Your BFP Editor Marcus reminds everyone: this was sent in anonymously… take it with large doses of salt and let’s see if our readers can add anything, or confirm or deny…
How the new BWA Headquarters will cost triple what we’re being told
by BFP reader Sit? Gee!
Most of what I have to say comes from a very well connected DLP member who is disgusted with what is happening. On Monday there is going to be a ground breaking ceremony for the new Barbados Water Authority Headquarters at Lot F, Pine Commercial Estate, The Pine in St. Michael. Dr. David Estwick will do the honours. Hopefully his ankle holster and pistol will not get in the way of using a shovel.
At the beginning of January, our own CBC was saying that the BWA had previously announced it was hoping to source funds from financial institutions, and possibly from the Caribbean Development Bank to build a new 40 million dollar headquarters for the Barbados Water Authority.
My information is that the source of that financing is NONE OF THE ABOVE.
My DLP friend says that Despite the high level of liquidity in the Barbados banking system the project is a PFI – Private Financing Initiative. Innotech Services Limited is financing the project with offshore money by the Unitrident Capital Corporation. (UCC)
The project originally had a budget of $30 million, but with interest it is now going to be over $100 million dollars of taxpayer money.
“If we had the DLP’s promised Freedom of Information laws and Integrity Legislation, we citizens could know the truth and there would be no need for posts like this one.”
Here’s one for you: My friend says that Innotech Services Limited have possession of the building site WITHOUT A CONTRACT BEING SIGNED!
UCC incorporated in Barbados 2010/08/11 #33605. UNITRIDENT has as its registered address the same premises as Innotech Services at Warrens!!. The sole Director is a William Bruce Kitsch whose address is given as the Turks & Caicos Islands!!! A jurisdiction known for corruption.
It is a SCANDAL that the BWA Project will be financed with capital out of Turks & Caicos or Canada, with a HEAVY future drain on foreign reserves when the needed capital exists in Barbados.
The project was supposedly put out to ‘tender’. I am told that only one bid was received: from Innotech Services Limited. Other interested parties did not go to the time, trouble and cost of bidding as they were told that the Contract would in any case go to Innotech.
Innotech Services is a Barbados Company, but is 99% owned by a St Lucia IBC and 1% owned by Basil DaSilva Snr, Martin DaSilva and Anthony DaSilva.
The CAIPO file has no Innotech Financial Statements since those for the year ended 31.12.2003. Innotech is a Shell Company with very little in net assets… a few tens of thousand dollars and that was then. Check CAIPO yourself – don’t believe me.
This is part one. I’ll send part two in a few weeks.