Author: AfraRaymond

Managing Director, Raymond & Pierre Ltd. Past-President, Joint Consultative Council for the Construction Industry, Trinidad and Tobago- December 2010 to November 2015. Past President Institute of Surveyors of Trinidad & Tobago 2009-2010.

Property Matters – Hotel Reservations

The concerted attempts to sell the Tobago Sandals project were driven by high-level Public Officials who repeatedly assured the public that the existing arrangements for the three State-owned hotels were working satisfactorily. So much so that we should be pleased that the existing arrangements were to be adopted for the new project. The two main promoters were PM, Dr Keith Rowley and the Minister in the Office of the PM, Stuart Young.

Of course, we now know, due to the unplanned publication of that Tobago Sandals MoU, what were the terms and conditions on which the State intended to engage that project. No other hotelier had ever had a deal like that.

But there is a deeper series of official conversations on these existing State-owned hotels which need to be spotlighted so that a better view can be had as to ‘Who is Who and What is What’.

I am relying on the official records in this one, with my sparing commentary shown below – Continue reading “Property Matters – Hotel Reservations” →

Property Matters – Tobago Sandals MoU-MoU

moumou

—from Lise Winer’s ‘Dictionary of the English/Creole of Trinidad & Tobago’ (p. 619)

‘The Truth eats Lies’

—from Marlon James’ latest epic ‘Black Leopard, Red Wolf’

The previous article stated that over $5.0 Billion of Public Money was spent in the first 6 months of 2009 during the CL Financial bailout, under that MoU. Yes, that is the same type of document which we were so loudly being told is not binding and can be completely renegotiated, in relation to Tobago Sandals.

The publication of the Tobago Sandals MoU at the end of November 2018, forced by my litigation, set those misleaders to try diverting concerns by claiming it was all open for discussion. Of course it is possible to renegotiate any contract, or MoU for that matter, but that is trite and explains nothing. Probably intentionally so, really.

The limits of renegotiation are rooted in the bargaining strength of the parties. Which means that the party with stronger leverage can in fact call for renegotiation and likely obtain improved terms. The weaker party will almost inevitably agree to renegotiation, in the course of which serious concessions will be obtained by the stronger party.

The recent episodes of Sandals shutdown/withdrawals in both Antigua and Barbuda and the Turks and Caicos Islands are crucial in understanding this ‘Carefully Crafted Confusion’. In both those cases, Sandals spent the capital to build the resort, but yet were still able to shutdown to seek further concessions. In the Tobago case, Sandals was investing no capital. Even in what I am now calling the Lok Jack Gambit (which I will get to in the next part) no Sandals capital was at risk. The point being that if Sandals was intended to have no capital at risk in Tobago, T&T would have been in a far weaker negotiating position than any of the other Caribbean countries. That is the precipice we were facing, the deep peril which our misleaders are trying to normalise. Continue reading “Property Matters – Tobago Sandals MoU-MoU” →

CL Financial bailout – Marking Time

On Friday 30th January 2009, the CL Financial (CLF) bailout started, so today – 30th January 2019 – is the ten-year anniversary of that fateful decision to commit Public Money to bailout the Caribbean’s largest conglomerate. The companies which were to be bailed-out were: CL Financial Ltd (CLF); Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British American Insurance Company (Trinidad) Ltd (BAICO).

clf-bailout

The mismanagement of this bailout has exceeded any mismanagement which led to the collapse of CLF, that is my view.

karen-dupreyThe bailout proceeded between 30th January 2009 and 12th June 2009, with over $5.0 Billion in Public Money paid to CLF in that period, under the terms of the Memorandum of Understanding (MoU) signed between then Finance Minister, Karen Nunez-Tesheira, and Lawrence Duprey, then CLF’s Executive Chairman. That MoU governed the expenditure of this vast sum of Public Money before the 12th June signing of the CLF Shareholders’ Agreement. All of which calls into question the continued claims, in relation to the Tobago Sandals project, that MoU’s are non-binding. As we say here, is according.

There has been an incredible escalation in the cost of this bailout, from the initial estimate of $5.0 Billion, to the present expenditure exceeding $25.0 Billion. This has been a source of serious concern as priority was given to pay the claims of the CLF creditors over other urgent, public needs.

The key areas of concern are set out here – Continue reading “CL Financial bailout – Marking Time” →

Property Matters – Tobago Sandals silence

rainer_young
Sandals CEO Gebhard Rainer (left) and Minister in Office of the Prime Minister Stuart Young, MP at a news conference on Tuesday announcing the withdrawal of Sandals from the Tobago resort project.

#barefacts
#finefinefine

This week I will examine the response to Sandals unexpected withdrawal on Tuesday 15th January 2019 from the proposed large-scale development at Buccoo/Golden Grove Estates in Tobago. I was very surprised by Sandals stated refusal to proceed with this Public Private Partnership (PPP) arrangement in which no private capital was to be invested. When the Press Conference was announced, I believed that the deal for the proposed Resorts was to be signed.

