Est.2007

Barbados Underground

Bringing News and Opinions to the People

CoopEnergy Members Update – Sept 2025

← Back

Your message to the BLOGMASTER was sent

CONTACT THE BLOGMASTER ONLY

BAMC Sugar Industry Initiative 

On 1 September 2025 we received a notice from the Barbados Agricultural Marketing Company (BAMC) advising that they are taking action to terminate the agreement which had been made between CoopEnergy Barbados and the BAMC for the divestment of their sugar portfolio to new private companies, BESCO Ltd and ABC Ltd.

This is the very first formal correspondence received from BAMC except for the initial Memorandum of Understanding, and the December 2023 agreement which was directed by the cabinet of Barbados. You may recall that we sent numerous emails and letters to BAMC and to the Ministry of Agriculture during the last two years seeking very specific information, clarifications and feedback, and that we received no responses – or even acknowledgement of our formal correspondence…

Read relevant communications in PDF format to update the matter of the much heralded agreement between CoopEnergy Barbados and the BAMC – Blogmaster

Discover more from Barbados Underground

Subscribe to get the latest posts sent to your email.

38 responses to “CoopEnergy Members Update – Sept 2025”

  1. David Avatar
    David


    SUGAR INDUSTRY DEAL COLLAPSES, COOP ENERGY SAYS NOT THEIR FAULT.



    September 16, 2025




    The sugar industry has been thrown into turmoil with the collapse of a major privatization deal that would have seen workers owning a stake.


    The memorandum of understanding between the State-owned Barbados Agricultural Management Company and Co-op Energy was signed in March 2023, with operations beginning earlier this year. But the agreement has now been terminated, the government blaming the co-op’s failure to raise $16.5 million in equity.


    Co-op Energy disputes that as Co-op president Lieutenant Colonel Trevor Browne outlined the current position to Starcom Network.


    In addition, Colonel Browne maintains his stance that no credit union funds will be passed unless proper evaluation of the industry is done.

    https://starcomnetwork.net/wp-content/uploads/2025/09/2trev0916.mp3

    https://barbadosunderground.net/wp-content/uploads/2025/09/2trev0916.mp3

  2. David Avatar
    David

    That letter from the CoopEnergy Board to members is heard hitting and instructive.

    A leopard cannot change its spots. That a government would want CoopEnergy to accept the transfer of assets without fair market valuation and expect the hand over of 16 million dollars of investors money without audited financials of the ‘entity’ is priceless.

  3. Pachamama Avatar
    Pachamama

    Credit unions were always mugs for government. The disparity in treatment compared with corporates, as normally preferred, was always the case. When everybody else has had their chances and failed is the point at which coops enter the minds of government.

    Still, they seem to see Coops as mom and pop orgs undeserving of the best standards of treatment.

    This writer was, from the beginning, nonplussed on this deal primarily because of the nature of the transaction, uncertainty that the level of technology suggested was less than forward looking.

    We’re still surprised that having entered the business the coop still seems not to understand the point at which this industry delivers highest value.

  4. NorthernObserver Avatar
    NorthernObserver

    But @David, the RH Aug ’24 letter references ‘management accounts’, and definitive lists. They are NOT audited financials by a recognised professional auditor.
    And letters are addressed to The Chairman, don’t persons in Barbados have names?
    Likely why my BSIL contacts kept saying the BAMC have furnished management accounts. And CoOp haven’t come up with the money.
    There is a level of professionalism and specificity missing.

  5. David Avatar
    David

    @NO

    Given how we know government operates it is unlikely the BAMC would have be able to cough up audited financials in a reasonable time frame. It makes one sick to observe how this transaction has unfolded. Here is the thing, general public could care less about it.

  6. Bush Tea Avatar
    Bush Tea

    LOL @ NO
    So what would a ‘recognized professional auditor’ audit – in the absence of basic management accounts and a balance sheet with assets and liabilities?
    That sounds like just step 1.
    Perhaps your BSIL contacts would care to share those management accounts with BU – since taxpayers provided over $50 million to BAMC last year – presumably based on those management accounts.
    Bushie was also trying to find out who were the Board of Directors of BAMC, but somehow can’t seem to find the info.
    Perhaps Hants can help…. LOL

    What a place!

  7. David Avatar
    David

    A government of transparency is what it is. Sheep indeed.

  8. David Avatar
    David

    It seems the ordinarily loquacious Mascoll and Weir have retreated to silence on this matter. The blogmaster listened to the recent podcast of Brasstacks when Weir called in to explain something about sea island cotton and anticipated the moderator would have raked him over the coals about the coooenergy deal or someone from the news desk would have hurried to the studio to engage him. Another time perhaps.

