Government Lied To Barbados Advocate Newspaper About GEMS Hotels Financial Statements – They Only Exist To 2001!


The Barbados Labour Party published an article in the Barbados Advocate (link here) and on the official government BLP blog on Friday – criticizing Thompson and the DLP for talking about corruption. The article claims that “audited financial statements of GEMS (hotels) hae been (laid) in the House for some time now and Thompson would have seen them yet he has not called for an investigation. Why?”

A source has informed both Barbados Underground and Barbados Free Press that these “audited financial statements of GEMS” that no one had previously heard of only go up to 2001!

GEMS Hotels has been operating in contravention of the law and has failed to present audited financial statements for the past almost seven years!

It is way too easy to catch these crooked BLP government types lying and being corrupt. Like shooting fish in a barrel.

For details and the letter from the source, see Barbados Underground blog (link here)


Filed under Barbados, Political Corruption, Politics, Politics & Corruption

17 responses to “Government Lied To Barbados Advocate Newspaper About GEMS Hotels Financial Statements – They Only Exist To 2001!

  1. This is the second Barbadian company that I have heard of where no financial statements have been required. On the other hand, small business owners have complained that the Barbados government is very strict in enforcing the need for audited financial statements.

    Why are there blatant exceptions to the rules? Kingsland Estates said they were too poor to pay for financial statements, while owning approximately 1% of the entire island, including beachfront property. Yet the courts agreed that the requirement for financial statements should not be enforced. Now the BFP post above states that GEMS gets a break too!

    “Audited Financial Statements for Kingsland were produced by Coopers & Lybrand in 1989 for period 1983-89. No audited financials available to shareholders prior to 1989 or subsequent to 1993.”

    They diluted the shares of the one remaining original shareholder ostensibly to get money to pay for subsequent financial statements, even though the Barbadian government owed them millions.

    But even the financial statements that they finally got were a little surprising. A company that owned 1% of Barbados – valued at $5 million! In my estimation, the 2 acres of prime beachfront property is worth at least $18 million. And what about the other approximately 1000 acres in Christ Church and St. George?

  2. DG

    So what’s the difference between this and the St. Joseph Hospital ordeal?

  3. Phoenix

    When the BLP column introduced this subject on Friday I said that those statements were no way near the precincts of Parliament !

    Wasn’t there an election after 2001 ?

    Weren’t GEMS a big issue in that election ?

    On 25th March 2007…….Minister Lynch said on Brasstacks that he was not sure about the status of GEMS…..THEREFORE….there were no audited accounts ( If Lynch can be TRUSTED to tell the TRUTH )

    These BLP scamps are rooten to the core !

  4. Bush tea

    Are they really ‘lying’ or is it that they realise that Bajans are not really very smart and will accept anything?

    This is a Government that has had a voting system in place for DECADES now, where EVERY VOTE effectively has the name of the voter written on the back. Government can at its leisure look and see who voted for whom and deal with them accordingly. Name any other country in this WORLD where people would accept that!!

    This Government looks us in the face, and says that they reserve the right to sell our prime property and national assets to the highest bidders – because they need to earn foreign exchange… now bajans can’t even see the sea…

    These people changed all our laws so that bajans are no more than anyone else in their own land.

    Foreigners now own our newspapers, banks, Insurance, Companies etc. Meanwhile our young men are on the block and are given ‘oasis’ handouts of weed-whackers while Chinese and Guyanese men are imported en masse. Tell me where else this could happen?

    Millions of dollars unaccounted for and not a word of explanation from a boy…

    Prime Minister ADMITS to receiving a $750,000 ‘gift’. Suddenly remembers it was intended for the BLP after Thompson brings it up in a retort….NOT A WORD OF EXPLANATION FOR MONTHS NOW.. not even a poor PR try.

    What kind of place this has become?
    Bajans could only be sheep.

    Is it really lying if the butcher tells the lamb being led to the market that he is “taking him for a walk?”
    … maybe it is just being ‘kind…’

  5. Hants

    Elections coming early next year????

