Source: Barbados Foul Bay developer Ecoterra International Corporation failed to file financials for last three years

Take it with some salt folks…

Before we all go running off proclaiming that this or that is the truth, keep in mind that Barbados Free Press is an anonymous blog, and that someone using the name of “St. George’s Dragon” posted some information as a comment through one of those European anonymous proxies.

Maybe this is a personal vendetta and totally false. Maybe it’s a little bit true. Maybe it’s all true.

Whatever the story, rumours about another half billion dollar project on our little island are important enough that this story deserves to be vetted in public. Especially considering how much our coastline has been blighted by unfinished projects.

We just posted our story Another half-billion dollar Barbados resort announced with standard fanfare, concept paintings etc. when along comes St. George’s Dragon to have his or her say.

We’ve emailed Ecoterra to get their comments, but haven’t received anything back from them. If we do, we’ll be happy to post their side of the story with equal prominence – maybe more.

As well as the information in the following post, we’ve been doing some research ourselves and find:

Shin Lee is a Managing Partner at CF Canada Financial Inc., Toronto, Canada. He is also a founding JV Partner at Pure Beach Resort & Spa, and Eastern Regional Manager at Accolade Lands. In the past, he was Chief Marketing Officer at Ecoterra International Corp, and principal at Tritan Canada Financial.

We also found that Alex Gross of 202 – 130 Spadina Ave. Toronto, Ontario Canada m5v2l4 registered the domain name of

Posted by St. George’s Dragon…

For a company which says it is a leading developer of waterfront locations throughout the world ecoterra is a bit shy about saying what they are. If you go by their website, they only seem to have one project on – Foul Bay.

The company was incorporated in 2008. Its filings for 2009, 2010 and 2011 are overdue.

Its Director of Development, Kris Parthiban, has been associated with two previous projects, 11 Christie Street, Toronto and Elevator Bay, Kingston, Ontario. Both were developed by a company called Lux Group Inc. Remember that company’s name.

Another Director of ecoterra is Lennox Gibbs . A Lennox Gibbs (charitably, it may be a different one) is also Managing Director of Global Operations and a Director of Strategy International Insurance Group Inc (Strategy Group).

Strategy Group gave a guarantee on both Christie Street and Elevator Bay.

Two other Guarantors were Strategy Holding Company Limited (Strategy Holdings), a Barbados company and Strategy Insurance Limited (Strategy Insurance), which is listed as being at the Sagicore Corporate Centre, Wildey and is meant to be the “predominant subsidiary” of Strategy Group.

Ever heard of it?

Strategy Group has a market capital of just $90,000 which looks a bit odd when its subsidiary Strategy Insurance, when it was approved by the Supervisor of Insurance here, was meant to have an equity value of $506,524,914.

Strategy Group owns a company called Strategy Real Estate Investments Limited (Strategy Real Estate). In the New York Courts, Strategy Group and Strategy Real estate were named in a legal action. The background to it was a deal to raise US$50 million of funds to invest in short-term mortgages in Canadian real estate being developed by Lux Group (that name again!), which was a company “under common control” with Strategy Real Estate.

From the Court judgement:

“Three individuals, John Hamilton, Sandro Sordi and Kevin Hamilton, were described as the management team in charge of investing the funds. Background information regarding their previous financial and business experience was provided. However, McMahan failed to disclose that all three men had either prior criminal convictions or other legal problems throughout their careers.

Specifically, in 1995, Sordi and John Hamilton were involved in writing false and postdated checks to their employees arising out of a failed donut shop. Also in 1995, Sordi pleaded guilty in a Canadian court to criminal charges associated from willfully furnishing false information and misappropriating government funds. In 2002, Sordi was found guilty in Broward County, Florida,….. of fraud and theft arising from two separate actions.

John Hamilton was involved in the transactions surrounding each suit but was not found liable for any wrongdoing. Kevin Hamilton pleaded guilty in 2001 to Canadian charges of falsifying tax returns and was ordered to pay $5 million (Canadian) in back taxes and fines. In addition, Kevin Hamilton twice filed for bankruptcy, in 1996 and 2003.”

Kevin Hamilton was quoted as being the Chief Executive Officer of Lux Group in 2009.

So what does all this mean? One Director of ecoterra used to work on developments for a network of companies which were run by individuals who had criminal backgrounds. Another was a Director of an insurance company group which again had the same or similar Directors.

