The Broad Street Journal-Nov. 21, 2012 edition

The Broad Street Journal • November 21, 2012 1

Limegrove Lifestyle Centre has moved into an “exciting phase” for its visionary and lead developer Paul Altman, with its final building nearing completion and over a dozen new brand name retailers setting up shop.

“We’re putting up our last building now, for Burberry and Hugo Boss, then we have a full range of new stores com-ing in. We’ve had about three or four leave

and now about 15 coming in,” he told The Journal.

Some of the new stores are being brought in by companies which already have stores in the upscale mall. “That, to me, is a sign of (Limegrove’s) strength,” says the developer, who launched Lime-grove four years ago on a greenfield site.

For example, “The Armani people, who See LIMEGROVE, page 3

November 21, 2012 • www.bsjbarbados.com Established 1993

EditorialA sobering 46th“We need to re-think the role of the state, in effect, in subsidising the daily lives of the population.” Page 4

OutlookConnie Smith looks at how the international business sector helped develop Barbados. Page 5

FeatureA light at the end of the tunnelHow the CCJ, in upholding an appeal by Marjorie Knox, sent a shot across the bow of the legal profession in Barba-dos. Page 5

Good prospects for Barbados as ADR centre

See ADR CENTRE, Page 2

Barbados’ prospects as an in-ternational ADR (Alternative Dis-pute Resolution) centre are “very promising,” according to Dr. Trev-or Carmichael, QC, of Chancery Chambers, one of the country’s top law firms. “We have many of the attributes which make us a favourable locus,” he told his audience at International Busi-ness Week 2012, held recently at the Barbados Hilton. “Forget our smiling faces and hot beaches,”

he said. “There is much more in the advertorial.”

Apart from the boost to the is-land’s business sector, he said, the move would also co-incide with the Barbados court’s desire to see ADR play a much more prominent part in resolving local cases.

Since 2009, Barbados has had a “modern international commer-cial arbitration statute,” based on the model provided by UNCIT-

RAL, the United Nations Com-mission on Trade Law Secre-tariat. Barbados was also party to the New York Convention on Recognition and Enforcement of Foreign Arbitral Awards, opened for signature in 1959 and signed by Barbados in 1993.

The latter gave people work-ing in arbitration a “tremendous amount of comfort,” because there are a lot of places that Dr. Trevor Carmichael

NEW TO WHO’s WHO? SAVE 15% on your listings! Call us at 230-5687 or email us at [email protected] 2013 EDITION

By Patrick Hoyos

SeAn ALBert’S inspiring rise from financial hardship to reach the top of one of the Caribbean’s most respected financial institutions

taught him the value of mentorship from in-side the workplace. As a result, one of his first initiatives as managing director of Scotiabank Caribbean east has been to spearhead a new emerging Leaders programme. He spoke to The Journal about achieving success despite setbacks, and how, at the personal level, he is trying to give something back to his commu-nity.

What is unusual for a person in such a commanding position in the regional finan-cial sector is that he is, first, just forty-one, and second, a Caribbean man, both by birth and working experience.

Most interestingly, his rise to the level he has so far achieved in his career came against the odds.

In the late 1980s in trinidad, Sean Albert

The story of Sean Albert’s rise to the top of his profession

AgAINST THE ODDS

Scotiabank Caribbean East’s Managing Director Sean Albert with his wife Marsha. Photo courtesy Scotiabank

Limegrove welcoming more branded storesSee ALBERT, page 6

An offer they can’t refuse?The clock has started tick-ing on Republic Bank’s offer to purchase the remaining shares in its local subsidiary, Republic Bank (Barbados) ltd., formerly the Barbados National Bank.

According to a release from the Barbados Stock exchange, the offer at Bds$5 per share opened on Tuesday, November 6, and will close on Tuesday, De-cember 4, 2012.

The BSe said that Republic Bank had announced on Tues-day its receipt of regulatory ap-proval - from the Government, the central Bank of Barbados and the Financial Services com-mission - to make the offer.

Republic Bank currently holds 65.14% of the shares of the for-mer BNB, while the Barbados Government owns roughly 18%, the National Insurance Board 10% and other shareholders about seven percent. At $5 per share, selling their shares would earn government $75-$80 mil-lion and the NIS $45-$50 million respectively

Two years ago, Republic had offered $5.50 per share.

But, although Republic’s Bar-bados subsidiary has remained profitable despite the recession, it still knocked fifty cents off its share price offer, placing more pressure on the cash-strapped Barbados government to make a decision that might become controversial with elections looming.

NIS chairman Dr. Justin Robin-son said last week that the NIS, which is still generating a cash surplus every month, would pre-fer to trade its shares for stock in Republic’s parent company. •

ThE BROAD STREET JOURNAL

2 The Broad Street Journal • November 21, 2012

At your serviceWe welcome your press releases and notices. Please email them to [email protected]

NewsStreetBriefs

mEETINgS

Doyle to address BCCI• Learn how going against the grain may be the successful formula for your business when Paul Doyle discusses the topic “Engendering the Spirit of En-trepreneurship” at the BCCI’s luncheon on Wednesday, 28 November 2012 at Hilton Barbados at midday. To register, call 434-4750, or email the Chamber at [email protected].

INSurANCE

C.O.B Financial Services to sell Guardian insurance

• Guardian Life of the Caribbean and C.O.B. Financial Services Inc. will launch a new life insurance agency, on Wednesday, November 21 at the Hilton Barbados.

Guardian Life has been operating in Barbados since 2005, providing life and health insurance as well as group and individual pension plans. It has now en-tered into an agency arrangement with COB Financial Services to sell Its insur-ance products and services.

COB Financial Services is a subsid-iary of the City of Bridgetown Credit Union, and, besides selling insurance, provides real estate services. The agency team will be led by General Manager Rudy Grant.

rETAIL

NISe to hold forum on religious “engagement”• The National Initiative on Service Excellence will hold a discussion on increasing the levels of engagement at work, in the church and the com-munity. The discussion on “Perspectives on Congregational Engagement” will take place on Wednesday, November 28th, 2012 in the Sir Hugh Springer Audito-rium at Solidarity House from 9.00am – 11.30am.

Over 100 of the island’s church and faith leaders are expected to be in at-tendance.

According to NISE press release, the idea came out of its original work-place survey of people at work: “In 2011, we measured the levels of em-ployee engagement in Barbados and discovered that just 30% of Barbadian workers are ‘actively engaged’, which means they work with a passion, are innovative, and drive their organisation forward.

“Regrettably, we discovered that this same phenomenon manifested itself in the church.”

To confirm your participation at this forum, kindly contact Melissa Young, Corporate Communications Special-ist at 426-4186 or by email at [email protected].•

INTErNATIONAL buSINESS

Carmichael: Promote Barbados as ADR centre

THe CHerry Tree TruST, a new charitable organisation facilitating entrepreneurship in Barbados launched earlier this year, recently announced its first loan, to BizOffice Systems Solutions Inc. The trust aims to provide financing to small and micro business “which might not fit the standard loan criteria for financial institutions, but could still be viable,” according to a press statement. The trust also proposes to work with its clients to provide mentorship support. It is led by Charles Pink, former CEO CIBC/First Caribbean International Bank and its directors are Ella Hoyos, Peter Hall and Renee Kowlessar. In the photo, from left: Carl Lewis, the mentor; his ‘mentee’, the trust’s first successful loan applicant, Lionel Dawson, managing director of BizOffice Systems So-lutions Inc; and the trust’s co-managers, Paula-Ann Moore and Ade Ogun. Photo courtesy The Cherry Tree Trust

ENTrEPrENEurSHIP

Cherry TreeTrust Inc. makes its first loan

hadn’t, and was very important to any country seeking to host international ar-bitrations.

