.We now have additional evidence supporting previous claims. The additional evidence is a letter from the Canadian High Commissioner stating that the Government of Barbados had offered Kingsland Estates Limited $22 million. The payment was not made due to “internal differences among the various owners of Kingsland Estates”!!
Nobody complained! Were people “persuaded” not to complain, or was everybody who knew about the “deal” perfectly happy with it? Mrs. Knox was kept in the dark about this $22 million offer. The external auditors, Pricewaterhouse Coopers Eastern Caribbean Firm, never mentioned this particular offer in the audited financial statements. Was PwC aware of what was going on?

Former Government Minister Gline Clarke is reported on BFP to have a house and a Mercedes on the expropriated land at Lower Burney.

The only payment received by Kingsland was for the land at Lower Burney, and that was at 96 cents a square foot.
Why is payment of the rest of the money being delayed? Is this a usual practice for the Government to acquire land without paying for it? Is Kingsland a special case due to known high-level political involvement? (Yes, they will be named.) We are not getting answers!
The Barbados Government has not only acquired the land, it is developing it. The Government has benefited greatly at Kingsland’s expense. To compound this situation, both the past and the present Governments appear to have shown zero interest in remedying the abuses that plague Kingsland.
.
Government Remains Tight-Lipped and Uncooperative
The Government of Barbados has consistently ignored requests to explain the reported $22 million offer to Kingsland Estates Limited. This was a receivable at a time when Kingsland was being represented in court as “impecunious”! My impression is that the Government will try to stonewall the issue, and hope that it passes.
This is what Canadian High Commissioner Michael Welch had to say about the Government’s $22 million offer to Kingsland:
Several portions of Kingsland Estates (KEL) land have been expropriated over the years by the Government of Barbados but no compensation has been provided beyond that for the Lower Burney bargain.
Patrick R. Hoyos, in a September 2, 2005 article in The Broad Street Journal, said:
As for the government, two pending acquisitions had been noted in the 1997 sale agreement between Classic and Kingsland: specifically, nearly 16 acres at Kendal Hill, Christ Church, and about 8,000 sq. ft. at Wotton for a roundabout on the ABC Highway. The notice to acquire Kendall Hill was gazetted as long ago as December 1990.
No value has as yet been assigned to these two properties, but some estimates put their value alone at more than the original $17 million offered for the entire company and its debts by Classic.
.
Were the external auditors paying attention?
Valuations by two respected Barbadian real estate appraisers, Leonard St. Hill and Nick Parravicino, at various times, have assessed the entire KEL properties at between BD$220,000,000 and BD$357,000,000.
The external auditors, Pricewaterhouse Coopers Eastern Caribbean Firm, knew that Kingsland real estate was valuable. They should have known that the Government had taken possession of Kingsland lands, and had not paid. (Coupled with low real estate valuations, the omission of $22 million in accounts receivable significantly reduced the “book” value of Kingsland Estates Limited.) PwC should have known Kingsland was not “impecunious”. Yet in 2003 several prominent Barbadian lawyers represented Kingsland as impecunious in front of the Privy Council.
PwC seemed happy with the valuations. While they reported (2005/6) that the Government owed Kingsland BD$6.9 million, they nonchalantly noted that they did not expect payment anytime soon. No mention has been made of the Government paying accrued interest. Some of the land was gazetted in 1990 - it is now 2008! Eighteen years! What is going on?
.
To be continued …

Related news:


Disclaimer: The above post is my opinion based on my interpretation of the evidence. I especially invite the following to comment on the evidence, and to provide their side:

  • the Barbados Government
  • S.B.G.
  • Classic
  • Andefan Holding Inc.
  • Latitude Golf Development Ltd.
  • the former directors of Kingsland

Readers, has the Government ever withheld money from you?