Neither may have had any idea about what was going on.

Do you think it is a good idea to invest in the Foul Bat development? Would you recommend it to your friends?


Filed under Barbados, Barbados Tourism, Business & Banking, Offshore Investments, Real Estate

22 responses to “Source: Barbados Foul Bay developer Ecoterra International Corporation failed to file financials for last three years

  1. Greg

    When we ever learn?

  2. hackoday

    One word explains everything: Kickbacks

  3. watcher

    No comments from the developer………no answer is an answer as well.

  4. Wily Coyote

    Greasy palms ?

  5. 81

    The website sez Groundbreaking is today Oct. 26th!

  6. smoke and mirrors

    another Clico type game of generating fees without actually doing or producing anything except sucking in naive foreign investors.

    God have mercy!

  7. 196

    Hmmm………strange….and why would town & planning give them development permission? Do they not do background checks on these developers? I’m think I’m going to write another letter to town and planning.

  8. Christopher B Barnes

    Whether honest or dishonest, that is a serious concern but where there ground breaking activites were held was a little square brick house built by my late uncle Therold Barnes and later purchased from my aunt by an American, David Lawson. The house was a basic as possible and really cheaply built. I lived there for 11 years. My worry is the rock base of that area. Almost directly infront the house is an area which is nothing but one large crack or hole through which when cleared at the surface, one can feel wind coming up. One only has to look at the Crane and see that there is not SOLID ROCK FOUNDATIONS but never ending boulders which have to be bound together carefully. Closer to home a huge piece of cliff fell off into the sea – the gaping concave space which remains could cause further cliff loss. Severe cracks are pretty common place and I hope the developers take special note that if during construction they cause or appear to cause further cliff deterioration neighbours will have to seek to stop the construction.

  9. ‘Those who don’t learn from their prior mistakes are condemned to repeat them.’ This applies everywhere EXCEPT BARBADOS????)

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  11. watcher

    Interesting…..3000 new familes coming into a resort that has 300 suites….very interesting indeed…and who actually will own these suites.

  12. BFP

    Watcher said “Interesting…..3000 new familes coming into a resort that has 300 suites….very interesting indeed…and who actually will own these suites.”

    Maybe they will do time shares?

    Or maybe they will sell each suite 10 times and then … 🙂

  13. Scam?

    Watcher asks
    “and who actually will own these suites.”

    Methinks the same people who own the land under the pigeon-coops at Coverley
    -placement a mere eight feet apart….NO boundary line -becoz there’s no boundary,duh.

    The Villages at Coverley -a ghetto in the making!

  14. Julio Ramirez

    You haven’t heard half the story folks, there’s that little problem facing the directors of Ecoterra known as 151 Eglinton Ave., West in the city of Toronto. The investors are facing the real possibility of losing most if not all of there investment. Stay tuned, more to come.

  15. Pingback: Was I dreaming last night when I heard Mark Cummins of Town and Country Planning? | Barbados Free Press

  16. Don

    OH Goodness, if you people only new the bacground of John&Kevin Hamilton, you would run for the hills, do some more digging, you will be shocked,

  17. Pingback: Pure Beach Resort Barbados: Computer-generated simulations don’t need environmental & planning permissions | Barbados Free Press

  18. Not Taken

    Looks like the second coming of Harleqin/Merricks

    Same game – different gang of thieves

  19. Kris Parthiban

    I am Kris Parthiban written in this article. I want to make clear of some facts about my involvement in these Organizations mentioned above. I was merely a project consultant to these organization. I put together project plans and financials based purely on the input provided to me by the principles of the companies.I was never a shareholder in any of these companies or a decision maker. In fact I was also a victim in the sense that I was not compensated fully for my time and I am still owed money by these companies which I do not have any hope of getting it. Just to make it clear to the readers of this blog.

    Kris Parthiban

  20. St George's Dragon

    So tell us more about the Foul Bay project Kris.
    It sounds like you are not entirely on-side with the principals of the company behind the development. What is going on?

  21. Anonymous

    I do not know any details on the project after April 2011 at which time I terminated my services with the commpany. I am still owed for my services. Sorry I do not know what is the status of the project now.

  22. Anonymous

    I wonder if they and Harlequin have paid Land Taxes due to the Barbados Government, since their purchases of such extensive and valuable costal properties? When will we ever learn from our mistakes?