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 EcoTerraInternational.com.
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?