    Hint…. Government has pushed back the date of the awarding of bid contracts to companies drilling for oil in Barbados waters’ by four months.

    The contracts were originally set to be awarded in early December.

  6. Hants

    Barbados is truly First world.
    Offshore companies proliferate in every form and fashion.

    “the incorporation of a Blackwater subsidiary in Barbados that positions its services outside U.S. jurisdiction and control.”

    Interesting use of Barbados as a “special jurisdiction.”

  7. Adrian Loveridge

    On the 17th September 2007, a story was carried in the Nation under the headline ‘GEMS GLOW’, where the Minister of State in the Ministry of Finance portrayed what can only be described as an exceptionally optimistic fiscal picture of Hotels and Resorts Ltd.

    One particular verbatim quote especially caught my attention ‘ According to Mascoll, land and property values have increased to the extent that tourism properties are now worth even more than tourism as an entity in itself ‘.
    Quite suprising as the PM personally waived the property transfer tax on the sale of Silver Rock.
    Why discount the value, if they are worth so much?

    If, as stated the audited accounts from the period after 2001 for Hotels and Resorts Ltd have NOT been laid in Parliament, how could Mr Mascoll speak with any authority before knowing what other liabilities the company has above the ‘Government’s $145 million investment’ he quoted?

    We know that the Chairman of Hotels and Resorts Ltd is a qualified accountant, so what possibly could be the reason for not submitting the audited accounts past 2001?

    Is there no law that commands Government (taxpayer) owned companies to submit their audited accounts in a timely manner?

    Mr Mascoll should also consider any remaining credibility he may have.
    Speaking on the recently highlighted Hardwood Housing Factory Inc, issue after previously stating
    ‘What better track-record could the company want that someone (Anthony Murrell) who supervised the building of 500 houses in Grenada in the aftermath of Hurricane Ivan’.
    Only days later to dismiss this statement with ‘on the issue of whether he built 500 houses in Grenada or not was neither here of there’.

    I have approached the Government agency in Grenada responsible for the construction and supervision of houses following Ivan and hopefully we will ALL soon have evidence that confirms Mr Mascoll’s earlier assurances.

    Meanwhile, Mr Mascoll, perhaps you could produce the audited accounts for HRL for 2002, 2003, 2004, 2005, 2006 and soon as possible 2007, then we as taxpayers can also ‘GLOW’ with your optimism.

  8. summermoon

    no wonder Lynch walker out when asked about the million dollar property he owns.
    and then he gets a fat 60,000 off the radio station. what a laugh!

  9. Royalrumble

    Now fellows you all have been pushing this corruption thing for some time now. Two opinion polls have shown that it has not been working. When will you idiots decide to take up Harold Hoyte on his recommendation in the Sunday Sun of October 21, 2007? Hoyte has suggested that you “rebrand” thompson to make him palatable to the Barbadian electorate.

    But Hoyte’s suggestion will be a very difficult task because with a limited intellect thompson will fail in his attempt to bring himself to deal effectively with the heavy international issues that now permeate the international arena. What does thompson know about this country’s trade policies and the much talk about EPAs that this country is involved with many of the industrialised and developed economies around the world?

    Where does thompson see Barbados within the global economy and what policies does he intend to pursue with respect to the real challenge that capital poses to labour in the 21st century and the impact of rising inflation both international and locally and its impact on working class in developing societies like ours and many other major issues.

    To talk corruption is easy and requires very little intellectual effort and this is why thompson has chosen this avenue. But he is failing in his pursuit simply because he is seen as the corrupt one and the electorate is convinced that he can not correct any wrongs in this sphere.

    thompson’s declaration in the Nation News today that “he will not lie, cheat or steal to get to the top in Barbados” is really a laughable comment. The truth is that the electorate is convinced that thompson is a lying, cheating and stealing English born brute. thompson is a millionaire yet he has never had any outstanding jobs in this country to explain where he got his wealth. He is no lawyer of any repute. In fact no one has ever heard of a case that he has won, criminal or other wise.

    thompson’s declaration in today’s Nation can only been seen as a real self-confession. What he needs to do now is to beg for forgiveness and see if the public is willing to forgive him. But if they are willing to forgive him for lying, cheating and stealing what are they going to do with him for the part he played in disrupting the lives of over 3,000. public servants in the early 1990’s and then boast that “the only thing a bailiff can ask him is the time of the day”. And what about the $150,000 given to him by a well known lawyer and supporter of the party which was to be divided equally among the candidates in the 1999 election and he kept all for himself.


