild Street project to house vendors is not finished
    But then again who cares about vendors problems and concerns

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  • “……..and the project for the vendors that started in 2018 still not finished……”

    Hmmmmm…………

    “My question to you what factual evidence can you provide to show the validity of such a strong opinion?”

    In other words, please provide BU with any credible, official documents that would substantiate your claim?

    Like

  • ArtaxAugust 15, 2021 3:01 PM

    “……..and the project for the vendors that started in 2018 still not finished……”

    Hmmmmm…………

    “My question to you what factual evidence can you provide to show the validity of such a strong opinion?”

    In other words, please provide BU with any credible, official documents that would substantiate your claim?
    Xxxxxccc

    The proof is lies in what is not being shown with the Fairchild street project

    Case and point

    The PR machine which has been unfolded giving evidence to the completion of the Highway project
    Same is not being shown or unfolded with the stalled Fairchild street 3 year project or any evidence shown to say differently as to completion

    Like

  • “The proof is lies in what is not being shown with the Fairchild street project.”

    “What is not being shown with the Fairchild street project,” is proof it began in 2018?

    RUBBISH!!!!!

    You’re purposely sidestepping the issue.

    There has to be a source, for example, official documents, media reports or an official statement from the Minister or authorised personnel in the Ministry that provided you with the basis to conclude the Fairchild Street market project began in 2018.

    If you cannot provide BU with proof, then it clearly indicates you’ve fabricated the claim.

    All you have to do is provide BU with one of those sources to substantiate the project began in 2018.

    It’s that simple

    Like

  • “Who should have been pursued? Who is the principal party?”

    @ David

    Two very important questions angela cox purposely overlooked…………… and clumsily sidestepped in the process.

    As NorthernObserver previously indicated, “the AudG reported that the monies re CBL had been sitting on the books for SEVERAL years.”

    Assuming “the principle party could have been actually pursued,” what PREVENTED the ​PREVIOUS administration from doing so?

    It’s obvious angela cox HAS NOT READ ANY INFORMATION relative to this issue, including the Audit General’s reports………..

    …………. and has reduced herself to ‘scraping the bottom of the barrel’ looking for reasons to blame the current administration for the previous administration’s blunders.

    Like

  • ArtaxAugust 15, 2021 3:56 PM

    “The proof is lies in what is not being shown with the Fairchild street project.”

    “What is not being shown with the Fairchild street project,” is proof it began in 2018?

    RUBBISH!!!!!

    You’re purposely sidestepping the issue.
    Xxxccc
    Steupse

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  • NorthernObserver

    @Artax
    There is nobody to pursue.
    The contract was if you default, the GoB guarantees the loans AND gets ownership of the property.
    Now whether the GoB sold some or all of what is was to get upon default (Pharliciple) remains unknown.
    So I return to my opening comment.
    Was any money ever repaid, or was this an intentional default (bail out) from the start?
    So I disagree with JohnA on another thread, Bdos is an excellent investment choice. Just ensure you know WHO to pay, and like magic, once you share, the GoB will give you the Fx to cover any debts.
    The challenge as David pointed out, is despite the long talk from Persaud et Al, the value placed was well in excess of reality, a trick that administration was well known for doing.
    So I return

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  • NorthernObserver August 15, 2021 8:00 PM #: “The contract was if you default, the GoB guarantees the loans AND gets ownership of the property.”

    You are correct.

    Perhaps you should read the ‘Clearwater Bay Limited (Guarantee of Loan) Act, 2011.’

    Obviously, there isn’t anyone to pursue. But, apparently angela cox seems to be confident there is. Hence, the reason why I ‘asked’ her ‘who.’

    However, I have doubts ‘government’ would establish a company with at least $125M on its bank account, in anticipation of Paradise Beach Limited defaulting on the loan.

    According to the ‘Clearwater Bay Limited (Guarantee of Loan) Act, 2011’: “Clearwater Bay Limited” means the company incorporated under the Companies Act under the name “Clearwater Bay Limited,” and wholly owned and controlled by the Government for USE as a SPECIAL PURPOSE VEHICLE to FACILITATE the recommencement of the Four Seasons Development project.”

