The demise of Rayside Construction, Barbados

Barbados Free Press cautions all to take this and everything you read at BFP or anywhere with a good dose of salt. Rayside Construction is now tied up in the whole CLICO mess, so this story matters because it’s OUR MONEY at stake as usual. That said, here’s some information from…

“Everyone Loves Rayside”

submitted anonymously via European proxy

This is nothing but the whole truth;

For sometime now, evil persons have sought repeatedly to attribute blame to Mrs Marquetta Rayside, wife of Keith Rayside Snr, for the demise of the Rayside Group of companies.

She has been accused of stripping the group of companies of its financial assets since assuming the office of Chief Executive Officer in 2005.

However, in this expose, this writer hopes to apportion blame where it is rightfully due.

Are Barbadians aware that prior to his marriage to this beautiful young lady, the group of companies was heavily indebted to the VAT Office, the National Insurance Scheme and Inland Revenue?

Are Barbadians aware that the group of companies was facing major challenges in servicing their bank loans having secured overdraught facilities carrying interest rates as high as 14 per cent in some cases?

Are Barbadians aware that on many occasions funds due to the company for work done for government agencies were garnished in an attempt to collect arrears due to the government agencies identified above?

How can anyone strip a company of its financial assets when its bankers and government agencies were keeping a keen eye on its financial dealings?

Are Barbadians aware that following the receipt of a multi-million dollar settlement after the company’s take over by CLICO, the chief beneficiaries were Keith Rayside’s nine children, a former wife and his grand-children? Even though Marquetta was his lawful wife at the time, she was unaware that Mr Rayside had established a joint account with one of his daughters at the Barbados National Bank at Warrens, St Michael.

Barbadians may be unaware that Rayside’s children and grand –children had unimpeded access to the company’s fuel tank at its Green Hill, St Michael headquarters.

Identified below are some of the major financial excesses entered into by Keith Rayside to appease his contentious children, grand-children and a former wife:

(1) The joint account was a Club 55 plus Chequing account;
(2) At all times the funds on the joint account were to be managed and used by his daughter and Rayside Snr;
(3) The sum of one thousand dollars ($1000 per week) was to be paid to Ione Rayside a former wife of Rayside Snr;
(4) From February 2006, the sum of Bds $5000 per month was to be paid to Dwayne Rayside, Rayside Snr, son who resided in Florida, USA;
(5) On May 26 2006, the sum of Bds $15 000 was paid to Juliette Payne the mother of Dwayne Rayside for his maintenance;
(6) On November 2 2006 the sum of Bds$50 000 was paid to Juliette Payne for the maintenance of Dwayne Rayside;
(7) Rayside Snr and his daughter agreed that she would retain the cheque book in respect of the Club 55 Plus joint account, and all statements in respect thereof were to be delivered to her premises in Christ Church. At all times she operated the Club 55 Plus joint account freely;
(8) The Club 55 Plus joint account was subsequently changed to a Major League Joint Account on or about June 15, 2007;
(9) On May 14, 2008 Rayside’s Snr daughter deposited on Butterfield Bank a cheque for the sum of Bds $4 333 330.50 representing the proceeds of the sale by Rayside Holdings Ltd of its 1 728 241 shares in Rayside Construction Ltd into the Major League Joint Account at the BNB;
(10) On or about June 4 2008, the sum of $400 000 was paid to Keith Rayside Jnr for his absolute use. This was in addition to $200 000 which represented his one per cent share in Rayside Construction Ltd;
(11) On or about June 2008, the sum of Bds $100 000 was given to Dwayne Rayside for his absolute use and benefit;
(12) On or about May 28, 2008 Rayside Snr agreed to make cash gifts to his daughters and grand children of Bds $ 2 000 000 from funds on the said Major League Joint Account;
(13) While Rayside Snr’s children and grand-children were benefiting from these golden handshakes, he advanced his wife, Marquetta of many years a loan of Bds$200 000 under a legally binding arrangement which stipulated that the sum was to be deducted from her share of the husband’s estate.

Armed with this information the general public of Barbados can now determine who were responsible for the bankruptcy of a once successful black business-house.

It should be noted that Mrs Rayside only became aware of these disbursements after they were completed. Please be reminded that this writer has plenty of information on this sordid saga.

10 Comments

Filed under Barbados, Consumer Issues, Corruption

10 responses to “The demise of Rayside Construction, Barbados

  1. Carson C. Cadogan

    Old Rayside appears to be F@#$%^g idiot. If this information is true.
    Santa Claus pales in comparison with him.

