Like this:

The former Barbados Labour Party, its bungling of the Warrens Office Complex contract and resulting near 70 million arbitration award to contractor Al Barrack, is to blame for the Nation Housing Corporation’s (NHC) current financial problems.
That’s the view of St. Lucy MP Denis Kellman, who said it was therefore a “red herring” for BLP spokesman, St. Joseph representative Dale Marshall to point fingers at the current administration.
During Tuesday’s (16/11/2010) debate on Government’s guarantee of a $40 million loan from FirstCaribbean Trust Merchant Bank to the NHC, Marshall said the Barbados National Bank, a long time financier, had refused to enter a loan agreement with Government, forcing it to turn to FirstCaribbean.
But Kellman said the NHC’s problem started long before the current administration came to office in 2008 and any loss of goodwill by the BNB was beyond its control.
“Everybody knows that the litigation matter between Barrack and the BNB started long… before the Democratic Labour Party took over and that the negative value at warrens had nothing to do with this Government,” he added.
Credibility
“The credibility of NHC… has more to do with the building at Warrens because there is nothing up there called collateral for NHC because the Barbados Labour Party handled the matter so badly that it took away every piece of credibility that NHC had.”
Kellman said it was clear that BNB was not interested in lending NHC any money now giving the poor tract record left by the corporation under the management of the BLP.
“BNB saw National Housing going into the market borrowing money to build a building after the valuation the building had no value because it was owed and owned by somebody else,” he asserted.
“In other words…if BNB has an asset of $50 million on their books and then that same building has a claim of over $67 million it means that BNB, after watching National Housing seeking and receiving a loan on the same building and the building ended up with a negative value, then it is no wonder that BNB is not prepared to go towards National Housing.
“They recognized that the policy of the last Government was so bad that national Housing was left in a state that it had an asset one morning and the next morning it ended up with a debt instead of an asset.” (SC) (Barbados Today)

Advertisement