“And we can host those,” he said, because Barbados had the skilled staff and retired individuals who were ex-perts in the field. “In any international arbitration setting you bring in people as well,” he said.

Mediation and arbitration were both extensively used in tax disputes, he said. And although the EU directive on mediation stated that revenue, cus-toms and administrative matters were excluded from mediation, through the OECD there was an “express provi-sion” that the parties involved could file a mutual agreement to overcome such restrictions. That was “vey important to recognise,” he pointed out.

In the UK, domestic tax regulation also allowed for mediation as a gen-eral principle. A 2007 UK act govern-ing tribunals made “specific provision” for mediation, he said. Even Britain’s tax collection, HMRC, had “specifically stated” that it wanted to consider the use of mediation in suitable cases, as it did not see ADR as “inconsistent” with its efforts to achieve settlements in liti-gation.

Dr. Carmichael said that one of the most dramatic moves to facilitate arbi-tration took place in Italy this past June, when the Italian revenue authorities “clarified” procedures to be used in me-

diation. This circular “clarified transfer pricing disputes” and sets a two-year time limit for resolution.

(According to the Tax Justice Net-work website, “Transfer pricing hap-pens whenever two related companies – that is, a parent company and a sub-sidiary, or two subsidiaries controlled by a common parent – trade with each other.” While it is not “in itself, illegal or necessarily abusive,” says the org-sanisation, “What is illegal or abusive is transfer mispricing...which includes trade between unrelated or apparently unrelated parties - an example is rein-voicing.”)

Because of the huge cost to taxpay-ers of extended disputes, putting a time limit on Italian transfer pricing dispute a was a major change and a “great day in the life of ADR,” said Dr. Carmichael.

In the United States, he said, trust arbitration has become more accepted and has even gained statutory recogni-tion. “It is now recognised in the U.S. that mandatory arbitration is not only achievable but should take place,” he told his audience. Starting in Florida in 2007, similar legislation on trust arbitra-tion has been passed in Arizona.

In the area of cultural heritage, the gains and losses in disputes can be “significant,” Dr. Carmichael said, “es-

pecially since the past, which is embed-ded in the work of art, will very often affect the ownership of that art and the price involved.”

Recently, he noted, the International Conference of Museums, and the World Intellectual Property Office (WIPO) had set up a not-for-profit art and cultural heritage mediation service.

These were but a few grief examples of how ADR was coming more to the forefront in legal circles, Dr. Carmichael said. He saw it as an opportunity for Barbados to promote itself more as a centre for cultural heritage mediation. Noting that “Bridgetown and its Gar-rison” had recently been named as a World Heritage Site by Unesco, Dr. Carmichael said, “if we have that in-scription, why don’t we use it, popula-rise and commercialise it?”

He said that in 1838 Barbados was ahead of many other jurisdictions of the day in having courts of arbitration and reconciliation in every parish. “I suggest to you that in 2012 and beyond, we too have the capacity to match our interna-tional colleagues, and to provide and ADR product which is unique, embod-ies all those elements which I suggest-ed earlier and is as truly competitive as it was in 1838.” •

ADR CENTRE, from Page 1

The statue of Blast of Storm, one of the country’s legendary racehorses, watches over winner’s circle at the historic Garrison. Photo by the BSJ


News

have Vilebrequin, they are bringing three new stores - Hugo Boss, Sun Deck and Crocs. The people who brought ralph Lauren and then Michael Kors (have) some connection with the peo-ple who are bringing Burberry, so there are overlaps. Upstairs, we have some new stores that are going to change the face of the first-level shopping experi-ence.” A new store, Home Furnishings, opened in mid-november along with the second cinema, while trinidadian fashion designer Anya Ayoung-Chee, winner of a recent edition of Project runway, is expected to open a clothing store soon.

How has Limegrove fared, opening during one of the worst recessions

in history? “When we built this project, we were coming up and the market was moving away from us,” he noted. He said that he was glad to hear that the island might be getting increased airlift from Britain in the coming tourist sea-

son, and he wanted to see more done to increase the number of seats from Bra-zil beyond the currently weekly flight.

turning to real estate, Mr. Altman said the market had been affected seri-ously by the downturn in the economy. He said the banks were risk-averse and therefore the local market “is still alive, but it is not where it was.” Similarly,

price reductions have occurred in the offshore market, but because of the rapid escalation in real estate values over the past five or ten years, people who wished to sell could do so at dis-counted prices and “still realise their investment.”

However, he said, this affected the “new build,” which has to come in and

compete with the lower resale market.Are real estate prices likely to recover

anytime soon? “I think it’s going to take time to get to where it was. I don’t think that anyone could predict (differ-ently) in this kind of climate.”

He noted that London, which he had just visited, was “thriving as a city.” But for the rest of england, “when I talk to people about real estate, there is a general feeling of slowdown.”

As for europe, he added, it was worse. “Greece and Spain - the coun-tries have huge inventories of product sitting there that you can buy for - I wouldn’t like to say ten cents on the dollar - but certainly for half price.” In Barbados, he said he would put a rough estimate of the decline in real estate prices overall at around 30%.

However, “land still seems to be fetching its price, if you’re thinking of buying ‘raw’ land,” said Mr. Altman, “but that’s different. Land is still seen as the gold dust for Barbadians. What everyone aspires to is owning their piece of the rock, as we always say.” •

The Ralph Lauren store at Limegrove. Inset: Real Estate Developer Paul Altman.

LIMEGROVE, from page 1

THREE CARIBBEAn nATIOnS have joined forces to offer an unprece-dented Black Friday through Cyber Monday deal that they hope will at-tract a large audience of uS travel-ers, according to PRnewswire.

The tourism boards and hotel as-sociations of Barbados, St. Lucia and Antigua are offering 20% off virtually any hotel or resort when booked through their official web-sites.

This is said to be the first time that Caribbean nations were working to-gether in a unified promotion to at-tract visitors.

The sale will launch on the morn-ing of Black Friday and consumers will have until midnight Monday night to get 20% off any participat-ing hotel or resort in all three coun-tries when booked on the official Destination Marketing Organization or Hotel Association website.

The discount is available for any participating hotel on stays through December 15th, 2013, without any blackout dates.

Consumers can book on the fol-lowing sites: •Barbados: www.bookbarbados-now.com or www.visitbarbados.org • St.Lucia: www.bookstlucianow.com or www.stlucianow.com • Antigua: www.bookantiguanow.com •

TOurISm

B’dos, St. Lucia, Antigua team up for Thanksgiving discount sale

At your serviceWe welcome your press releases and notices. Please email them to [email protected]

The Barbados INSIDER • May 2012 • Page 6

LIMEGROVE Lifestyle Centre

has emerged as the most styl-

ish place to shop, dine, and

lime for all visitors and resi-

dents of Barbados.

Limegrove, Barbados’ first

mixed use lifestyle centre, is

located in the heart of Hole-

town, covers ten acres and in-

cludes approximately 85,000

sq. ft. of retail space. It also in-

cludes The Grove Residences,

which when completed, will

featured a mix of apartments,

penthouses and townhouses.

The Centre is home to

many of the world’s leading

retail brands, while The Grove

offers the finest in contempo-

rary Caribbean living.

Revitalizing historic Hole-

town and sited in the luxury

residential belt of St James,

Limegrove is ideally located

just a stone’s throw from the

wonderful beaches of the Ca-

ribbean Sea’s platinum coast,

Sandy Lane, Royal Westmore-

land, Sugar Hill, and Apes Hill.

