Why didn’t Barbados obtain completion guarantees backed with performance deposits and bonds?
Our political class, along with Harlequin and other developers, left Bajans holding the bag!
by Old Cutter
What a mess we have with abandoned and “on hold” construction sites and failed projects throughout this country. There is a reason for this and it is not “economic slowdowns” or “unforeseen circumstances”.
“We have these numerous failed project disasters littering our coasts because our DLP and BLP governments allowed unfettered development of our beautiful island by almost anyone that showed up.”
Politicians’ offshore accounts are fat and happy
Our elected representatives stuffed bags of cash into offshore accounts of their “consulting” companies but never acted to protect Barbados from shaky developers.
Our political class never imposed standard contract conditions like performance guarantees and deposits. The big developers hired DLP and BLP friends and family as ‘consultants’ in exchange for building permissions.
“Everybody knows how this place works, and why the political class never voted for Integrity Legislation or assets declarations since Bajan independence almost 50 years ago.”
Harlequin Resorts is just one more failed developer, but they fell in a big way and are worth looking at closely…
As the broader Harlequin Resorts debacle carries on in the courts we see Harlequin suing accountants Wilkins Kennedy and WK countering with accusations of their own, and many other court battles in various stages.
Somewhere in all of that there is a book figure for the value of Harlequin’s assets, including the abandoned Merricks Resort site in Barbados.
Whatever that book figure is for Merricks Resort, a visit to the abandoned construction site reveals a rotting garbage dump that is undoubtedly far less of an asset due to the demolition and environmental cleanup that would be necessary prior to any new activity. Barbados Free Press covered this story a year and a half ago, and the deterioration is easy to see when we compare the photos then and now. Continue reading