Concealed Buyer Classic did not file reports
Richard Cox submitted an affidavit stating that the assets of Classic were less than $1 million. This was the excuse presented to the court for the failure of Classic to file reports.
Click the snippet below of Cox’s letter to read the entire sworn statement.
How does an unknown company with assets of less than one million dollars buy a company worth in some estimates a billion dollars? A political insider of the BLP has affirmed that approximately two tenths of a percent (0.2%) of Kingsland’s land recently brought $18 million! Normally, when you are selling an item, you look for a buyer with sufficient money to cover the purchase. This sale did not appear to be normal. What made poor Classic so desirable?
Can a Chihuahua swallow a Mastiff?
If I told you that a 6 lb Chihuahua could swallow a 180 lb Mastiff, you would not believe me, because a Mastiff weighs 30 times more than a Chihuahua.
Iain Deane valued Kingsland assets at $75 million, at a time when Cox swore that Classic was worth less than $1 million. Kingsland was worth at least 75 times more than Classic. Classic buying Kingsland was even more extreme than a Chihuahua swallowing a Mastiff - more like a Guineapig swallowing a Mastiff!
Has Classic Ever Filed Audited Financial Statements?
If a Guineapig swallowed a Mastiff, it would be evident. After Classic purchased Kingsland, did Classic file audited financial statements? On the 16th of August 2006, Alair Shepherd, QC, paid the Dept. of Corporate Affairs/Intellectual Property for a search of Classic’s records. At this time there were no audited financial statements. Could Cox still claim that Classic is worth less than $1 million? Mr. Cox, has Classic filed audited financial reports as required by Barbadian law? … has Kingsland?
Will the Barbadian Government ensure that the proper documents are filed or will history repeat itself?
Rule of Law
Does the Rule of Law, which states that no one is above the law, apply to major business transactions in Barbados?
- “The Rule of Law, in its most basic form, is the principle that no one is above the law.”
- “Perhaps the most important application of the rule of law is the principle that governmental authority is legitimately exercised only in accordance with written, publicly disclosed laws adopted and enforced in accordance with established procedural steps that are referred to as due process. “
- Additional reading:
Disclaimer: We wish to remind our readers that while we quote public court documents, the contents of these documents should be taken as unproven allegations. What we state here is our opinion. On the other hand, we welcome and value comments. Under the circumstances, anonymous comments are most welcome. Please follow these guidelines:
- Please refrain from making defamatory or libelous statements like calling people frauds or liars. It is acceptable to present proof and to state that someone has lied. It is not acceptable to call someone a liar.
- Please try to be brief. If it can’t fit on one page it is probably too long.