    So, perhaps the $124M recorded on Clearwater’s ‘books’ as an ‘accounting formality,’ where it remained for several years, before being subsequently transferred to probably an ‘irrecoverable debt account’ to remove it from the balance sheet.

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  • Took three years to complete thirty three out of forty four stalls
    Govt said COVID delayed the projects
    Yet at present the stalls remained unoccupied
    Meanwhile a 15 million dollar highway project takes only one year to complete even with COVID in the midst

    https://fb.watch/7pX8m8734Q/

    Like

  • You continue with your lies although several commenters have corrected you. This says a lot about you. It does nothing to breathing credibility into what you do on the blog.

    Like

  • what lies

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  • This matter has been exhaustively prosecuted elsewhere on the blog. Have the last word.

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  • What lies
    Is it a lie that the highway project has been completed in a year even with COVID on the island
    Is it a lie that the three year ongoing Fairchild street market is not concluded having only thirty seven stalls said to be finished
    Is it a lie stalls are not occupied
    Every time some one points out govt flaws u David flys off the fence wild a wild geese cackling lies lies

    Like

  • NorthernObserver

    @TLSN
    That is called ID or Implementation Defecit.

    @ac
    Possibly you should look at the two contracts and to whom they were awarded to gauge the speed of completion.

    Like

  • @NO

    You had defecate in thoughts?

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  • NorthernObserver

    @Artax
    You know a lot more of accounting procedures than I.
    However, based on the information laid before the House, they were SEVERAL tranches of loans for varying amounts and reasons.
    My question is the servicing pattern experienced on all. For at the end of the day the amount in total bore a striking similarity to the total of all tranches. If none were ever serviced, to me, it was an intentional bail out?
    After all they were to pay existing debts, this was stated in the document laid before the house. So you clear the debt, to allow a restart. Problem is, the project never restarted to any meaningful degree.

    Like

  • NorthernObserver

    @David
    Lol…not at all. Public bodies are infamous for such things. In Canada we have a Federal payroll system, aptly called Phoenix, which despite costing billions has never worked to it’s design intent. Many employees are still over or under remunerated for long periods.

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  • @N
    You and Artax speak a language that is different from my own..
    tranche, irrecoverable debt account ….

    Here I am a man of three letter and four letter words trying to cope. Are the words sham and scam applicable to this situation. Break it down so that the guys who went I school long but not often an understand.

    Thanks for any help.

    Like

  • David August 16, 2021 5:50 AM #: “You continue with your lies although several commenters have corrected you. This says a lot about you. It does nothing to breathing credibility into what you do on the blog.”

    @ David

    What else do you expect from a NOTORIOUS LIAR, but blatant misrepresentation of the truth?

    I’m sure you recall angela cox’s ORIGINAL ARGUMENTS were:

    “angela cox June 15, 2021 12:57 PM #: 2 million dollars spent on 2×4 stalls in two years and not one completed. No one. Tax payers money at work.”

    “angela cox June 16, 2021 4:15 AM #: April 18 2021…. 3.8million dollars. Long talk. Nuff promises and excuses. Not one stall completed.”

    Arguments based on a Youtube video she copied and pasted from some idiot’s Facebook page to BU, in which the information he presented therein, was subsequently proven to be inaccurate. Yet, she continued with her dishonesty.

    It is interesting to note that, according to her, “the citizen reporter/journalist’s” video was made on Monday, June 14, 2021.

    “angela cox June 16, 2021 6:20 AM #: Theo don’t get distracted. The citizen reporter assured me his video was done on Monday.”

    “angela cox June 16, 2021 8:14 AM #: A video done on Monday, showing that over 2 million in two years spent on the Fairchild street project and not one stall has been complete doors missing no electricity no running water. Nada just skeleton stalls to stare at.”

    Using the SAME project construction TIME LINE, she has NOW CHANGED her ARGUMENT from “not one completed in 2 years” TO, “Took three years to complete thirty three out of forty four stalls.”

