November 29, 2020

Barbados: BIM says Sinckler’s words border on being contemptuous

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From Barbados Today

The Barbados Integrity Movement (BIM) says it has taken note of Minister of Finance Chris Sinckler’s statement in which he accused the local Fair Trading Commission () of stalling a deal on the sale of the Barbados National Terminal Company Ltd. () – which is owned by Barbados National Oil Co. Ltd. (BNOCL) – to the Sol Group.

“While we must listen with great intent to the words uttered by such a senior member of the administration, we must be ever concerned when such words border on being contemptuous where has stated that he is now tired of awaiting the decision of the FTC on the sale of the country’s only national oil terminal storage and distribution facility the BNTCL,” BIM’s Political Leader Neil Holder said.

“We must remain ever cognizant that the DLP administration of which Minister Sinckler holds the post of Finance Minister had entered into a disingenuous arrangement to sell the BNTCL at a pittance of US$100 Million to the single potential purchaser the SOL Group Limited which is domiciled and headquartered in St Lucia with information reaching us that such domicile has now been changed to the Cayman Islands.”

The BIM Political Leader noted that this DLP administration, under the financial leadership of Minister Sinckler, has caused Barbados “the indignity of 20 consecutive downgrades” to the point of being totally unattractive to frugal international investors.

He said that of particular concern also is the fact that Minister Sinckler was made aware since 2009 that Barbados was not on the World Bank’s list of places to do business and to date has still not been placed on such list while countries such as Grenada and St Lucia enjoy the benefit of such international exposure.

“We are asking the FTC not to make any determination for the BNTCL to be sold unless such sale includes the National Credit Union Movement as representative of the masses and the other petroleum supplier RUBIS,” Holder said.

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