UPDATED: October 11, 2011
Would you please comment on Finance Minister Sinckler’s insistence that NIS invest millions of our dollars in the Four Seasons project. Is this another CLICO in the making?” (from BFP reader “E”)
Hi “E” We sure will comment on this!
Our Minister of Finance came out yesterday with some very disturbing statements about the Four Seasons
project disaster. Minister Sinckler told the press that the “government gives its word” that the project will be completed.
Put down your Coke before reading this or it will go up your nose…
Sinckler was in “full bullshit mode” (pardon our French) and says…
“Now if the Inter-American Development Bank [IDB] and others with their extensive expertise and expansive due diligence and investment analysis have looked at this project inside out, and have determined that it is a viable project that can bring massive returns to investor and country, why on earth would Barbados want to turn its back on this project?”
Finance Minister Chris Sinckler as quoted in The Nation: Government’s word
For Mr. Sinckler: Lesson 101 – Private sector investment vs. “investing” our tax money…
The private sector walked from the Four Seasons “investment” because it is not viable. Now Sinckler and the DLP Government want to “invest” OUR PENSION MONEY in a project that the private sector has abandoned.
NO. Not one more dollar of public money, Mr. Sinckler.
This is an election issue. It might be THE election issue.
Not one more dollar. Mr. Sinckler and Prime Minister Stuart are badly misreading the public on this. We have nothing left to give and I’ll be damned if I will let you place my grandchildren in debt over this.
Name all the investors that our tax money will rescue! How many politicians or close family members are already invested in Four Seasons, Mr. Sinckler? Who are we bailing out?
Not one more dollar of public money. Not one dollar of our pension money.
The line is drawn.
Original story published September 28, 2011…
It’s called the “American Standard” investment!
Mega-project wants a public money bailout with no sure way to assess the future value or success.
“Do any current or previous members of government or their family members have a stake in this project? I want full disclosure before one more dollar of public money is placed at risk.”
Dear Barbados Free Press
The executive chairman of Paradise Beach Limited, Professor Avinash Persaud, wants $80 million of Barbadians’ pension funds to get the “stalled” Four Seasons project going again.
He says the company could go to outsiders for the funds, but as a special favour to Barbados, he’s letting us in on this once-in-a-lifetime opportunity to…
… To pour more public funds into a major project that can’t find private funding in a recession where tourism is tanking? To shore up underground caves that should have been found before the project started? (See Barbados Today Project push for Four Seasons Resort)
That’s quite an opportunity.
The Barbados government on our behalf has already guaranteed a $120 million bank loan on the project and that really made a difference (guffaw, cough, cough). Now they want more or else I suppose we’ll lose our $120 million dollars.
It sounds like that old story where if you owe the bank some money, the bank owns you – but if you owe big money you own the bank.
Only in this case, Paradise Beach Limited owns our pension funds and future. The government is already so far in that big money is already at risk. Continue reading