Limegrove provides a blend

of colonial charm together

with irresistible, exciting, so-

phisticated experience for

home owners, visitors, and

West Indian residents.

Unparalleled in Barbados

and the Caribbean region,

Limegrove incorporates a

range of local and global

retailers in a setting built

around three distinctly dif-

ferent courtyards including

boutiques, restaurants, delis,

cafes, bars, gourmet foods, an

art gallery, cinemas, a spa and

salon, and a range of special

event spaces. •

The iconic Louis Vuitton store is one of the flagship retail

outlets at the new Limegrove Lifestyle Centre.

Limegrove brings luxury

lifestyle to west coast

Shopping


BRIDGETOWN CRUISE TERMINALS INC.

The company operates the duty-free

shopping area at the Bridgetown Port, and

is open whenever a cruise ship is in port.

Geoffrey Roach, CEO, tel: 431-0386 groach@

bridgetowncruiseterminals.com

CAVE SHEPHERD

Cave Shepherd offers customers a wide

variety of tastes and choices, from perfumes

and jewellery to clothing, footwear, books,

and luggage.www.caveshepherd.com; Broad

Street, Bridgetown. T 227-2121. Also at

Worthing, Ch. Ch. and West Coast Mall, St.

James, and other locations.

COLOMBIAN EMERALDS INT’L

Fine jewellery featuring emeralds, diamonds

and gemstones. International jewellery and

watch brands. www.colombianemeralds.

com. Open Mon-Sat. No. 24 Broad St.,

Bridgetown. T 227-1307. Also at Vista Mall,

Worthing, Ch. Ch., T 426-7257; Sunset Crest,

St. James T419-3120 (open daily) and 9 other

locations.

DIAMONDS INTERNATIONAL

The world’s largest duty free jeweller, offer-

ing handcrafted timepieces and jewellery

from some of the world’s most iconic design-

ers has several stores in Barados. Open Mon-

Sat. www.diamondsbarbados.com. No. 8

Lwr. Broad St., Bridgetown, T 430-2400. Also

at Turtle beach Resort, Dover Woods, Ch. Ch. T

418-1331; and Limegrove Lifestyle Centre, T

271-8230 and several other locations.

DISCOVERIES

Discoveries offers unique fittings and acces-

sories for a fashionable home, as well as gifts

and baskets, decorations and gift registries.

Open Mon-Sat. Canewood, St Thomas. T

421-6412.

DWELLINGS

Dwellings offers accessories, housewares and

furniture for your home. Corporate gifts, gift

registries and online shopping. www.dwell-

ingsbarbados.com. Open daily. Canewood,

St. Thomas. T 438-5900.

GETSET MAKEUP BOUTIQUE

GetSet offers make-up and body care

products, including the e.l.f. brand. Open

Mon-Sat. Peronne Village, Ch. Ch. T 431-5440

GIFTS & THINGS

Sterling silver jewellery, scented candles,

home decor items, glass and wood orna-

ments. Open Mon-Sat. Sheraton Mall, Ch.

Ch. T 437-1196. Also at Mall 34, Bridgetown.

T 431-0870.

HARRISON’S

Duty free luxury goods, leather bags and

shoes, fragrances, make-up and accessories,

crystal and china. Open Mon-Sat. www.

dutyfreecaribbean.com. Nicholas House,

Broad St., Bridgetown T 431-5500. Also at

Shearton Centre, Ch. Ch. T 431-5566.

JEWELER’S WAREHOUSE

This store offers quality jewellery at

wholesale prices. Open Mon-Sat. Broad St,

Bridgetown. T 430-1326. Also at Cave Shep-

herd, West Mall, St. James, T 422-2338.

LILIPLUM

Upmarket store for toys, games and furniture

for kids, as well as maternity clothing

and baby changing bags for moms. Open

Mon-Sat. www.liliplum.com; Canewood St.

Thomas. T 424-1575.

__________________________

LIMEGROVE LIFESTYLE CENTRE

Barbados’ newest and most luxurious mall.

www.limegrove.com. Open daily.

T 432-0840.

Limegrove is Barbados newest, trendiest

West Coast shopping destination. It houses

some of the world’s leading luxury brands

like Cartier, Louis Vuitton and Ralph Lauren,

alongside premium local retailers. Limegrove

offers the best in Art, Beauty, Entertain-

ment, Fashion, Film and Food something for

everyone!

MILANO DIAMOND GALLERY

Swiss timepieces, Tahitian pearls, Italian

gold, African and Brazilian gemstones.

Nicholas House, Bridgetown. Open Mon-Sat.

T 429-2900. •


By Nichole MurrayThe Barbados INSIDER

THE GRILLE RESTAURANT can be considered a quaint restaurant with a Country Club theme, featuring pho-tography of Barbados’ most famous West Indies cricket players.

Although indoors, the large windows and open

flamed grill create the feel of an open deck where aromas reach the nostrils and the vi-sual of Demi Chef De Partie, André Nurse gently working the meat and seafood on the grill whet the appetite be-fore guests even take a bite.

Young Celebrity Chef An-

dré was trained at the luxuri-ous Verre by Ramsay at the Hilton, Dubai Creek where he gained expertise in the craft of Sous Vide. His palate and inspiration for his variety of dishes and menus were both developed by the healthier cooking methods in the East and the exposure to interna-tional experiences under the watchful eye of Gordon Ram-

say’s staff. “We do a lot of

grilling in Barbados and especially at the Grille, but they focus on searing and Sous Vide.”

If you are not cooking champions yourself, Sous Vide is a process of cooking at one temperature under vacuum at lengths of time, sometimes days, retaining colours, juices and textures of the meat whilst adding the potency of flavour without

Chef André fires up The Hilton’s Grille

André outside The Grille at the Barbados Hilton.

Dining & Entertainment


overcooking it. Chef André took up the

Insider challenge and recom-mended the choice meal he would recommend for the first time customer.

“I would recommend you have the Surf and Turf which features an 8oz Lobster and Beef Petit Filion Steak. If you are not a seafood lover, you should have the Lamb Rack or Cajun Chicken with a lot of spice. Here you can get good quality certified Angus beef steak, our main brand! Guests always love it; they know their grades of meat.”

Every night when he fin-ishes, Andre loves to greet his

guests. He interacts and gath-ers some much appreciated feedback.

“As recently as last week I took a photo with Canadian guests who referred to me as a celebrity as soon as they learned that I was trained under Gordon Ramsay. Al-though I explained that Ram-say did not train me himself, it was the environment.”

The Grille is attached to the Careenage bar, which is opened at 5pm to 11pm. The Grille is opened at 6:30 and the kitchen is closed soon af-ter 10pm. Visit them and ask to meet the young Celebrity Chef André Nurse. •


SOUTH COAST

APSARA Indian and Thai. Dine in a the beautiful cliffside house that was formerly the home of Josef’s Res-taurant. Open Mon-Sat, D; www.apsarabarbados.com. St.Lawrence Gap, Ch. Ch. T 435-5454.

BUBBA’S SPORTS BAREclectic. Bubba’s complements its ten large-screen satellite TVs with generous-sized burgers, fries, wings, and steak. Open daily, L & D, plus Sunday breakfast buffet. www.bubbassportsbar.net. Rockley, Ch. Ch; T 435-6217.

CAFE SOL MEXICAN GRILL Mexican. For some, the cocktails here are even spicier than the food. Open daily, D; www.cafesolbarba-dos.com. St. Lawrence Main Rd., Ch. Ch; T 420-7655. Also at Quayside

Mall, Ch. Ch.

CARIB BEACH BAR Caribbean. Located on Worthing Beach, one of the most popular on the south coast. Live music some nights. Open daily, L & D. T 435-8542.

