Nation News “Breaks” Blackwater Barbados Story A Year After Barbados Underground Blog

Eleven months ago, our friend David at Barbados Underground blog wrote about the infamous US Mercenary Company Blackwater having a Barbados connection.

The reporters at the Nation News must have seen that BU story and the Guardian UK story that it referenced. They simply must have. Why didn’t they write about it? Perhaps the last BLP government wouldn’t permit it.

Now, the Nation News is “breaking” a story that is almost a year old, and that, frankly, was better covered by Barbados Underground.

Just another day of “professional” journalism at the Nation News!

Further Reading

Barbados Underground: Nation Newspaper Breaks Blackwater Story Almost Eleven Months After Original Story

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16 Comments

Filed under Barbados, Freedom Of The Press, Military

16 responses to “Nation News “Breaks” Blackwater Barbados Story A Year After Barbados Underground Blog

  1. Adrian Loveridge

    What is interesting is that the company (Greystone LIMITED) which is a subsidiary or associate of Blackwater was actually registered in Barbados on 13th May 2004 #23762.

    Why then was another company (Greystone SRL) registered on 3rd September 2007 #803?

    Perhaps one of our accounting/legal readers could explain simply the benefits of a SRL (Society with Restricted Liability)?

    ie; Like 3S (Barbados) SRL.

    Which Government collects all the income taxes/national insurance etc, of the mercenaries?

    As I understand it ALL companies that register in Barbados have to declare their type of business, did Greystone Ltd/SRL and was the description accepted by the registrar?

    Must be worth $5 to search for the answers!

  2. Straight talk

    Adrian L:

    A SRL can be formed either as an exempt society or a non-exempt society. Exempt SRLs are used mainly for international transactions and are prohibited from acquiring or holding land leased for business purposes.

    An SRL has the following characteristics:

    * Limited liability
    * A maximum of 50 years duration
    * The rights, powers and privileges of an individual
    * Stipulation that the transfer of quotas (as the membership units are known) in a society will not confer on the transferee the right to become a member or participate in the management of the society without the consent of all the members in writing
    * The ability to seek, as an Exempt SRL, the benefit of the special tax and other privileges outlined below

    Benefits of this statute, in conjunction with other relevant benefits are:

    * Tax on income on a sliding scale, from a maximum of 2.5% to a minimum of 1%
    * Exemption from all withholding taxes
    * No capital gains tax or estate duty
    * Tax credit in respect of taxes paid outside of Barbados is allowable but only insofar as it reduces tax payable in Barbados to a minimum of 1%
    * Complete freedom from exchange control
    * Books of account may be kept outside Barbados
    * No minimum capital or ‘thin capitalisation’ rules
    * Bearer shares are permitted
    * Inward and outward re-domiciliation provisions
    * Tax Treaty network
    * Convention expenses allowed by U.S. tax authorities
    * Modern and flexible corporate law
    * The sale of foreign real estate or investments, and the transfer of equity in an SRL, are not subject to local transfer taxes and stamp duty
    * An SRL may import, free from all customs duties, machinery or materials for use in its business

    All of these benefits apply to an SRL which elects to be treated as an exempt SRL; whereas several of the benefits would not otherwise apply.

    Barbados Investment Development Corporation
    As the industrial development agency of the Barbados Government, BIDC has special responsibility for promoting and facilitating the establishment and expansion of business enterprises in Barbados, and for promoting the export of Barbados’ goods and

  3. Adrian Loveridge

    Thank You Straight Talk,

    I am really impressed.

    Its not difficult to see why Greystone Limited would prefer to be Greystone SRL then?

    One last question!
    In the case of 3S (Barbados) SRL. Wouldn’t the ‘privileges’ granted to a SRL give it a distinct commercial advantage over a local company bidding for the same contract?

  4. ru4real

    @AL

    Your post is libelous.
    You know nothing about 3S at all.
    You are privy to nothing.
    It is totally dishonest of you to continue to defame by implication a company in this way.
    It leads one to suppose that have some financial incentive to do so.