  9. NorthernObserver Avatar
    NorthernObserver

    @Bushie
    I never said anybody I knew had ever “seen” the related management accounts, rather it was being parroted, the BMAC HAD provided such accounts, and Co-op hadn’t provided the required monies.

    If I am Co-op, and I require audited financials, why would I even make reference to management accounts? Hopefully management accounts were shared when the deal was being negotiated?

    The smell here is like NIS to NISSS, or outstanding payables converted into Bonds. The GoB, not Co-op, INCORPORATED TWO Newco’s, called BESCO and ABC. The people via their Government OWN these companies 100%, just like CBL. Hence why Weir’s comments as to who is footing the Bill were amusing. We have a transfer of assets from one GoB entity, BMAC, to Two Newco’s: all owned by GoB. Copperfield style illusions.

  10. Hants Avatar
    Hants

    bad etiquette but…..

    Did not know today is Barbados National day.

    https://www.investbarbados.org/barbados-expo-2025-osaka/

  11. David Avatar
    David

    @NO

    The MOU was not binding, it was to guide early negotiations?

  12. John A Avatar
    John A

    It is not as simple as the GOB want to make it here. NO financial institution is going to lend millions of dollars based on the inhouse figures of the entity in question, in this case the BMAC.

    For example a major concern I would have is whether the written down book value of the assets is reflected in the inhouse figures. If they were audited the audit company would ensure this is done, showing the opening year value of the assets and the year end written down value of these assets. For all we know the inhouse figures may show only operating annual expenses. Even if they show a book value of assets, if the depreciation schedule used is not confirmed by an independent audit company, they will not be accepted by a financial institution.

    Another BIG problem with inhouse figures is that management tend to fiddle with the receivables shown so as to make things look good for the shareholders. In other words if the company is owed say $500,000, they may FORGET to write off say $100,000 knowing full well that debt is 10 years old, or the entity in question that owes them closed their doors three years ago.

    What can happen here though if the potential buyer really thinks there is value there, he can advise the seller that they would pay for an independent audit from a recognised audit house, with the cost of the exercise being deducted from the purchase price. If the results are not as identified in the inhouse figures, then the seller pays the cost of the audit and the buyer is free to walk away. The seller will need an audited set of financials anyhow for the next potential buyer that comes along. This condition then forms part of the purchase contract. After all if the seller got so much faith in his inhouse figures, he should not have a problem with dat. LOL

    Unless you are buying a small business which you are very familiar with, I would never recommend anyone buys a business based on inhouse figures.

  13. David Avatar
    David

    @John A

    This is why mention was made of fair market value in and earlier comment.

  14. John A Avatar
    John A

    Remember too even audited book value on machinery for example is only a guide. If the equipment was not properly maintained the MARKET value may well be even lower than the book value. Usually high value single asset items would be valued subject to a mechanical survey as well.

    A sale like this is not that straightforward. You talking here about detailed valuations accompanied with audited financials.

  15. NorthernObserver Avatar
    NorthernObserver

    @David
    I earlier was referring to the letter posted of Aug ’24 to Mascoll. Para 2.

  16. Bush Tea Avatar
    Bush Tea

    @ NO
    Your reference to that letter missed Bushie too…

    What would be the issue in asking for ‘management accounts and definitive lists’ – presumably of assets and liabilities?
    Bushie would think that such info HAD to be immediately available – as opposed to audited financials, which we all know (for Barbados government entities) takes eons.

    It would have ALWAYS been a given that independent audited figures would be required to complete business.
    Working management figures however could at least provide a starting point for planning and projections, so the letter appears to be quite in order.

    Meanwhile Bushie still trying to find out who exactly made up the Board of BAMC….
    HANTS….???!!!
    What a place!

  17. David Avatar
    David

    @Bush Tea

    It is a public entity therefore no need for members of the board to be made public.

  18. Bush Tea Avatar
    Bush Tea

    LOL
    Don’t they need to be published in the gazette in order to be appointed?

  19. NorthernObserver Avatar
    NorthernObserver

    @BT
    There is nothing wrong in asking for them, but financing institutions, and not going to accept management accounts, versus those audited by a recognised third party, to release funds for a deal.
    So given the date, Aug ’24, well past the initial transaction expected closing date, one is only getting an “update” from earlier documents. (assuming actual management accounts were available during negotiations, vs Tek my word)
    The audited financials will provide the ‘definitive’ listings requested.
    So why didn’t Co-op request Audited Financials at that time? That’s what they need to close the deal.

