UPDATE: February 24, 2009
With all the current interest in the GEMS Hotels scandal, we thought this BFP article from 2007 might be interesting. Don’t forget to read our most recent article on GEMS too!
Original article published May 17, 2007…
What became of the sale proceeds of Eastry House and Silver Rock Hotel?
Has the Hotels and Resorts Ltd loan from Caribbean Commercial bank been repaid?
On July 12, 2003, the Nation News published… Elbow room: Eastry sale would free up funds.
‘The sale of Eastry House could lead to the provision of 130 more hotel rooms for Barbados. According to David Shorey, chairman of Hotels and Resorts Limited (HRL), that’s the strategy behind the proposed sale of the sprawling St Peter property for BDS$11 million’.
On January 12, 2004, the Nation News published…
‘A meeting of the board of CLICO Holdings Ltd yesterday took the decision to terminate the services of both Chairman David Shorey and chief executive officer Mariano Browne’.
What became of the loan granted by Caribbean Commercial Bank to Hotels and Resorts Ltd while Mr Shorey was both chairman of that bank and Hotels and Resorts Ltd?
Was has become of the proceeds of the sale of Silver Rock Hotel?
To the best of our knowledge no additional rooms have been added to the GEMS properties and 30 plus rooms at Blue Horizon still remain derelict!
At the time, how much did David Shorey pay himself in salaries and bonuses?
As the principal shareholders in Hotels and Resorts Ltd, why cannot we, the taxpayers get some answers to these questions?
Is Prime Minister Owen Arthur Frightened Of What David Shorey Could Reveal?
Seeing as how David Shorey is an excellent friend of Prime Minister Owen Arthur, perhaps the Prime Minister can get on his hands and knees and beg Mr. Shorey to account for the public monies that were “invested” in GEMS properties?
Or could it be that Prime Minister Owen Arthur fears David Shorey? Could it be that David Shorey was instrumental in the early days of Mr. Arthur’s public service in assisting the PM to set up his foreign bank accounts?
In corrupted Barbados, not everything is as it seems. There is always so very much more going on just beneath the surface.