    “angela cox August 16, 2021 6:02 AM #: “Is it a lie that the three year ongoing Fairchild street market is not concluded having only thirty seven stalls said to be finished.”

    And, posted a September 29, 2020 Nation News video of Indar Weir’s previous day’s visit to the site, perhaps as proof “33 (or 37)” stalls were completed.

    She is essentially ADMITTING the information the guy presented in his Monday, June 14, 2021 video is INACCURATE…….

    ……… information she spent two (2) days on the Haywire blog DEFENDING as TRUTH.

    Have patience and wait……… angela cox will always eventually expose her tail.

    When caught out in her lies, she will immediately move on to ‘exploit’ another topic with more lies.

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  • Artax

    Using the SAME project construction TIME LINE, she has NOW CHANGED her ARGUMENT from “not one completed in 2 years” TO, “Took three years to complete thirty three out of forty four stalls

    Xxxxxxcc
    So I have regurgitated what the minister said
    But the proof of any stall being completed has not been shown
    That proof lies when evidence is shown where vendors are allowed entry until then the jury remains out or in BU case deadlock as to completion or not completed
    I will stand my ground until I see proof

    Like

  • NorthernObserver August 16, 2021 9:38 AM #: “However, based on the information laid before the House, they were SEVERAL tranches of loans for varying amounts and reasons.”

    @ NorthernObserver

    Recall in my August 15, 2021 9:35 AM contribution, I suggested “For further information on the loan, read the ‘Clearwater Bay Limited (Guarantee of Loan) Bill, 2011.’

    Obviously you read it.

    I found the information therein to be quite interesting. Read the ‘First Schedule,’ for example.

    [Quote]

    TERMS AND CONDITIONS OF THE FACILITY

    The Lenders agree to make available to the Borrowers pursuant to the Agreement, a term loan facility in a maximum aggregate amount not exceeding US$60,000,000, which shall be made available for drawing in the following tranches:

    “Tranche A”

    Authorised Limit: $36,000,000

    Purpose: To be applied as follows:

    (a): the amount of US$34,140,000 to be applied in discharge in full of the existing secured indebtedness due and owing by the Parent Company to Bank of Scotland; and

    (b): the amount of US$1,860,000 to be applied:

    (i): to the payment into the FSD Debt Service Account of US$100,000; and

    (ii): toward the general business and operational expenses of the Borrower Group.

    Utilization: The Borrowers may utilize Tranche A by way of direct advances evidenced by one or more promissory notes, provided that all terms and conditions are met.

    “Tranche B”

    Authorised Limit: $2,000,000

    Purpose: To be applied as follows:

    (a): the amount of US$1,050,000 to be applied in discharge in full of the existing unsecured indebtedness due and owing by the Parent Company and other members of the Borrower Group to Maybach Corporation et al; and

    (b): the amount of US$950,000 to be applied toward the general business and operational expenses of the Borrower Group.

    [Unquote]

    Like

  • angela cox August 16, 2021 10:25 AM

    RE: “So I have regurgitated what the minister said.”

    You were ADAMANT that “not one stall has been complete doors missing no electricity no running water.”

    However, please indicate to BU, when during his site visit the Minister said 33 or 37 stalls were completed?

    RE: “But the proof of any stall being completed has not been shown.”

    NOT TRUE.

    RE: “That proof lies when evidence is shown where vendors are allowed entry until then the jury remains out or in BU case deadlock as to completion or not completed.”

    Now, you’re ‘shifting the goal post’ to ‘say’ stalls are only deemed to be completed when the vendors occupy them.

    You are basically suggesting, because the stalls are presently unoccupied, means they are uncompleted.

    There are unoccupied houses at “The Villages at Coverley” being advertised for sale. Based on your argument, until someone purchases a house and is “allowed entry,” it remains uncompleted.

    Another example of your INABILITY to THINK REASONABLY and RATIONALLY, preferring instead to view every issue through a ‘tunnel vision’ guided by your political agenda.