  20. Bush Tea Avatar
    Bush Tea

    Ok @ NO
    Got you.
    However…
    Bushie is predicting that such audited financials will be delivered shortly AFTER the Clear Waters report, the HOPE investigation, The Radical incident review and the STEAL housing investigative report.

    Clearly the Coop is not ready to do business in the style of government, where hotels and multi-million dollar land deals are done overnight – even in the absence of audited figures or clear lighting…
    Those Co-ops continue with their old fashioned annual audits, general meetings – with people like Caswell in attendance, and unlike the auditor general who can just talk, their regulator almost shut down a big credit union recently for being a few months late with a special report – or some such similar MAJOR infraction.

    LOL
    It is like organizing a church in a mafia territory.
    What a place!!

  21. John A Avatar
    John A

    @ Bushie

    Maybe those land deals are such a good deal dem don’t need no figures. lol

    After all a bank ain’t just get a wash of land in Bay Street for free! Another man buy beach land in Bay Street off another government, for the price of rab land in St Lucy. Don’t watch them land deals dem would stop you from sleeping.

  22. Bush Tea Avatar
    Bush Tea

    LOL @ John A
    “Don’t watch them land deals dem would stop you from sleeping.”
    ~~~~~~~~~~~~~~
    Not stinking Bushie boss…!
    You ever check out Psalms 37…???!!

    “Fret not thyself because of evildoers, neither be thou envious against the workers of iniquity.
    For they shall soon be cut down like the grass, and wither as the green herb.
    Trust in the Lord, and do good; so shalt thou dwell in the land, and verily thou shalt be fed.
    …
    The steps of a good man are ordered by the Lord: and he delighteth in his way.
    Though he fall, he shall not be utterly cast down: for the Lord upholdeth him with his hand.
    I have been young, and now am old (as shiite); yet have I not seen the righteous forsaken, nor his seed begging bread.

    Boss…
    Life is such fun…
    Allahu Akbar!

  23. NorthernObserver Avatar
    NorthernObserver

    @Bushie
    You have the right concept, only my take, is this was about spinning out two Newco’s under the cover of some Co-op ideas the GoB fully embraced, when the truth is, it had minimal chance of ever becoming reality.
    You don’t see how your buddy enuff avoids anything to do with reporting, and the laws requiring it. Feels like, given that performance, we maybe 7 years into another lost decade. Unless your measurement is the money building homes at Apes Hill, or a review of the many listings of homes starting at USD$1M.

  24. David Avatar
    David

    Clyde Mascoll has been very quiet on the collapse of the deal. As a former (recent) chairman of the BAMC he should be held accountable for the lack of audited financials as well. He was heard in the media pontificating on the transaction.

  25. Hants Avatar
    Hants

    https://badmc.org/

  26. Frank Avatar
    Frank

    Accountable? Can’t one see the accountants are to blame for being unable to do the work required.

  27. NorthernObserver Avatar
    NorthernObserver

    https://barbadostoday.bb/2025/10/07/bwu-slams-delay-in-transfer-of-stakes-to-workers/

    Too sweet. So now we have the DEPUTY general secretary, (his boss the General Secretary is MP Moore) begging for information. You knew one day, her election would create a conflict of interest.

    “So we have to understand if the original plan is not going to go forward, then what is Plan B, or do we need to create a Plan C?”

    Meanwhile, other than a promise (comfort for a fool?), even the BWU doesn’t have a clue what is happening. And they have the advantage of a sitting MP in their corner.

  28. Bush Tea Avatar
    Bush Tea

    @ NO
    This tactic… of leaders just stubbornly NOT TALKING about a matter when raised by citizens is right out of Trump’s play book…

    His personal taxes
    His various bankruptcies
    Epstein
    Project 2025
    His academic history
    What Netanyahu has over his head…
    Why they killed Charlie Kirk..

    Can you see the similarities here too…?

    Of course the DIFFERENCE is that brass bowls just stop ASKING….
    What a place!!

  29. NorthernObserver Avatar
    NorthernObserver

    Listen

    https://m.youtube.com/watch?v=wlVNPYI3aE4

  30. NorthernObserver Avatar
    NorthernObserver

    Bushie
    Cudhear, don’t blame DJT. His multiple shortcomings are not to be emulated.
    Here we have a Minister, speaking on behalf of a “responsible government” GUARANTEEING FREE shares to the industry employees, which the BWU has interpreted as both current and past, and then deflecting after his big-up statements, to an UNELECTED consultant?
    Shite man, you don’t even know if CBL is the HoldCo for BESCO/ABC. We know CBL likes guarantees?
    We’ve heard profitable, without an iota of proof.
    As your buddy Dub postures elsewhere, the time is ripe for another early election call.