  2. millertheanunnaki

    @ CCC:
    You should know the power of the “P’, aka hairy purse!

    It has brought down, financially and other wise, much greater and powerful men than old Rayside.

    Tiger Woods would agree!

  3. Energy Star

    I smell a takeover somewhere in the background, who is trying to establish the need for Clico sell this asset and to whom?

  4. poor people governor

    I dont think you should disrespect the elderly

  5. poor people governor

    Why the France wunna dont study that people like the same marquita children was living large and reason being why???
    where all the big vehicles they had GONE
    His family still has their simple transport right
    Another thing go and mind your own business that man helped many people that didn’t deserve it whatever is family got cant even compare to the highway robbery of marquita rayside

  6. 55

    At least wunnah en blame de white peepul dis time….dat is good.

  7. Britty Brat

    @ poor people governor
    You are soooooo right!!! Marquita and her children were living like Lords, they went ‘First Class’ on every plane possible. She moved from perfume seller to CEO in a zip… $20,000.00 a month for her and $12,000.00 for her son. The demise of Rayside came after she wrecked it.

    CLICO ‘saved’ it from sure disaster. Ask Marquita about the $100,000.00 drapes that she wanted to buy. Ask her son if he was caught on a plane (while reporting sick from work) and was fired by LP of CLICO.

    Old Rayside was not a really bad man. He ketch nuff people tiefing materials and concrete but refused to lock dem up.

  8. poor people governor

    all that really happen is that she up in clermont aka rut trying to kill off the man and when bashment happen she want people to feel sorry for her
    dont mind whoever right this story is one of her friends and u know what they squandered the money 20gran is goood money she should still be balling LP helped

  9. Rick Hart

    I have worked for Rayside group of companies from 1986 to 1989 I personally know Mr.Rayside from a baby the facts are Mr Rayside has been in business for a very long time, maybe someone can say if even longer than Co Williams.
    Mr. Rayside supplied most it not of the concrete to the West coast to (Airport project as it was known then) and to subsidiary roads.
    There was all the rental of equipment.
    There was highway 2A
    Sherburne conference center
    Plus other road building works for my Corbin and land Development.
    Mr. Rayside must have been doing something right for all his time as CEO of Rayside group of companies which include blowers Quarries, to achieved that level of success.
    From the above author rendition it seem Mrs. Marquetta Rayside, wife of Keith Rayside Snr, was in charge at the time of the so call demise. Therefore it was only inalterable blame would be apportioned to Mrs Marquetta Rayside, wife of Keith Rayside Snr, and she should have known this when she under took the role of CEO, in the same way, was she successful in saving the company, Mrs Marquetta Rayside, would have credited as the savior of Rayside group of companies , the knife cut both way sad to say,
    In regards to the levels of expenditure to his children and grand children, which I suspect happen in any big company, which Mr. Rayside Should commend for. If Mr. Raysade gave the welth to his kids and grand kid that how it should be I say.
    What seem to be apparent is the levels of spending were not or could not be sustained; the VAT and other issues could have easily worked with the bank sand Government given the amount of work and assets. I suspect the kind of money owe either the banks or the government was about to let Rayside fail
    For me the major issue and question is :time and time again Black people who happen to make-up 98% population is not represented at the upper levels of wealth ( I am talking be being rich) I am talking about wealth those like Mr. Rayside George Rogers Quarry who are pioneered (all Family business) in the field in Construction has overtaken by the less than 1 % of businessmen in the population minority in construction , they have grown expand and flourish, I ask, is it not time we ask ourselves why? There is not a Rayside at the Head Rayside Group of companies ( I know Buddy ,and I can tell you he capable of running his father’s company ) it s time to pause for a minute and ask who is really to blame we may the answer is a lot closer to home then we think it time to rectify

  10. KingPinJim

    poor people governor it just look like you are #1 hater. You should spend more time with your vocabulary than trying to hate… may be you wouldn’t be so poor.

    As for Britty Brat aka hater #2, how are you so much in to their business that you know about salaries and flights.. Really seems like you wish you were them.

    All said and done, Ray was good to lot of people. Most that were not really his friends as he would have like to believe. He had contributed significantly to Barbados and those that he cared for.

    I find it shameful that all this wutless talk and the only people who succeeded in his dream of making sure they were educated were his step-children. Ask any of Rayside family for a Diploma and you gonna come up with air and a lot a talk… like you Britty.

    Anyways may he Rest In Peace and I for one knows that Marquita made sure the best she could that Mr Ray was comfortable until his last days.