    Like

  • Simply put, a tranche loan is one that’s provided and disbursed to the ‘borrower’ in different portions. For example, a $50,000 loan disbursed in 3 tranches, A = $25,000, B + $15,000 and C = $10,000.

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  • @Artax and NO

    It seems obvious this loan was destined to default.

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  • My evidence lies in the fact that not one stall is presently occupied
    As with Coverly there is evidence that houses are completed as they are occupants living there
    When I see vendors plying there businesses in any of those stalls then I would be fully satisfied that stalls have been completed
    In any case a project that takes three years to completed thirty three stalls makes for question what if they were one hundred
    Lol

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  • @ David

    I believe, given Four Seasons’ history, the former administration made an unwise decision to guarantee the loan.

    From a US$60M loan, $55M was used to payoff debt incurred by the ‘Parent Company,’ while $5M was supposed “to be
    applied toward certain costs related to the resumption of construction of certain villa units and hotel re-design costs.”

    Sometime between 2014 and 2016, Pharliciple Inc., a locally registered company, purchased the property for US$32,150,000. I haven’t read anything indicating there would have been an ongoing business relationship relative to the Four Seasons project.

    Paradise 88 L.P, a company registered as an external company under the Companies Act, was listed on sale documents.

    Like

  • Artax,

    What reason was given for guaranteeing the loan in the first place?

    Like

  • @ Donna

    According to the Clearwater Bay Limited (Guarantee of Loan) Act, 2011, the loan was to facilitate the recommencement of the Four Seasons Development project.

    Like

  • Local bank facilitates US$60 million loan for Four Seasons Barbados – ANSA McAL

    https://ansamcal.com/news/local-bank-facilitates-us60-million-loan-for-four-seasons-barbados/

    Like

  • @ David

    You should read Clearwater Bay Limited (Guarantee of Loan) Act, 2011.

    The information in that ANSA McAL news report is limited.

    Like

  • NorthernObserver

    @TheO
    Either of dem two words would wuk well.

    Like

  • NorthernObserver

    @david
    Destined to default? I think you are being generous. Guaranteed to default is more accurate.

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  • @Artax

    The article was posted for those who are intimidated by the agreement. A summary in simple form.

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  • @NO

    And both sides of the political fence are fully aware.

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  • NorthernObserver

    @TheO
    The GoB incorporated a company. In 10 RH years it NEVER files, not one, annual report. Despite having the most senior of senior swivel servants as it’s Diwrekkers. Next we hear, despite multiple promises of “updates” from the pols, is it LOST (written off) $BDD124M.
    So the Barbadian taxpayers spent $124M with not one RH to show for it. Sweet fah daze!!!

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  • NorthernObserver

    @david
    Of course. They both benefitted. A deal made in Bajan heaven.
    Beg SS to sing Both ah Dem fah yah.

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  • @ NorthernObserver

    What about the US$32,150,000/BD$64,300,000 received from the property’s sale to Pharliciple Inc.?

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  • NorthernObserver

    @Artax
    No annual reports?
    No clue as to what asset(s) were received or what they did with them.
    Business Bajan style.

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  • Is Verla DePeiza willing to make Four Seasons/Clearwater Bay a campaign issue? A good guess is no!

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  • NorthernObserver

    @David
    At it basic level, this is the NIS all over again. The system checks and balances (mandatory reporting) have been wilfully ignored since day one. There are seemingly no consequences for this failure to account for public funds. They even stymie the AudG with frequency.
    Every now and then the public if floated “a number”, usually not a good one, and without the required reports one is left to guess how it happened.
    The same Min Straughan is on record (2+ years ago now?) acknowledging the disastrous state of reporting for public entities, but apart from the Caves (which was needed due to the Chukka deal) little has been updated.
    This suggests they can if they want to, rather they don’t want to. It is a most unsavory situation.

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  • Minister Ryan Straughn blames Covid 19 for the delay in implementing the Internal Audit promised.

    Just saying!

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  • NorthernObserver

    We will see Covid be the cause of much.
    Story from Miami is Sir Kyffs wife has passed. But from an unreliable (age) source

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  • The sad news was reported locally. RIP

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