Four Seasons high profile buyers sue for deposits as Barbados NIS invests $60 million

Aidan Heavey, Lucian Grange file lawsuits in Barbados Supreme Court

One day, two headlines

From The Independent…

Tullow Oil chief sues developers as work on Caribbean resort is halted

TULLOW Oil chief Aidan Heavey is suing the developers of a luxury hotel and villa complex in the Caribbean after construction stalled following the credit crunch…

…The Irish Independent has learned that Mr Heavey and Universal Music’s Lucian Grange have both filed legal actions at the Supreme Court of Barbados; Mr Heavey and Mr Grange are demanding to recover deposits they put down for luxury homes at the planned resort.

The site now resembles “a half-built ghost estate”, according to some Irish tourists who recently visited the area…

The Supreme Court of Barbados confirmed to the Irish Independent that it has received a series of lawsuits over the stalled project, which has angered many local Barbadians who fear taxpayers may have to pay for any bailout if it fails. (Full story at The Independent)

From The Nation…

NIS funds going to build hotel

Every cent of the $60 million to be invested by the National Insurance Scheme (NIS) in the Four Seasons project will be used to construct the luxury hotel.

Furthermore, Professor Avinash Persaud, who is heading efforts to restart the stalled project, insisted that Barbados’ debt to gross domestic product (GDP) would not be affected in any way by the NIS investment in the hotel and villa project.

Persaud made these statements on state-owned Caribbean Broadcasting Corporation yesterday as he responded to public concerns about Government’s involvement in the West Coast entity. (Full story at The Nation)

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18 Comments

Filed under Barbados, Barbados Tourism, Offshore Investments

18 responses to “Four Seasons high profile buyers sue for deposits as Barbados NIS invests $60 million

  1. FearPlay

    Correct me if I am wrong but did BFP not bring this story before regarding the lawsuits, only to have someone of stature disavow any knowledge of investors wanting their money back? Matter of fact, it was a downright denial! I am just wondering how many other “assurances” we have received about the viability of this project will prove to be less that accurate. Who’s going to pay the piper then?

  2. Name

    That’s what they were waiting on, duuhh..
    Funds in place, now we sue!
    Who gets left out in the cold? The foolish old ppl of Barbados
    whose pension money will pay out the hi flyers, see?

  3. Jesus

    But this is the Christian way in Christian Barbados built on Christian morals and principles.

  4. just want to know

    The political hierarchy of this island need to be put in jail for putting NIS funds in this project. It’s such a shame that Barbadians have to pay over & over again for our politicians inept spending of our hard earn money in such wasteful exercises. Didn’t our Government already put money in this exercise, and the only thing I saw & read was that a few millionaires reaped the rewards. Tax payers paying for mistakes.

  5. Anonymous

    Ever feel like you’re on a train, and you can see a rickety old bridge ahead down the tracks, and you’re shouting at the driver (whose name might be Sinckler) to stop the train, because it’s a certainty the bridge is going to collapse the moment the train gets on it. But the driver’s not listening to you. He listening to the Fat Controller (whose name might Persaud).

  6. forreal

    One of the commentors on the article in The Independent said “most of these guys won”t miss the (deposit) money” . So is that what the DLP government also thinks of the Barbadian Tax payer and the NIS scheme? If this thing goes bust or fails to make a good return in a reasonable time we won’t miss our money either?

  7. rastaman

    The same way Government wants to pass legislation making directors liable to pay outstanding company monies,Government Ministers should be made to do the same for failed ventures.

  8. Brown Suga

    Is this story in the Independent not a rehash of the same old claims by Aidan Heavey in the Times.

    Did not Lucian Grange already disavow everything that was said about his asking back for his money.

    This is cold soup warmed over BFP. Gi’ we the real news on Owen and Rawle nuh.

  9. Pump it UP!

    Aidan Heavey’s lawsuit is still in play and recently filed. Lucian Grange is still suing in Barbados. The new news is that Mr. Heavey filed after rattling his sabre for a while.

  10. FRAUD cost us all more when you cover up and pay off with money PM/Sink

    All Fraud will come to light , For none of them the owner of the land they build on. SO when you build Ghost on other people land with out permission the Ghost will get them , Ask any of them to show you the DEED for the land, All you have to Know All things on this Island is Land and ownership of it , The PM and his Ministers are Crooks and all this cost more for the want to be no so -called longer 3rd World nation and now they 1st world crooks,, No clear titles for land and they get there papers approved to build ,Mark Cummings , but not permission from the land owner More Fraud to come , CLEAR TITLE PEOPLE ,, not so-called good title.Beatrice Henry to Violet Beckles , Plantation deeds , why the govt cant show none after 1846, then have them all owned by COW,,,SIR CROOK ,, another Sir Crook Richard L Cheltenham , bigger the title bigger the crook.He need to be in jail for what he have done to Barbados ., and the lawyers that run with him and got rich,

  11. Jack Bowman

    Dear BFP Folks,

    I have to say from the get-go that I don’t have nearly enough information about this project to reach any reasoned conclusions that are worth reading.