CHAMPERS RESTAURANTSet in a traditional Bajan home, Champers offers fine dining on two floors with beach and ocean views. Mon-Sat, L & D; Sun, D;www.champersbarbados.com. Skeete’s Hill, Rockley, Ch. Ch; T 434-3463.

CHEFETTE Barbados’ largest restaurant chain, best known for its broasted chicken and rotis, also serves pizza at most stores. Seven have kids’ playgrounds. Open daily, B, L & D. Rockley and Warrens stores also have BBQ Barn restaurants and

Dear colleagues,I’d like to introduce you to our new publication currently being worked on. It’s called Barbados Insider and be published early in the new year.This new brochure-sized “what’s on” guide, will feature listings for attractions, restaurants, nightclubs, health and medical services, shops, boutiques and stores, museums and galleries, vehicle hire and tours.

It will also provide information on major events each quarter, and showcase the people and establishments in our hospitality and service sectors.

5,000 copies of the brochure-sized magazine will be distrib-uted free every quarter in over 200 locations, aimed at both locals

and visitors who want to enjoy the best the island has to offer in food, drink, entertainment, culture, health services and shopping.For more information, please call me at 230-5687.

Pat Hoyos

LISTINGS FOR• Shopping • Dining & Entertainment• Health & Medical • Professional Services• Art Galleries & Museums• Events & Attractions • Hotel & Conference Services • Transport & Tours

INSIdeRBARBAdOS

You can add a logo for Bds$100 plus VAT.

• Free Basic listing includes Name of Establishment, brief description, website and street addresses, opening times, and telephone number.

• You can also add a paid-for profile, up to $50 words for Bds$100 plus VAT, with extra words for $2.00 per word plus VAT.

• And you can add a photo for Bds$100 plus VAT.

GET A FREE LISTING!You can chooose to enhance your free listing with a logo, 50-word profile or photo for $I00 each plus VAT. See sample below:Sunbury Great HouSe

Step into history as you view this detail-rich, fully furnished old planta-tion home, complete with garments, appliances and everyday items of a bygone era. Admission: $20. St. Philip, T 423-6270. Open 9:30 - 4:30 daily (exc. Christmas Day).

Come Feast in the east!! Sunbury House is serving up a daily buffet of mouth-watering bajan dishes on weekdays at bds$40.00, while on Sundays, enjoy a 3-course Planta-tion buffet feast for just $60, both prices incl. Vat & service charge. Sunbury also offers breakfast, à la carte lunch menu and afternoon teas. reservations, call 423-6270 or email [email protected].

Boarded Hall House, Boarded Hall,

St. George, Barbados M: 230-5687

[email protected]

Per Col. Inch $75.00 plus VAT

Full Page $1,200.00 plus VAT

Half Page $600.00 plus VAT

1/4th Page $300.00 plus VAT


INSIDER LISTING & AD RATES1 Basic listing FREE

1 Logo $100.00 plus VAT

50-word profile $100.00 plus VAT

per extra word $2.00 plus VAT

1 Photo $110.00 plus VAT

Introducing INSIDER

Size of publication: 9”H x 4”WNo. of columns per page: 2. 16 col. inches per page

1 pg: 8”H x 3.25”W; 1/2 pg: 4”H x 3.25”W;1/4 pg: 2” H x 3.25” W; 1/8 pg: 1” H x 3.25” W


OpiNiON

By Diana Douglin

Barbados like many other parts of the world can boast of having a budding small business sector. ever so often great business ideas are born in the nontraditional boardroom such as the rum shop, cricket stand and the family barbershop.

It is an excellent idea to pool resources in order to enhance competitiveness when entering into the market and starting a new business. However, when embarking on any business venture, entrepreneurs must remember that after the business idea, budget and other preliminary concepts have been agreed upon in principle, reducing these to a written agree-ment can save partners from future costly litigation and expense.

There seems to be a common misconception among businessmen that requiring minutes to be kept of planning meetings; and written agreements governing the conduct of potential partners, indi-cates a lack of trust. Statistics reveal that most small businesses will fail in the first five years, and those that do not fail will not reach profitability for a fur-ther five years. It is extremely important therefore that the partners have the same goals and are able to manage their intrinsically different personalities and expectations through the written agreement.

When considering written agreements, the po-tential businessman should always observe the five rules that should govern any good business deal:• Transparency- a clear understanding of the busi-ness and its intended conduct and dealings; • Fairness- identification of total capital needed to be injected, profit sharing and payout amounts and other fair dealings;• Authority- who will perform the different tasks of the business and what the responsibility and powers entail;• Accountability- who will be held responsible for any outcome or shortfall resulting from the conduct of partners;

• Ejection or exit strategy- the process of removing oneself or removing any partner who breaches the agreement and his or her liability thereafter.

Partnerships founded on these five principles sel-dom reach the law courts for settlement of disputes. The significant number of disputes between part-ners that do reach the law courts however, generally have these similarities: misappropriation of funds, unfair profit-sharing practices and most common: internal power struggles. It goes without saying that these damaging effects on the business often results in its collapse.

Prior to entering into a partnership, it is therefore important to have discussions with your potential partner about all aspects of the pending relation-ship including the following: work ethics; financial goals; roles and responsibilities; personal and pro-fessional goals; compensation; debts; exit plan.

Developed countries have been channeling sig-nificant levels of resources into further diversifica-tion of their economies.

One such channel is by way of encouragement and incentives to small business development as a way of creating employment. As Caribbean coun-tries move towards a single market and economy, and the global recession approaching its sixth year, Caribbean governments continue to realize the im-portance of the small business sector and commit to aid in its expansion. Given that many small business and partnerships falter or fail before achieving a constant upward stream of revenue and the extreme difficulty for the small businessman to restart after initial failure, more needs to be done with respect to alternative dispute resolution and regulating credit rating agencies by the Government.

It is clear, however, that the way forward for the Caribbean entrepreneur is to embrace the practices that can protect him and over which he has con-trol. A written agreement between partners could be that single most important document that makes the difference. •

Diana Douglin is an attorney-at-law.

A sobering 46th NOVEMBER 30, 2012 will be the 46th anniversary of the birth of the nation of Barbados. Twenty-one years after the end of World War II, and led by a then premier who had himself fought with distinction in that conflict, the summer of negotiations with the British Gov-ernment in London had brought forth the blueprint for yet another emerging nation in the world.

Many were fearful. Some said errol Barrow would lead us down the path that led to dictatorship. Others believed that a little colony, still highly dependent on sugar and a very young tourist industry for its foreign exchange, would not last long in the tumultuous arena of global trade, but would sink into the abyss of inflation, devaluation and social fragmentation.

With the Vietnam War escalat-ing, youth in the Western world in revolt against their elders, Martin Luther King leading the fight for civil rights in the United States, and the influence - not all of it pos-itive - of the music and media revo-lutions, who in the world cared? Who really cared, apart from our-selves, whether yet another former colony, pretty as it might be out there poised between the Carib-bean Sea and Atlantic Ocean, made it or not?

Yet, with the powerful leadership of Mr. Barrow and the cooperation of the entire government, including the loyal opposition, and the strong determination of its people to suc-ceed, Barbados made it.

It did not just make it economi-cally, but became a shining example of overall good management in ed-ucation, health, social services, and later on, growth in local and inter-national business.

today, we are slipping. The world has changed. There has been an in-tense recession. Competition for

tourists and foreign investment is tougher than ever. The economic model on which Barbados has de-veloped for its first four decades is unlikely to take us into renewed prosperity over the coming ones. We need to re-think the role of the state, in effect, in subsidising the daily lives of the population. This is now at the forefront of our minds, as our borrowing has surpassed our gross national product, that is, the total value of everything we pro-duce each year.

