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.