    ********************

    BFP says,

    Please say exactly what facts are in error and we shall look at them. Also, we hereby invite you to publish an article here at Barbados Free Press explaining your point of view. We promise to publish your article as a feature article without editing by our staff, and we promise to clearly link to it in all articles we have publish that concern 3S or anyone associated with the company or its projects.

    You may send the article to barbadosfreepress@yahoo.com

    Marcus

  5. Straight talk

    An SRL may be advantageous in a competitive tender situation, Adrian.

    I don’t know enough to speculate.

    That point is irrelevant to the 3S MOU, as I understand it, there was never a tendering process anyway.

  6. Juris

    How could being an SRL be advantageous in a tender situation? The entity that advertises for tenders merely wants to get the job done. It is up to that entity to accept whatever bid it wants to, be it SRL, Inc., or Co. Ltd.

  7. Straight talk

    Juris:

    I suppose that, unlike an SRL, any Barbadian Co., Inc., or Ltd, registered business would have to factor in to its quote liability to duties and corporation tax at non-preferential rates.

  8. Juris

    ST, you are assuming that the lowest tender would be accepted. But we are both agreed, there was no bidding for the ABC extension.

  9. Straight talk

    Juris:

    I assure you that I assume no such thing in regard to this under the table contract.

    On the contrary until some transparency over the selection of the main contractor, and disclosure of the terms of the elusive Memorandum of Understanding, my assumptions will remain as sceptical as the majority of this blog.

  10. ru4real

    @Marcus
    Thank you for your offer.
    I will consider it however i have noticed that it is not unknown for BFP to print posts under the handle of a poster when that poster has made no such post.
    Naturally this leads to a loss of trust and creditability.

  11. ru4real

    o dear moderation strikes again

  12. Brutus

    3S is not likely to be an exempt SRL, as the society would not then be able to provide services in Barbados. As a non-exempt SRL they would not be entitled to the benefits listed above.

    My guess in the case of Greystone would be that they initially set it up a Barbados limited liability company, then realized that for tax (or other) reasons it was better to have an SRL. I assume that it is an exempt SRL, as otherwise we would have to wonder what good or services they are selling in Barbados.

  13. Adrian Loveridge

    ru4real,

    It appears the previous Government didn’t know anything about 3S (Barbados) SRL either before it signed a MOU involving millions (make that hundreds of millions) of dollars.
    Isn’t it standard practice to carry out a due dilligence check?

    No! I have answered my own question or else they would have done a due dilligence check on Commonwealth Construction/VECO who, suprise. suprise also no previous experience building prisons!
    It would appear that they also did not know that 3S had not undertaken any road widening or flyover construction prior to signing the MOU or that 3S’s principal had admitted to paying bribes in at least three countries with his former employer.

    As you appear to have intimate knowledge of 3S (Barbados) SRL and don’t forget the company registered in the USA, please tell us WHEN Mr Danos left Mabey and Johnson and WHEN 3S (Barbados) SRL was formed?

    Straight Talk,

    Thanks again.

    It does appear from a laymans perspective that there is no way you can tell at a glance whether a SRL is a exempt or non-exempt entity.
    Could the authorities not have made this more obvious by designating them as follows:

    SRL (E)
    SRL (NE)

    ?

    ie: if Greystone SRL is an exempt entity it cannot trade with Barbados and Caricom but can it still recruit mercenaries in Barbados and Caricom?

  14. ru4real

    @adrian Loveridge

    Have you got a personal grudge against 3S?
    Have they harmed you in any way?
    Are you an engineer?
    Are you being paid to smear this company?
    If the answer to all these is no
    Go back and mind your B &B obviously you dont have enough guests to keep you busy at the moment.

  15. Johnfc

    With regard to the ongoing court case in Iraq & the US, is it right that Barbados is home to Greystone when it is clearly linked to Blackwater & it’s dubious activities & practices? What others companies are registers here that have equally unsavoury activities & what checks have carried out prior to acceptance. Or is this the tax haven Mr Thompson was referring to?

  16. Cliverton Not Signed In

    ru4real:

    Smarten up and back off on personally attacking Adrian Loveridge or you will have to do it somewheres else. After a year and a half of personal attacks on people who criticise the government we have zero tolerance around here for your kind of comments.

    Last warning.