Turks & Caicos-based Co. Settles with Needhams Point Holdings Ltd.
Dr. David Estwick has called the previous Barbados Government “project bunglers”, according to the Nation News. Turks & Caicos-based Johnston International Ltd has sued Needhams Point Holdings Ltd., (Barbados Hilton hotel). Here is a Barbados Supreme Court ruling on the matter. Note that the judge is the Hon. Sir David Simmons K.A., B.C.H. Simmons is viewed by many as a consumnate politician with a history of strong support for the former regime, the Barbados Labour Party.
Johnston International Ltd was originally asking for $166 million from Needhams Point Holdings Ltd. The Barbados Government seems to have done well to settle for $8.2 million. Was there a conflict of interest? Did Johnston International Ltd feel that the odds were stacked against it? Did Johnson’s lawyers perceive Simmons as a Barbadian with close ties to the ruling party? What persuaded them to settle for a small fraction of their original claim? Should foreign investors be concerned?
Below: Barbados Hilton Hotel Video
Nation News: 11/28/08. Benn: $8.2m for Hilton settlement - by RICKY JORDAN
|THE CASE ORIGINALLY involving hundreds of millions of dollars between two companies at the centre of Hilton Barbados’ construction has been settled.
And after more than two years of court wrangling, Needhams Point Holdings Ltd will pay the Turks & Caicos-based Johnston International Ltd $8.2 million via a loan guaranteed by Government from the National Insurance Board.
Nation News: 11/5/08 ‘BUNGLERS’
|ACTING MINISTER OF FINANCE Dr David Estwick has described the previous Barbados Labour Party (BLP) administration as a bunch of “project bunglers”.He made the charge yesterday in the House of Assembly as he introduced a resolution for a Government guarantee of an $8.2 million loan from the National Insurance Board to Needham’s Point Holdings Limited to settle a dispute with Johnston International Limited, arising out of the construction of the Hilton Hotel.|
Caribbean Press Releases.com Feb 28, 2008: Barbados Government to Amagamate Three Public Tourism Companies
Bridgetown, Barbados - Feb. 28, 2008 — Government proposes to amalgamate three public companies that essentially perform similar functions and tasks, all in an effort to streamline their operations and improve efficiency.
This is the word from Minister of Tourism, Richard Sealy, who revealed today that at a recent Cabinet meeting a decision was taken to amalgamate Needham’s Point Development Incorporated, Needham’s Point Holdings Limited and the Barbados Tourism Investment Incorporated into one entity, under the designation “Barbados Tourism Investment Inc. (BTI)”.