    On the basis of my very limited understanding of this venture, however, I have a couple of observations that might seem to be contradictory.

    First, surely it hasn’t passed anyone’s notice that this project happens to be located in the constituency of a fairly senior member of the Barbados cabinet. And this is, surely, an election year.

    Second, the NIS has to invest somewhere. I hope people understand this, but—from what I’m reading on the blogs—I’m starting to suspect that almost nobody even begins to grasp it. Many people don’t seem to comprehend that the NIS isn’t some sealed vault that’s just accumulating cash from contributors. It isn’t a box of money whose managers dip into from time to time, to dole out cash to the elderly and the needy. There isn’t some guy in Bridgetown with a sack of YOUR dollars who can decide (i) I’ll give some of it in small portions to the elderly and needy or (ii) I’ll flush it down the toilet (your graphic is needlessly emotive and inflammatory, not to say ignorant) so that rich white people can have an easy life.

    The managers of the NIS funds (I’ve never met them, have no idea who they are, have zero connection to them) have a fiduciary responsibility to invest this money in a way that they judge will be beneficial to Bajan contributors.

    They have to do this. If the NIS money was simply a big box of cash in some basement in Bridgetown, it couldn’t hope to meet all the demands on it, not even in a year.

    The money makes money. It makes money through wise investments and prudent thoughts about the state of the money markets. This is not just wholly legitimate, it is also completely essential.

    It might be the case that the Four Seasons project is a bad investment. I have absolutely no idea. And neither does the overwhelming majority of people who make comments about it on your and other blogs.

    If you think it’s a bad investment, then suggest other and less risky investments. Don’t just gang-bang this guy (never met him, have zero connection to him, might be a genius, might be a dunce) who’s trying to make something work.

    All of that said, of course, it will be a year of political campaigning amid an awful recession. Jobs are precious. And this project, perhaps just coincidentally, is in the heart of a particular constituency.

    A lot of fertile ground for the duller conspiracy theorists, but I suspect that most Bajans involved in this are just doing their best.

    All best wishes.

  12. Posh

    Mark my words Avinash Persaud is a criminal.

  13. yatinkiteasy

    http://www.dailymail.co.uk/tvshowbiz/article-2096576/Simon-Cowell-lose-millions-Barbados-resort-battle.html

    This latest article in the Daily Mail is not encouraging. The next news to come out will be the investors who have poured million of dollars into the Merricks Development. They have not even completed ONE show cottage, after 5 YEARS of selling on various UK websites, all illustrated with nice graphics and even a video.Our Government must be the laughing stock of the world.

  14. Mac

    All i heard in a recent article was how the money would be spent. Not on word was said about when it would be returned and at what interest!!! That is what we should be being told.

    Kudos to David Thompson for bringing Integrity, Transparency & Accountability Legislation.

  15. Exasperated

    Jack
    You must be reading different blogs than I am. People criticizing this are suggesting the investment is too risky not that the NIS should not invest at all.

    With the current downturn in the property market; the fact that the project has stalled already, the fact that the only institutions who seem willing to invest are not private institutions, the fact 4 seasons had to come begging the NIS instead of the alleged ‘fund managers’ in the NIS actively seeking out this alleged amazing opportunity. The rumors/appearance of government influence in their decision to invest and now, articles in UK publications indicating depositors are suing? You look at all that and you conclude that we should not say anything unless we can come up with an alternative?

    Then you end the the comment jobs are precious and don’t cry down somebody who is making an effort? The NIS is not a development bank.

    You can’t seriously expect the NIS to invest in something so controversial, in the current economic climate and not get the public backlash they are getting? You really think no one can ‘grasp’ how ‘fund managers’ work and that is the reason for all the criticism? How ridiculous.

  16. Pingback: Wall Street Journal: Caribbean vacation properties risky because deposits finance construction | Barbados Free Press

  17. Pingback: SHOCKER: Central Bank Governor says Merricks and Four Seasons Resorts will provide foreign direct investment inflows in 2012… WHAT? !!! | Barbados Free Press

  18. Pingback: Did Barbados taxpayers guarantee the new IADB US$52 million Four Seasons loan? | Barbados Free Press

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