It was clear that the mood from the head table was a gloomy one. The blame for this aborted project was placed on the ‘badgering’ and ‘negative publicity’ from a minority of commentators and political operators.

The striking official silence on the contents and implications of the MoU is damning, given the scale of the project and the amount of political capital which had been invested in the Tobago Sandals proposals. Continue reading “Property Matters – Tobago Sandals silence” →

VIDEO: Civic Entrepreneurship Conference 2015

disclosure today logoThis event was organised by Disclosure Today to make two awards for Civic Entrepreneurship to former AG Ramesh Lawrence Maharaj SC and Afra Raymond. Maharaj received his award for his outstanding work in creating effective laws which advance the fight against White Collar Crime and promote the Public Goods of Transparency, Accountability and Good Governance. Those laws were the Freedom of Information Act; the Judicial Review Act; the Proceeds of Crime Act; the Prevention of Corruption Act. Raymond was given an award form his successful litigation under the Freedom of Information Act in landmark cases. It was held at La Boucan in Trinidad Hilton Hotel and Conference Centre. Video courtesy Disclosure Today

Programme Date: 16th May 2015
Programme Length: 02:51:25

CL Financial bailout – closing the circle

clf-bailoutThis is an update on my efforts to get the remaining details of the CL Financial bailout in which over $25 Billion of our scarce Public Money has been spent.

Although the details of over 13,200 EFPA claimants who received $10.823 Billion were provided, the Consent Order entered in the Appeal Court on 24th January 2018 has not been fully complied with. The Ministry of Finance is now claiming that the CL Financial accounts relied upon by then Finance Minister, Winston Dookeran, in preparing his 3rd April 2012 affidavit cannot be found. Also missing in action is the list of creditors of CL Financial. I am challenging that non-compliance with the assistance of my attorneys.

After ending the lawsuit in January 2018, I made further requests for information from the Finance Ministry so that we could have all the details of all the payments made in this bailout. Those requests have now escalated to the stage that I have filed a new lawsuit under the Freedom of Information Act (FoIA) for the refused details. Continue reading “CL Financial bailout – closing the circle” →

VIDEO: Panel discussion on Sandals “pull out” on CCN TV6 – 15 January 2019

sandals-panel-tv6.png

On the evening of Tuesday, 15 January 2019, Political Editor at CCN TV6 Juhel Browne (Right) spoke with (L-R) CCN’s Head of the Multimedia Business Desk, Anthony Wilson, UNC Senator Saddam Hosein and Chartered Surveyor and Transparency Advocate Afra Raymond on the turn of events following the withdrawal by the Sandals Group from the deal with the T&T government to manage a Sandal/Beaches resort in Tobago.

CLICK HERE TO VIEW Part I and Part II on CCN TV6

AUDIO: Interview on MORE 104.7 FM on Sandals Tobago “pull out”

Radio More FM 104.7Afra Raymond is interviewed by David Walker on 104.7 MORE FM on the debacle of the collapse of the projected Sandals managed luxury resort in Tobago. The MoU details and the actions of the State in its negotiations towards the MoU are discussed. Audio courtesy MORE 104.7 FM

Programme Date: Thursday 17th January 2019
Programme Length: 00:27:40

VIDEO: The Morning Brew interview re Sandals pull out – 16 January 2019

CNC3 LogoAfra Raymond was interviewed on The Morning Brew on CNC3 Television regarding the pull out of the Sandals Group from the proposed deal to manage a new Sandals and Beaches resort in Tobago. The publication of the details of the memorandum of understanding is questioned as a catalyst for the pull out decision. Video courtesy CNC3 Television

Programme Date: 16 January 2019
Programme Length: 00:12:58

Property Matters – Tobago Sandals Roles

This article will delve into the roles of the various officials and public Institutions who are responsible for this Tobago Sandals MoU.

Information Approach

This process followed the familiar pattern of information management, in which the ‘Underlying Commercial Arrangements’ are intentionally obscured, while other details are selectively provided.

topsecretIt is clear that there was no intention to disclose the MoU, given the strong official resistance to my request under the Freedom of Information Act (FoIA). The entire nine-month period of my challenge was one of Carefully Crafted Confusion, with both sides claiming repeatedly that there was no secret, yet at the same time there were serious issues of commercial confidentiality. Of course, only one of those could be the truth. My litigation forced both Sandals and our public officials to decide which version was true, so the MoU was released on the day before our first Court hearing.

That MoU also contains a confidentiality clause which only permits any disclosure with the agreement of the other party. The parties promised each other to keep those important secrets safe. Continue reading “Property Matters – Tobago Sandals Roles” →