That high debt-to-GDP ra-tio makes financing for the pro-grammes we have come to know and depend on far more difficult than ever before, and we must face up to the fact that a new so-cial compact is required. We must make sure that we protect the poor and the elderly, but the purpose of independence at this critical time in our history should not be only military fanfare and celebratory parties. It should encourage us to think about whether we have the maturity and discipline to create this new dispensation, under which those who can pay their fair share do, in thanks for all their nation did for their parents and grandparents.

It will not be easy, but if we show the patience, forbearance and de-termination of those who ensured that Barbados survived and pros-pered after that first Independence Day, we can do it. together. As one people, one nation. •

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Editorial

Construction continues at the highway 2A site of Cost-U-Less, the operator of mid-size warehouse membership stores mainly in the South Pacific and the northern Caribbean. Cost-U-Less, which is a subsidiary of the Northwest Co. of Canada, held a job fair at the Lloyd Erskine Sandiford Centre re-cently (Nov. 12-14) to fill just over a hundred positions in its new Barbados store, which is scheduled to open in the new year. Resumés, cover letters and references may also be emailed to [email protected], according to the company’s Facebook page. Photo by the BSJ

cost-U-less begins hiring process

Statue of Errol Barrow in Independence Square, Bridgetown. Photo by the BSJ

bIzADVICE

Put agreements in writing


THe FOrMAL StArt of the international business sector can be traced back to 1965 with the enactment of the IBC Act. How-

ever, it was not until the mid-80’s that IBCs took off. The development between 1986 and now has been undeniably huge. In very simple terms, if we think about what Barba-

dos had then versus what we have today and what accounts for these changes, what do we come up with? Well, my submission is that the international business sector has contributed to the exponential devel-opment of the so-cial and economic fabric of Barbados.

Before it, there was no business district of Warrens; noth-ing currently there existed in 1986, not even the Shell service station nor the roundabout. ItC/Simpson Motors was actually on the other side of the Globe Cinema roundabout at the top of roebuck Street. Chelston Park didn’t exist, the growth of all of the retail banks, fund managers, investment manag-ers are all post-1986 phenomena. What we know of as Sheraton Centre today was a huge Intel chip manufacturing centre, In-tel being just one of the major players who took advantage of the incentivised envi-ronment and really brought it to life in the early days of the sector. now the sector has expanded to encompass many more service companies than manufacturers, all compris-ing a thriving international business sector that has spurred rapid growth in Barbados’ physical and technological infrastructure.

The significantly increased affluence of the middle class speaks to the opportuni-ties for the attorneys, accountants, invest-ment managers, corporate secretaries and the like being churned out by UWI and other international tertiary institutions to find good jobs and other avenues for gain-ful and challenging employment. We are even now finding that Barbados-educated, trained and experienced individuals are being headhunted by other international financial centers. The increased number of international flights, the rising number of cosmopolitan restaurants, the number of cars, has increased by many factors in spite of their cost.

The list goes on and on and will be un-derstood by anyone who was around 30 or so years ago when the narrow roads through Warrens were bracketed by cane fields on either side!

In 2010 the international business sector accounted for over 59% of the total corporation tax revenues of this country. In 2011, Invest Barbados

conducted a study to identify the sector’s contribution, and information from a num-ber of sources was researched, including the Inland revenue Department, the Central Bank, the International Business Unit in the Ministry of International Business and International transport, and international business entities themselves.

The study was presented earlier this year, and although the data still understates the sector’s contribution in two areas – the rBC taxation and spend has not yet been includ-ed, and entertainment and hotel spend paid for by visiting directors and principals of

international business entities (and there-fore not appearing in the local company’s financials), the data shows that for every $1 of corporate tax revenue collected in 2010 ($186 million) from the sector, a further $3.72 ($692 million) had been spent in the

economy. Given all of the foregoing, it strikes me

that Barbados has certainly enjoyed a level of success from international business. We need to be, by now, creating greater efficien-cies, facilitating more similar business op-portunities much more quickly, and should have grown our reputation to be the jewel in the crown of international financial centers.

However in contrast, some users of these

facilities, seem only able to comment most-ly negatively about our competitiveness. This is borne out in the World economic Forum’s 2012 competitive report. They cit-ed poor work ethic in national labour force, access to financing and inefficient govern-ment bureaucracy as the top three problem-atic factors to doing business in Barbados.

Should we rest on our laurels because we have in fact achieved this modicum of suc-cess, but think nothing of our future and the possibilities for future generations of Barbadians?

I am sure that you will conclude that the success of this sector is vital to Barbados’ success: the quality jobs, the individual and national development and growth oppor-tunities, the expansion of our large middle class - that is the big picture and the oppor-tunity that I see for my children and their children.

The little picture is that there are a num-ber of things that we desperately need to focus on to ensure that this wonderful op-

portunity happens. We recognise that there are a number of things to be done. We ap-preciate that efforts are being made to rem-edy the very long and ever-increasing list of challenges. But because of the vibrant picture I have just painted, it is clear that we must execute with agility on this list. In May, stakeholders in the international busi-ness community, both private and public sector, collaborated on a consultation which was intended to inform Barbados’ strategic plan on international business. I under-stand that the refreshing of the strategic plan is currently underway and an action plan will be issued.

We must be held accountable for the de-liverables in this Action Plan, if our children are indeed to enjoy the vibrant picture and life that I know that they can in Barbados.

Can we all just close our eyes for a fleet-ing second and imagine what it could po-tentially mean for Barbados?

Connie Smith is managing director of Tricor Caribbean Ltd. . This article was excepted from a recent presentation for International Busi-ness Week 2012.•

OuTlOOk

None of this existed in 1986: Warrens owes its development to the rise of the offshore sector in Barbados. Photo by the BSJ

By now we should be the jewel in the crown of inter-national financial centers.

INTErNATIONAL buSINESS

International business: We’ve only just begun

By Connie Smith


was a 16-year-old full-time university stu-dent who was living on his own. He also had a full-time job as a teller at Citibank, and the demands of both full-time endeav-ours were taking their toll. “I was not doing very well,” he recalls.

He had been attracted to banking be-cause he had heard it paid well and gave employees a company car and later a com-pany house as they climbed the ladder, and that seemed like a more attractive lifestyle than the one his parents - mother a teacher, father a security guard - had been able to afford.

Life had contained its share of challenges for Sean, and his decision to seek his own independence a few years earlier than most people had to do with his parents splitting up.

But his dream of a more flashy lifestyle had to be put on hold as he had to quit his job in order to finish university. He realised he would not get an honors degree unless he focussed solely on his studies.

Between leaving the bank and completing his undergraduate degree, he says, “There was a time - about three or four months - when I don’t remember how I lived,” he re-called. “I taught aerobics, I worked at KFC sweeping up around the place, making sure everything was clean - people don’t know this, and it’s not something I talk about a lot.”

today, by coincidence, the view through one of the windows of the office of the managing director of Scotiabank Caribbean east is of the Warrens branch and head of-fice of KFC in Barbados.

The new holder of that post laughs when a reporter notes the irony.

When he applied to rejoin Citibank after graduating, no job was available. He en-rolled in an M.Sc. degree programme and applied to tutor because “that was the only job I could get - you got paid for tutoring,” he recalls.

Shortly before leaving Citibank, Sean had met his future wife, Marsha, who also worked there, and he credits her with sup-porting him during the period.

He got through the tough financial times because, he says, “One of the things I am good at is driving myself really hard, but in an efficient way, and not for long.”

One of Sean’s favourite quotes comes from Brazilian novelist Paulo Coelho, who once famously wrote that “When you want something, all the universe conspires in helping you to achieve it.” He adds, with a touch of Caribbean pragmatism, “Probably not when you want it, but it will come, if you keep after it.”

WItH HIS SeCOnD de-gree in hand, Sean found employment as a policy ana-lyst in the t&t ministry of

finance. But he wanted to go back to Ci-tibank, and fate seemed to step in to help. The merchant bank Ansa Fleming came to trinidad to recruit people, and Sean applied and got an interview with the CeO, Adam Hodgkins. At the time, he says, young trin-idadians with MBAs from overseas univer-sities and good local connections were get-ting the jobs over those with UWI degrees, so his applications had not met with suc-cess. But the Fleming CeO picked up the phone and called the CeO of Citibank and got him an interview, recalls Sean, “and I ended up back at Citibank with the com-pany car.”

His new job title was relationship Man-ager and his portfolio mainly comprised international companies in t&t’s emerg-ing energy sector. They had mainly bonding and foreign exchange needs along with cash management and some lending. “They were

a tough bunch to service because they were very liquid,” he recalls. During those years he says he “learnt a hell of a lot.”

Then in the mid- to late 1990s came royal Bank of Canada’s regional expansion.

“I got a call from them, and they said they were paying bigger bonuses, so I moved to royal Bank.”

At royal, Sean was soon offered a post in Jamaica. Whereas at Citibank he did cor-porate banking, at royal he went over to the DCM, or Debt-Capital Market - bond issuances, derivatives, helping governments raise money through bonds rather than loans, and “helping institutions with expo-sures use derivatives to manage that risk.”

He says this area was the new “sexy” part of banking, where large transactions ulti-mately meant better pay. He was enjoying his time with royal Bank in Jamaica, when one day Scotiabank called. “I was hired out of toronto but placed in the Bahamas,” he notes.

By that time, Sean and Marsha, his part-ner since those first Citibank days, had wed and were enjoying being parents of their first child, Zion. Marsha had left her Ci-tibank job to go to Jamaica with Sean.

Asked by a reporter about the relatively short time spent with each bank, leaving for better offers each time, and whether it was only about the money, he says, frankly, “It was then; it isn’t now.”

He explains: “You want to buy an apart-ment or something. You want to start put-ting away money for your son to go to uni-versity. That is where your head is then in your late twenties; at least that’s where mine was.”

At that time in Jamaica, Michael Lee Chin, the Jamaican business mogul, had bought national Commercial Bank (nCB), and once again, an offer came to Sean.

“I said, no, I am not going to work for another bank. I am happy at Scotiabank. Michael and I then met and I said the only way I would leave is if I was going to do the entrepreneurial thing, because I had worked for companies all my life, so here was a chance to be an entrepreneur.”

So a year and a half after joining royal Bank in Jamaica, Sean took the plunge.

“We started a financial group in trini-dad. That was a really great experience but a tough time. I learned a tremendous amount.”

Sean and Marsha had been married in 1998 and had gone to Canada. It was after returning from Canada that they decided to apply for permanent residency in Quebec, and had been successful after visiting the Canadian embassy in Mexico for an inter-view in French.

The time had come to move on from the t&t venture. Marsha said they should go to live in Canada. “We picked up, went to Canada, I went to (Scotia) bank to see some old friends, and was fortunate to get anoth-er interview. There was a need in Mergers & Acquisitions, and since then there’s been no looking back.”

THAt WAS JUSt seven years ago. The first five years were spent in Canada in Mergers & Acquisitions, after which Sean

was transferred to trinidad & tobago for a little over a year, then to Barbados to take up his current post as managing director for Scotiabank’s Caribbean east business.

“This job is so diverse, there is so much to do,” he says. “First of all, there are over 900 employees working at 23 branches in nine countries, under four different regulators. They all come together in one P&L (profit and loss statement) and one balance sheet.”

His first six months on the job has felt like “three-and-a-half years,” he says, but he loves the complexity and diversity of his new assignment. Challenges occur when least expected, making it hard to stick to a planned day.

Sean believes that “A person at the head of an organisation also has the latitude to influence the culture of an organisation ac-cording to their own style.”

And the area he is “passionate” about is performance management. “That is the key to everything throughout a big organ-isation.” It is supposed to be fairly easy to measure, he notes, “because everybody has a balanced scorecard; you have your goals and you’re supposed to achieve them.”

Sean says, however, that he believes in letting managers manage. At Scotiabank, he says, “We know what we are good at, and we stick to that. So from a product perspec-tive - our retail banking, our corporate and commercial, we have people who know this business inside out, fabulous people. You let them manage - you don’t micro-manage

them.“So can I give you a big, lofty, over-arch-

ing, philosophical vision statement? I can’t. It’s simply us achieving the objectives we said we were going to achieve, in a sustain-able way, year-in, year-out.”

SeAn’S FIrSt InItIAtIVe is fo-cussed on mentorship from within the organisation. “We’ve created the

emerging Leaders programme to create a path for those people who have the right ambition, who have the hunger, initiative and purpose, who are willing to just put their everything into it. I can’t tell you how joyful that is to me.”

He describes it as more structured than a mentorship programme, as successful ap-plicants will be attached to the executive team. The programme will complement the existing employee Development Plan (the eDP) at Scotia. Candidates will be put through a process to help them attain the training and experience they need to advance to a level at the bank which they have chosen.

“times are challenging, but there is so much room to create in terms of redefin-ing a culture,” he says. “You know, we talk about assets and liabilities and capital, but through all of that is really people. I get my ‘high’ from two things; one, as people have helped me optimise in my life, helping peo-ple optimise in their lives.”

He recalls meeting a young man working at Scotia’s Broad Street branch soon after he got to Barbados. “He came up and shook my hand and said, ‘Mr. Albert, keep the seat warm, because one day I want to sit in that seat.’”

He finds that attitude inspiring because he believes the Caribbean should be train-ing banking people to the level that they can work anywhere in the world. “We, as the Caribbean, and Scotiabank, should be exporting people, to Singapore, to Asia, to China, to Brazil, Mexico, Canada - that is something I really, really want us to be able to do. However, the culture of the past has been one of ‘Well, this person needs five more years to mature - not taking chances on people (in a structured way).”

Sean says he does not expect to be in his new job more than five years, in keeping with the bank’s policy of a time limit on top postings.

However, he says, his family - Zion is now twelve, and his sister, Micah, is five - “love Barbados. From a psychological secu-rity state of mind, this place is unbelievable. We’re not in a hurry to go anywhere.”

He and Marsha are enjoying watching their kids grow up. “I can’t put words to ex-plain how quickly we have settled into Bar-bados,” he says. •

execuTive prOfile

Sean and Marsha Albert with their kids Zion and Micah. Photo courtesy Scotiabank

ALBERT, from page 1

One of Sean’s favourite quotes comes from Brazilian novelist Paulo Coelho, who once famously wrote that “When you want something, all the universe conspires in helping you to achieve it.”

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feaTurejuSTICE

A light at the end of the tunnelCalling a case against her “a waste of time and money,” the CCJ sets a precedent for others to follow

By Patrick Hoyos

“We trust that what has been stated here would serve as a useful guide to judges who are called upon to quantify the amount in which security for costs should properly be ordered.”

- Mr. Justice Saunders, CCJ Appeal No. 8 of 2011, page 26.

YeAr In, YeAr OUt for Madge Knox, the news from the court was always bad.Apart from losing several oth-

er Kingsland-related legal battles, her claim to have a special right over other family shareholders in Kingsland es-tates Ltd. to buy them out was defeated not only in the courts in Barbados but also at the Privy Council.

That was seven summers ago. Mrs. Knox’ case, coincidentally, was actually the last to be heard by the Privy Coun-cil before Barbados switched to the Ca-ribbean Court of Justice.

It may have been providential. This past summer the latter delivered a rul-ing in Mrs. Knox’ favour that may prove a victory not only for her, but for all who want to have their day in court and their appeals heard without finding themselves faced with massive court-ordered costs, not only should they lose but sometimes just to get their appeals heard.

As Justice Wit JCCJ wrote in the judgement: “We have decided that Mrs Knox does not have to pay any security for costs after all. In other words, the parties are back to square one and the appeal can now finally be heard. What a waste of time and what a waste of money; it is a thought that easily comes up. Of course, today’s judgment will hopefully provide guidance for future cases and that is important enough. But still…” (CCJ Appeal no. 8 of 2011, page 27)

The CCJ’s ruling is a shot across the bow of the Barbados legal system, a warning that may forever alter the cost of doing business with the court system.

two years ago, on June 29, 2010, Kingsland estates Ltd., which owns 1,000 acres of former plantation and now prime real estate land in Barba-dos, and is now majority-owned and controlled by Classic Investments Ltd., declared a dividend, and the amount earned by Mrs. Knox’ one-seventh stake

came to almost three quarters of a mil-lion Barbados dollars after tax.

June 29 was a tuesday; by that Friday ( July 2), the estate of the company’s late chairman eric “erie” Deane, along with Classic and Kingsland, the only re-maining shareholders with “subsisting interests as garnishors” in the dividend awarded to Mrs. Knox, “commenced garnishee proceedings” against her.

Worrell J. heard the proceedings and a month later ordered nearly $700,000, part of it with interest at 8%, to be paid to the garnishors out of Mrs. Knox’ div-idend.

Mrs. Knox was allowed to appeal the garnishment order, which she did right away, but counsel for other side asked the court to make Mrs. Knox pay “se-curity for costs” totalling a quarter of a million Barbados dollars before the appeal could be heard. As Mrs. Knox’ counsel did not respond, the respon-dents took the matter to court and in December that year a single judge in chambers, Goodridge J.A. (Ag.) ruled that security would have to be paid into court totalling $175,000 within 21 days. The appeal against garnishing the dividend would not be heard until those conditions were met.

Mrs. Knox appealed to the Full Court of Appeal against the ruling of the sin-gle judge, and the application was heard the following February (2011) and dis-missed in July.

The Full Court of Appeal said that “the learned acting Justice of Appeal correctly applied the principles relevant to an application for security of costs on appeal in exercising her discretion.” But it allowed her to appeal the matter to the CCJ, which she did last november.

The CCJ heard the matter while in Barbados earlier this year and issued its ruling in July. In a shot across the bow, it “set aside” the order of the Court of Appeal for security for costs which had been originally made by the single jus-tice.

DeLIVerInG the judg-ment of the court, nelson JCCJ noted that awarding security of costs was “dis-cretionary” on the part of

the judge, and that the “exercise of dis-cretion” in this case was “erroneous in law” because it took into account “irrel-evant considerations” and failed to do so for relevant ones. (Page 18)

noting that the matter at hand was but the “latest installment in a long-running internecine battle between the Knox and

Deane families over the Kingsland estate and control of Kingsland estates Ltd.,” the court criticised both the single justice of ap-peal and the full court for not stating the “special circumstances” which were deemed to have justified the award.

Instead, they should have “taken into ac-count the lack of a skeleton bill of costs” which would have been based on a “realistic estimate,” but instead allowed in an “un-substantiated or wholly erroneous estimate” which the CCJ said was “in excess of the maximum permitted costs” for such matters (page 19).

They had also not provided a written as-sessment as to why it was just to order the security for costs “in all the circumstances against the Appellant/Defendant, whether foreign or impecunious or both, who was brought into court and wished to continue her defence by way of appeal.”

Mrs. Knox would therefore be allowed to have her appeal against the original gar-nishment ordered by Worrell J. without paying an extra penny into court, far less the $175,000 ordered by the single justice and the full court of appeal, ordered the CCJ.

The respondents were ordered to pay costs in both the present appeal at the CCJ and the proceeding in the Court of Appeal on the issue of security of costs.

In so doing, the Caribbean Court of Ap-peal set a precedent for not only Madge Knox but all future litigants on the losing side who wish to appeal their cases. And all they did was order that already existing new rules adopted by the same Barbados courts for calculating such costs be followed.

As if that was not damning enough, the CCJ’s Mr. Justice Saunders felt it necessary to weigh in, adding his comments to the main ruling by nelson JCCJ.

It had to do with the amount of “secu-rity” payment ordered, that $175,000. “The amount was so excessive that in any event it would not have been permitted to stand,” he

wrote, adding that the Barbados court had “merely accepted the figures put forward by counsel with no material provided to sup-port or justify those figures.” (Page 20)

He said the Barbados courts were now operating under The (Civil Procedure) rules, 2008, of which Part 65 provided “in a comprehensive manner the way in which any costs awarded by the court are to be quantified.”

The new rules, he said, had been brought in to speed up the delivery of justice, be-cause “litigation costs were too high,” and “litigants felt alienated from the process.” The goal of the new rules was to produce “less expensive justice,” he added, but it was taking far too long for the also necessary “profound” “cultural shift” required among all who work in the court system.

Under new rules, the amounts awarded in the Privy Council case would have been dramatically reduced, noted Saunders JCCJ. In the substantive Privy Council case, he said, instead of a total of three quarters of a million dollars, the final figure awarded would have been less than a hundred thou-sand dollars, including accrued interest.

In the appeal before the court, the judge noted, the security for costs should have been set at $5,575 instead of $175,000. And while the court could have ordered the costs to be assessed and awarded a higher amount than $5,575, said the judge, “it is wholly in-conceivable that the same could yield costs of the magnitude that were ordered in these proceedings.”

The process “lacked transparency,” and the amount would seem to have been “arbi-trarily” selected, said Saunders JCCJ.

Since Mrs. Knox entered the Barbados court system nearly twenty years ago chal-lenging decisions taken by Kingsland’s board of directors she has lost almost every case. to fund her legal campaigns, accord-ing to the CCJ, “On May 14, 2002 Mrs Knox executed a charge in favour of Peter

Marjorie Knox. Photo courtesy the Knox family


Andrew Allard, her financial backer in the Kingsland litigation locally and overseas. That charge has since been upstamped to cover Bds$33,696,267.52 as at December 3, 2009.”

In 2002, Madge Knox placed her shares in a trust set up in Barbados, and five years later set up another trust, this time in Florida, which, according to the CCJ, “pur-ported to revoke the Barbados trust.” Mrs. Knox’ Florida trust has pledge all of her shares as continuing security for the debts incurred by the Knox litigation to Mr. Al-lard.

In December 2005, a few months after the summer judgement of the Privy Coun-cil, Classic Investments provided the same

amount of shares owned by Mrs. Knox - 28,570 common shares - as collateral for a loan of $10.5 million from then First Ca-ribbean International Bank.

In an email, Madge’s son, John Knox, told the writer that if then-First Caribbean could in 2005 lend Classic $10 million us-

ing only the same number of shares held by Mr. Knox as collateral, he felt it was fair to assume that stake was worth more than the amount lent. He therefore took the view that the bank was lending 10% of what it felt was the true value of the shares.

This would put a $100 million value on Madge Knox’ stake and a $700 million valuation on the entire Kingsland estates shares, which Classic Investments pur-chased for less than $20 million seven years ago (except for Mrs. Knox’ one-seventh stake).

Is Kingsland worth that much? Says John Knox, “The sanity check is to relate the $700 million to the 1,000 acres” owned by Kingsland. It works out, he says, to

“about $16.00 per square foot.” residential land in the areas over which

Kingsland is spread currently sells at over $20.00 per square foot.

According to the CCJ, “There are five other actions in the courts of Barbados in which the courts have made orders for costs against Mrs. Knox in connection with Kingsland estates.” With perhaps millions of dollars in costs pending, Mrs. Knox, her family, legal counsel and financial backers will surely be hoping that the message sent by the CCJ on calculating these costs will be heard loud and clear. •

Author’s note: An edited version of this ar-ticle first appeared in the Sunday Sun.

Under new rules, the amounts awarded in the Privy Council case would have been dramatically reduced, noted Saunders JCCJ.

feaTure

2013 EDITION

Now in its 14th year, Who’s Who in Barbados Busi-ness has become one of the most credible and sought-after local publications. It is widely used as a research tool by middle- to upper-level executives interested in reaching upmarket consumers, senior executives, entrepreneurs and buyers.

If you would like to renew your listings or book for the first time, the deadline is November 30. Need some ideas? Check out the samples on this page!

-Pat Hoyos, Publisher

Who’s Who in Barbados Business 2011 Edition • Page 1

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The Caribbean Tourism Organization, with headquarters in Barbados and offices in New York and London, is the Caribbean’s tourism development agency comprising member-ship of over 30 governments and a range of private sector entities. Membership services include sustainable tourism development, marketing, communications, advocacy, hu-man resource development, research and information technology.

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Barbados Light & Power Co. Ltd., The (www.blpc.com)

Mark KingManaging DirectorP.O Box 142, Garrison HillSt. Michael BB11000T 626-4200F 429-6000

Robert HanfExecutive ChairmanLight & Power Holdings Ltd.Chelsea House, Chelsea Rd.St. MichaelT 626-5001F 626-5049

Stephen WoRMeChief Operating OfficerP.O Box 142Garrison HillSt. Michael BB11000T 626-4400F 429-6000

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The Barbados Light & Power Company supplies electricity to over 122,000 custom-ers. Our core values include excellence, safety and trust. Our vision is to be a customer oriented energy provider deliver-ing world class service and reliability while meeting stakeholder expectations. Our dedi-cated employees are committed to ensuring that we deliver the best possible service at competitive prices. Additional information is available at our website: www.blpc.com.

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Align Office Systems Inc.

Allan HArrISManaging DirectorForde’s RoadClapham, St. MichaelTel [email protected]

renee HArrISDirectorForde’s RoadClapham, St. MichaelTel [email protected]


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Caribbean Broadcasting Union (www.caribuniononline.com)

Patrick COZIERSecretary GeneralCaribbean Media CentreSuite 1B, Bldg 6A, Harbour Industrial EstateSt. Michael T 430-1007 F 228-9524 [email protected]

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Bay & Wellington Creative Services Inc.

Sue MORRISMarketing & Events ConsultantP.O. Box 151WWorthing, Christ Church

T 435-3860 F 420-6350 M [email protected]

Tracy JONESCreative ConsultantP.O. Box 151WWorthingChrist Church T 435-3860 F 420-6350

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Beverley LYNCHEvent CoordinatorP.O. Box 151WWorthingChrist Church T 435-3860 F 420-6350

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Mishka VICkERSEvent Coordinator

P.O. Box 151WWorthingChrist Church T 435-3860 F [email protected]


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Barbados Chamber of Commerce

& Industry (www.bdscham.com)

Lisa GALEExecutive Director2 Braemar Court

Deighton RoadBrittons HillSt. Michael T 434-4750 F 228-2907

[email protected]

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Barbados Chamber of Commerce & Industry (www.bdscham.com)

Lisa GALEExecutive Director2 Braemar Court Deighton RoadBrittons HillSt. Michael T 434-4750 F 228-2907 [email protected]


Tech Briefs

Samsung seeks info on Apple-HTC Deal SAMSUNG IS MOvING LEGALLY in order gain access to the documents re-lated to the recent Apple-HTC licensing deal, hoping that the HTC deal covers some of the patents involved in its own litigation with Apple. Apple and HTC recently ended their worldwide legal battles with a 10-year patent licens-ing agreement. According to Reuters, Samsung asked a U.S. judge on Nov. 16 to force Apple to turn over a copy of the HTC agreement, arguing that the HTC deal covers some of the patents involved in its own litigation with Apple, including those related to the so-called “user-experience” like touchscreen functionality and design. The agree-ment may undermine Apple’s claim that Samsung’s patent infringement can’t be resolved with license payments, ac-cording to the filing.

Judge Approves FTC’s $22.5-million Fine on Google

U.S. DISTRICT JUDGE Susan Illston on Nov. 16 approved a US$22.5-million fine against Google, a few hours after a hearing arguments. The fine was part of a deal Google reached with the Federal Trade Commission (FTC) three months ago to settle charges that it bypassed privacy settings on Apple’s Safari browser to track users’ online ac-tivity and show them personalized ads. Google made nearly $38 billion in rev-enue last year so the $22.5 million fine is a drop in the bucket for the search engine giant.

Nokia challenges Apple with ‘Here’ maps serviceFINNISH PHONE GIANT NOKIA has rebranded its maps service as ‘Here’ in the hope that app developers on Android and iOS will use its software. Nokia claimed it would “redefine [the] digital map landscape” with a new part-nership with Mozilla and an acquisition of 3D capture company, earthmine. Nokia has also already submitted an app to Apple, which is still struggling to get over its recent maps problems in the

latest release of iOS6. It hopes to take advantage of Apple’s cancelling its deal with Google’s maps. Based on open web standard HTML5, Nokia said the app will include offline capabilities, voice-guided walk navigation, and public transport di-rections. The application is scheduled to be avail-able for free download from Apple’s App Store in the next few weeks.

Sony to take aim at iPhone, Galaxy S3

IN AN INTERvIEW with Financial Times Deutschland (FTD) published Nov. 15, Sony Mobile sales and mar-keting head Dennis van Schie said his company was planning to announce a “flagship model that can [compete] with Apple’s iPhone and Samsung’s Galaxy S3.” The company’s sales and market-ing head said the device would likely be on display at the Consumer Electronics

Show in January. van Schie confirmed that it will be running Android, and was also “watching closely” the develop-ment of Microsoft’s Windows Phone platform.

TWITTER USERS should now see a set of ‘top’ photos above related search results. The microblogging service rolled out a series of new features on Nov. 15 that together make it more in-stantly visual and take it even further past 140 characters. With a flurry of new features unveiled, Twitter appears to be aiming more than ever at mimick-ing some of the most visual elements of Instagram and Facebook. Twitter wants users to see more infor-mation than ever before, and far more than just the 140 characters of actual

tweets. It’s an acknowledgement by Twitter that, more than ever, the richest communications are visual.

Facebook and Yahoo seeking partnership?

THE SUNDAY TELEGRAPH reports that Yahoo and Facebook have been talking about the two companies work-ing together on a search engine. Mayer and Sandberg are former colleagues at Google and understand what search can do to super-charge a business. Mayer is looking for ways to revive Ya-hoo’s products and engineering focus since she took the CEO job in July. Mark Zuckerberg has been dropping hints about search over the last few months: “We do a billion queries a day and we aren’t even trying. Mostly trying to find people or brand pages or apps. There is a big opportunity in search, evolving to giving a set of answers to a specific question and Facebook is uniquely positioned to do that. For ex-ample, ‘Which of my friends or friends of friends work in a company I might like to work at?’ At some point we will do it.” •

Documents

The Broad Street Journal-Nov. 21, 2012 edition