Daily Archives: November 6, 2007

Barbados Government Just Made Shares Of BS&T Worth Less Than They Were Last Week

Privately-Held Land To Be Seized By Government

How Much Will BS&T Shareholders Be Paid For Their Lands?

(Ha… Much less than you poor investor suckers ever thought! As P.T. Barnum used to say… “There’s one born every minute.”)

Welcome to Barbados, Property Investors!

BLP government members Dame Billie Miller and Noel “Don’t ask where my money came from” Lynch again confirmed that the government will expropriate the Pierhead Project land from private ownership.

The land in question is owned by BS&T and is, per square foot, probably the most valuable piece of land on the island. The land and the profits to be realized from the project formed a significant part of BS&T’s current assets and future profits… that is until the government announced that it would steal the land from private ownership “for the good of the country”.

Now, with a few words, members of government have just significantly devalued your BS&T shares.

Why Do We Say “Steal The Land” Instead Of “Expropriate” or “Compulsorily Acquire”?

The current Government of Barbados has a long history of expropriating privately held lands “in the national interest” and then never paying the owners for the land. Sometimes the government will expropriate land for a stated government purpose, but then the land is not used for that purpose and it sits vacant. Then a few years later the previous owner will drive by his stolen land and find that it has been quietly sold as “surplus” and a Minister of Government has built a house on the property.

That’s a true story. The house was built by Minister of Public Works Gline Clarke on land that he helped to expropriate! (story here)

Folks, think about that as you consider where to invest your money.

What’s that you say? Sue the government and go to the courts for justice?

Did we mention that the current Chief Justice of Barbados used to be part of the same Cabinet that expropriated much of the privately-owned lands?

And round and round it goes, folks.

Opposition Leader David Thompson Claims The Fix Is In!

From the Nation News…

In his Sunday night address at the Democratic Labour Party’s (DLP) mass meeting in Silver Hill, Christ Church, Thompson said: “I am saying tonight that Owen Arthur already knows whom he is getting into bed with in relation to the Pierhead Project. The deal has already been consummated.”

Yup, that’s the way things work around here. The government members expropriate land from one private entity so that another private entity owned by friends or relatives can get a piece of the action. In this case the BS&T shareholders are the losers, and another group of private shareholders will be the winners. Thompson says that’s the way things are and he’s telling the truth.

Thinking about investing in a private or publicly-held company that owns land in Barbados?

Thinking about purchasing land yourself?

Think really carefully, my friends. Things are often not as they seem on this small island.

Further Reading…

Nation News: Pierhead Claim Is Denied

BFP: Investor Nightmare: Barbados Decides To Nationalise Corporate Waterfront Property In Pierhead Area

Advertisements

38 Comments

Filed under Barbados, Business, Offshore Investments, Political Corruption, Politics, Politics & Corruption