  31. Bush Tea Avatar
    Bush Tea

    LOL
    From that BT clip, it looks like the minister got carried away with personal dreams of legacy – and forgot to pass all the kudos upwards to the ultimate Don…
    These are the kind of announcements that are usually made with gusto by the Empress – with her minions in the background looking grateful…
    Weir may be lucky that he still have a lil pick yuh…

    Bushie can’t wait to hear the official explanation…
    …or the familiar song of silence…
    What a place!!

  32. David Avatar
    David

    @ Bush Tea

    Did you notice? He seemed very optimistic.

  33. NorthernObserver Avatar
    NorthernObserver

    It was Jan 2024.
    Prescod was similarly gloating with the (then) new garbage trucks. Now a Special Envoy, not even Extraordinary & Plenipotentiary. Occasionally he flutters from the back bench, when Senator after Senator gets a Ministerial portfolio.
    Bushie’s summation was ‘spot on’.

  34. NorthernObserver Avatar
    NorthernObserver

    Agriculture minister plans to give update on sugar sector

    “When I’m ready to speak to the public, I will, but I’m not going to pre-empt what I have to say by just giving snippets of what is yet to come,” said Minister of Agriculture Indar Weir, signalling that an outline of the industry’s next phase should be forthcoming.
    Interpretation…the heat get turn up… doesn’t have a clue what next steps are…but is under pressure.
    The boss lady is sinking him, by giving the BWU permission to turn up the heat.
    Where’s Clyde? Where’s Clyde?

  35. David Avatar
    David

    “Agriculture minister plans to give update on sugar sector
    By Sheria Brathwaite
    The government is preparing to make an announcement on the future of the sugar industry, Barbados TODAY can reveal.
    The announcement comes as frustration among sugar industry employees reaches a critical point, following the collapse of a major cooperative initiative, and after mounting pressure from unions demanding longpromised benefits for the workers.
    “When I’m ready to speak to the public, I will, but I’m not going to pre-empt what I have to say by just giving snippets of what is yet to come,” said Minister of Agriculture Indar Weir, signalling that an outline of the industry’s next phase should be forthcoming.
    He was speaking on the sidelines of a tour of the Mount Gay Distillery in St Lucy on Wednesday.The Barbados Workers’ Union (BWU) has made a call for urgent clarity on the future of the restructured sugar industry and the long-promised benefits to workers. The union maintains that commitments for former and current sugar workers — particularly those who toiled in the cane fields — to gain partownership under a cooperative model have yet to be fulfilled.
    BWU Deputy General Secretary Dwaine Paul told Barbados TODAY earlier this week that worker frustration had reached a critical point.
    The union’s push for answers follows the collapse of the Co-op Energy arrangement with the government in August, an initiative originally designed to establish a new cooperative framework for the industry while ensuring benefits and ownership stakes for workers.The latest developments stem from a failed attempt to transfer control of the sugar industry to a cooperative-run private partnership. The initiative began with a Memorandum of Understanding in March 2023, aiming to pass the state-owned Barbados Agricultural Management Company’s (BAMC) sugar assets to two new companies — ABC Ltd, for farmland, and BESCO (Barbados Energy and Sugar Company) for the lone mill, Portvale — with Co-op Energy and worker shareholdings.
    Tensions emerged when Co-op Energy, led by its president, Lieutenant Colonel Trevor Browne, who also chairs BESCO, was accused by BAMC and Weir of failing to produce $16.5 million in investment capital, a requirement for the deal’s execution.
    Lt Col Browne insisted Co-op Energy would not advance funds without audited records and full asset details. He claimed that repeated requests for financial disclosures were ignored by BAMC and the ministry.
    Originally, the deal promised a groundbreaking model that would give current and former sugar workers a 45 per cent share in the restructured industry; however, this was later reduced to 20 per cent in subsequent negotiations.
    The collapse of the partnership has left more than 1 100 workers and retirees withoutthe promised ownership, and renewed industry uncertainty and union protests for clarity and compensation. sheriabrathwatie@barbadostoday.bb”

  36. NorthernObserver Avatar
    NorthernObserver

    The news is that Col Brown is Chair of BESCO, it had been previously suggested the BAMC had “their people” as Chair and Vice Chair. As Chair, Col Brown would have control over having the financials audited? Sumting doesn’t fit?

  37. Barbados Government Clarifies Failed Sugar Industry Privatization

    […] CoopEnergy Members Update – Sept 2025 […]

  38. Hants Avatar
    Hants

    Strike!

The blogmaster invites you to join and add value to the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading