The NHT board is absolutely useless !

I could use stronger language but I do not want to tarnish the reputation of anyone on the board, so I will just stick to the main issue.

When the Easton Douglas led board took the decision to purchase Orange Valley Holdings Limited, they thought they had also bought the Outameni Experience, hence the decision to spend $111m to renovate and reopen the place and make some returns on the attraction.

Based on news paper reports, the NHT only realized that the Outameni Experience was not a part of Orange Valley Holdings Limited after they had paid for the property, so much for due diligence by the board , which includes the outspoken Lambert Brown.

How could the board have not known that the Outameni Experience was not a part of Orange Valley Holdings Limited, when they were negotiating in Dec 2012 up to the point of making the  payment in March 2013.

I say this against the background of a Gleaner article dated Feb 2012, almost a year before the deal was reached.

The 10-acre Orange Grove Great House property that is the centrepiece of the Outameni natural history attraction in Trelawny has been put up for sale by auction.

The property and great house are owned by Orange Valley Holdings Limited but the Outameni Experience attraction is separate from the landholdings, and is not included in the auction, and the business continues uninterrupted.

http://mobile.jamaica-gleaner.com/gleaner/20120203/business/business3.php

So in Feb 2012 the Gleaner was able to print a story saying Outameni was not a part of Orange Groove Holdings, but the NHT board was not aware of this even though it was in the media, until after the funds were paid in March 2013 !

Jamaica, this is what passes for leadership in this country and until we decide that they be held accountable, it will continue.

Advertisements

6 Responses

  1. Sadly i am ashamed to be a Jamaican.

  2. If that was the case, then one would assume that there was little due diligence done and there was no competent attorneys involve in the transaction. Technically, the attraction can be renamed “The Arawak Con” and be opened for business. There is nothing magicall about the name “Outameni Experience” attraction. The Outameni Experience attraction was a bankrupt enterprise, with no remaining Goodwill (zero value).

  3. Jay to make it worse. They were trying to sell us on the idea that they got it at a ‘bargain’ because the seller wanted $311M. The entire thing cost $210 to build with an additional $35M of improvements. They bought it for $180M knowing they had to put $111M into it… How is that a bargain when you buying a loss making entity that the creditors seized?

    Another thing from the article, the financing plan was for NIBJ/DBJ (now merged) to give about $78M in loans (37% of $210M) then Orange Valley was to raise an additional $650,000 US. Somewhere along the line DBJ end up with 35m preferential shares (don’t know what % that is, doesn’t say). Which suggests to me that either the loan was converted to equity or Orange Valley didn’t raise the funds and NIBJ kicked in the rest as equity (likely a combination of both). I have a funny feeling if we are able to get the info we would find out that NIBJ/DBJ had put in about $180M into that thing.

    NB. Yes, I know I haven’t adjusted for inflation.

    • Comardes maths is simply the best. I don’t know how they do it but they do. How dare them come to sensible people and tell us crap.

      What is worse is to see MP’s sitting there knowing that in their communities squatting is rampant and they cannot assist their constituents, while NHT is wasting money.

      Make me want to throw up

  4. When it comes to Jamiacan politicians, the answer to the question “Dem tek wi fi fool?!” is always “Yes”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: