What Happened To The Money From Hotel and Resorts Ltd’s Assets Sale? How Much Went Into David Shorey’s Pocket?

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!

Barbados Government GEMS Hotels folly continues. Where did all our money go? Three remaining GEMS hotels valued at only $74 million!

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.

26 Comments

Filed under Barbados, Barbados Tourism, Politics & Corruption

26 responses to “What Happened To The Money From Hotel and Resorts Ltd’s Assets Sale? How Much Went Into David Shorey’s Pocket?

  1. concerned

    We will never know what happened to the money from Hotel and Resorts Ltd’s assets sale and how much went into David Shorey’s pocket without an audit.

    The Government is breaking the law! What options are open to the taxpayers of Barbados to force the Government to respect and comply with the laws of the land?

    We want to know what the Government is doing with our money.

    Many projects are shrouded in secrecy and we repeatedly hear of overruns into the hundreds of millions in the case of the prison and we, our children and their children have to pay the bill.

  2. political pimp

    david shorey has a lot on owen
    holders land
    b.c.a
    gems
    all the land deals with peter harris
    do u remember clyde mascoll with the wall in pine gardens

  3. Adrian Loveridge

    Is David Shorey still the Chairman of Hotels and Resorts Ltd and who are the other directors?

    Are there no laws on Barbados regarding due dilligence by Directors of Companies to ensure audited accounts are issued in a timely manner?

    Senator Sir John Stanley Goddard has repeatedly asked for the accounts to be made available.
    Is the failure to do so gross contempt of our Parliament?

    How could a Chairman of a bank then agree to a make a loan to another company where he was also chairman, and was this clear conflict of interest, written into the board meeting minutes of both organisations?

  4. Jerome Hinds

    Not only David Shorey !

    How much did Rodney Wilkinson get from this whole project ?

    Such issues no longer peeve Clyde Mascoll…!

    He now joined the bandwagon…..i.e HARDWOOD Inc. a.k.a fowl coop houses !

  5. Jerome Hinds

    Adrian Loveridge
    May 17th, 2007 at 5:05 pm
    Is David Shorey still the Chairman of Hotels and Resorts Ltd and who are the other directors?

    Are there no laws on Barbados regarding due dilligence by Directors of Companies to ensure audited accounts are issued in a timely manner?

    Senator Sir John Stanley Goddard has repeatedly asked for the accounts to be made available.
    Is the failure to do so gross contempt of our Parliament?

    How could a Chairman of a bank then agree to a make a loan to another company where he was also chairman, and was this clear conflict of interest, written into the board meeting minutes of both organisations?

    *****************************************
    Adrian Loveridge,

    Very good questions you have raised.

    But unfortunately, in this Owen Arthur’s ” Hell Hole ” commonly called Barbados……the World Bank example will not be followed in principle…!

    The Directors of the World Bank removed Mr. Paul Wolfowitz…for conflict of interest…!

    Would the electorate of Barbados remove Owen Arthur & his BLP gang from office for conflict of interest…..?

    Only time will TELL !

  6. The game

    Shorey,Harris, Wilkinson,Nicholls,
    Bannister, names most frequently
    identified on this blog with corruption,
    kickbacks, unsavoury financial practices.Ummmmmmmm.
    Where there is smoke….

  7. New Reader

    A question for BFP and other bloggers. How much legal protection is there for internet “news” providers against slander, libel, or protecting anonymous sources? In the US, the law is not clear but it is assumed that the rights that journalists in the print media have, also extend to the internet news versions. But what about bloggers?

  8. John

    New Reader

    Do a search on “internet libel” on this site and you will see this is a topic that engages bloggers on this site in discussion.

    I guess we have talked about it so long that it is not of prime importance, but I think we are all aware of the issue.

  9. be very afraid

    One should never be too concerned with the issue of slander or libel in a country where there is no accountability and transparency. If these matters were vetted in the US, similar situations like Veco would be fully exposed for all the public to see.

    Who should really be concerned should be noted

    http://www.complianceheadquarters.com/AML/AML_Articles/8_19_05.html

  10. Adrian

    New Reader
    May 17th, 2007 at 5:50 pm
    A question for BFP and other bloggers. How much legal protection is there for internet “news” providers against slander, libel, or protecting anonymous sources? In the US, the law is not clear but it is assumed that the rights that journalists in the print media have, also extend to the internet news versions. But what about bloggers?
    ————————————————————-
    Whatever laws apply in a jurisdiction would apply to any media in that jurisdiction. After it is determine that someone has been defamed pursuant to the defamation act of Barbados, there is the additional step of determining the jurisdiction of the media in which the defamation has occurred.

    I have no fear of such a suit, I would welcome such action against me, as it would give the opportunity to air the statements and whatever proof i may have to validate the statements, and there is an inherent risk that airing such can further damage the very image, that they are attempting to defend. 😀

  11. laughing barbadian

    so very true adrian so very true lol

  12. John

    …. so now I know what PEP really stands for!!

    Thanks, “be very afraid”.

  13. John

    New Reader

    Feel free to let rip whenever you feel comfortable!!

    Just keep it decent.

  14. John

    …. and New Reader, your biggest fear should be Auntie Moses!

  15. Justasking

    I thought that the Public Accounts Committee was investigating GEMS. Maybe Mr.David Thompson or one of his spokespersons can enlighten us.

  16. Happy Camper!

    Bajans too like to look down their noses at “corrupt Trinidad” – but after reading about stuff like this, I wonder if we’re not bring in a close Second to T&T in the corruption department.
    ………………………

    There are disgusting,dishonest people on this island getting RICH,
    while I ketchin my ass workin an ordinary job for sweet FA by way of $$,
    only to have the Bajan cost-of-living rip me off.
    I’m a happy camper!

  17. concerned

    Food for thought.

    It has been suggested that the politicians and their cronies, private sector individuals and the bag men who have been stealing from the Barbadian public should not be incarcerated for their crimes but made to do 20 years community service in repayment of their debt to the society they have raped.

    Just imagine if the energy they have been expending in feathering their own nests could be channeled to the benefit of Barbados what could happen.

    Unfortunately they would still find a way to tief.

  18. Mike G

    We have to accept that open and blatant corruption is a way of life here, because there’s no investigative jounalsim or integrity legislation. Journalist are scared to seek out the truth, as they maybe made to pay on account of the power that the corrupted politicians and men of influence can bring to bear. Look what happened to a Senior Radio talk Show Host when he dared to ask a Minister a certain question. Within hours, we had an unreserved apology from the Corporation concerned and a humble apology from the Talk Show man inquestion. People are living in fera if they speak out or question certain sudden rises in affluenece and wealth. Just watch and see how Mascoll’s fortune will change and he will remain quiet on certain issues.

  19. justice

    New Reader, for now blogs are immune from the law of defamation simply because you cannot be identified. On a blog like this you are however subject to the laws of decency and good taste. Write on….

  20. Velzo

    BFP, your comments are spot on.

    But check which Bank was dealing with the Coast Guard Project bond issue and the Law Courts bond issue and ask yourself why or how the smallest bank in Barbados – chaired by Shorey and managed by Mariano Browne – got these particular BOLT arrangements within their portfolio.

    And, while at it, check which Bank the $75,000.00 came from before it was deposited.

  21. Zulu

    And while you are checking, BFP, find out for me (us) about the law suit that Mariano Brown is facing because of his dipsy doodling with the bank funds.
    Tink dese ppl sweet?

  22. The Phoenix

    And Leroy Parris is telling Owen…..I giving you what you want…I hope you (Owen ) give me (Leroy Parris ) what I want !

    Source : The centre page of Nation news 2007 – 06 -04 .

    Gline Clarke is laughing his guts out !

    It is called…… Wuk fuh Wuk !

    Owen the Bandit….telling Bajans it is David Thompson in bed with Leroy Parris !

    Owen think we are FOOLS ?

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  24. lipgloss

    All the talk about corruption is nonsense

    PROVE it and bring a case and stop talking shite

  25. Nonsense

    Marlyn was renovated with swimming pool and all, at wat time?

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