    BFP Comments

    Royalrumble says “And what about the $150,000 given to him by a well known lawyer and supporter of the party which was to be divided equally among the candidates in the 1999 election and he kept all for himself.”

    Yup… just what we’ve been saying all along. This is a battle with two adversaries claiming that the other is more corrupt than they are. That’s some choice for the Bajan electorate!

    Now, Royalrumble, the Prime Minister unethically put $750,000 into his PERSONAL bank account. Does that make him just as crooked as Thompson, more crooked or just a more talented crook?

    Two piggies at the trough and neither one wants integrity legislation, conflict of interest rules, freedom of information laws or anything that will allow the citizens to hold these piggies accountable.

    Yup, we agree with you Royalrumble… both are crooks!

  10. Jerome Hinds

    Royalrumble you are desperate desperado !

    ** Did Owen Arthur & the BLP lie about the FBI report ?

    ** Did Owen Arthur & the BLP lie about the St. Joseph Hospital report ?

    ** Did Owen Arthur & the BLP lie about the opening date of the public library ?

    ** Did Owen Arthur & the BLP lie about the opening date of Greenland ?

    David Thompson is deemed the most Honest & Decent of the 2…….do not swallow all the BAIT Harold Hoyte setting for wunnah !

    David Thompson worked hard for what he has…..he never used the Parliament of Barbados

    ** To beg for a job !

    ** To say sorry for putting $ 750,000.00 into his personal Bank Account !

    Since you believe the BLP will win the next general elections… not delay call the DATE !

  11. Wishing in Vain

    BFP we know beyond any shadow of doubt that Owing accepted and put the cheque in his personal account what evidence do you have that there was a cheque for $ 150,000.00? Other than this clown telling his dose of lies in the royalidiot?
    I would be slow to accept anything the idiot said to me as he is a political animal that will spread any lie so long as it seems to discredit the party that he hates and the party that has removed him from around them.

  12. Hants

    BFP………If the 2 main parties are crooks, should you not be promoting the PEP ?

    Bobby Clarke for Prime Minister?

    Or would you be supporting Commissiong for Prime Minister with Ikael Tafari for Minister of Culture.

  13. anon

    Read Hoys’s report on GEMS in tomorrow’s business authority

  14. Adrian Loveridge


    Barbados Business Authority
    12 November 2007

    Facinating reading and Pat Hoyos has once again reported on information vital to the taxpayer to help formulate intelligent choices.

    What is the lesson to be learnt here?

    Should our leaders appoint their personal close friends to run (Chairman and Chief Executive Officer) Government (taxpayer) entities and allow them to spend tens, if not hundreds of millions of Dollars?

  15. Adrian Loveridge

    PS: I hope that BFP will be able to post the entire article for ALL to read.

  16. Adrian Loveridge

    Did Clyde Mascoll deliberately LIE to the public about the financial position of Hotels and Resorts Ltd?

    In an article carried in the 17th September 2007 edition of the Nation, Mr Mascoll indicated that Hotels and Resorts Ltd were in a manageable financial position under the headline of ‘GEMS GLOW’.

    It is absolutely clear from the latest accounts dating back to 2001 and laid in Parliament recently, that this is NOT the case.

    So was it Mr Mascoll’s intention to grossly mislead the public?

    To retain ANY credibility, Mr Mascoll should return to the public with audited accounts for Hotels and Resorts Ltd, for 2002, 2003, 2004, 2005, 2006 and 2007 when ready.

    Unless he does so in a timely manner, then we can only assume he simply does not possess sufficiently informed facts relating to the real GEMS financial position to make any intelligent comment and that we should take a further utterings with a pinch of salt.

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