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Classic - The unknown entity

TIMELINE 1996 - PRESENT

  • 1994-97 prospective investors made offers for the shares but were deterred as neither audited financial statements nor financial information or valuations of the assets were available.
  • 1996-97 a prospective investor was advised by Richard Cox in the presence of his partner David Shorey and others that the family owners of Kingsland would never get the approvals that Classic could obtain. David Shorey also advised that the Prime Minister was being kept up-to-date on the matter. The Prime Minister, at that time, was responsible for the final decision in regard to the permissions that Classic required on Kingsland lands.
  • In September of 1997, the directors recommended to the shareholders that they accept an offer from R.G. Mandeville & Co. on behalf of an undisclosed principal. Two of the shareholders refused. All of the other shareholders accepted the offer from the undisclosed principal. At the end of October of 1997, the Chairman, Errie Deane, informed the board that the undisclosed principal of R.G. Mandeville was in fact Classic.
  • In 1997-98 all of the shareholders with the exception of Marjorie Knox signed conditional contracts with Classic Investments Ltd. whose principals include David Shorey of the controversial GEMS Hotels & Resorts Ltd. and Richard Cox. The conditions related to certain Town Planning Approvals being obtained for 420 acres of land i.e.Application No. 1395/6/98 made by L.O.B. Holdings, a joint venture between Classic and Life of Barbados Ltd., for 110 acres at Kingsland’s Adams Castle Plantation , Christ Church subdivision for residential use andApplication No. 1384/6/98 made by Kingsland for 310 acres at Kingsland’s Hanson Plantation, St. George for residential use and sporting facilities including golf.
  • The contract included among other privileges that of participating in negotiations with Government as to the price Government was to pay for the 1990 acquisition of 15.75 acres of Kingsland land on Kendal Hill for the construction of the Transport Board headquarters. This property and other Kingsland property in the same area was the subject of a discourse between the Prime Minister, Mr. Owen Arthur and Mr. Joe Edghill a member of cabinet was carried in the media.
  • In 1998, Mr. Alair Shepherd, Q.C. and Sir Henry Forde, K.A., Q.C. filed Suit No 1805 of 1998 Marjorie Ilma Knox vs. John Vere Evelyn Deane et al in regard to her preemptive rights over the shares and her right to financial information. 18 months later the decision was handed down by Justice Lionel Greenidge against her.
  • In 2001 Civil Appeal No. 17 of 2001 was filed. Marjorie Knox was ordered by the Court of Appeal judges to pay $1 million into court as security for costs and VAT which had been claimed by the lawyers for the respondents or her case would be dismissed. The lawyers claimed:
    • Sir Harold St.John, Q.C. $626,750.00
    • Mr. Leslie Haynes, Q.C. $612,950.00
    • Cottle Catford & Co. $379,500.00
    • Mr. Vernon Smith $552,000.00
    • Mr. Clyde Turney, Q.C $172,500.00

    As far as I know, no invoices to clients have been produced by any of the above attorneys-at-law to prove that they actually incurred these costs, and there is no indication whether VAT has been paid.

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    Last modified on 2007-11-10 14:46:31 GMT. 1 comment. Top.