BIM against Sol takeover

The island’s newest political party is joining forces with the Clement Payne Movement (CPM) in an attempt to stop the sale of the Barbados National Terminal Company Limited (BNTCL) to the Sol Group of Companies.

In a letter to the Fair Trading Commission (FTC), the fledgling Barbados Integrity Movement (BIM) “fully endorses the request made for your organization to professionally and objectively investigate the proposed sale of the BNTCL to the Sol Group of Companies”.

BIM’s Political Leader Neil Holder said his party was also joining the CPM in reminding the FTC of its duty to the citizens of Barbados.

“In this regard, we look forward to an investigation diligently carried out without fear and favour,” Holder wrote in his letter dated January 25 to FTC Chief Executive Officer Sandra Sealy.

It was a follow up to a letter written by CPM President David Comissiong, also dated January 25, asking the FTC not to approve the sale.

Comissiong’s letter called on the FTC to conduct a comprehensive investigation into the proposed sale, with a view to exploring all of the possible anti-competition and monopolistic implications.

He reminded Sealy that the Fair Competition Act gives the commission the power “to take such action as it considers necessary to prevent mergers that are detrimental to the principles that the Commission is mandated to uphold”.

The attorney-at-law also reminded Sealy that the Act provided the state regulatory agency with “an excellent” framework for analyzing the relevant facts and for ultimately determining that “the incestuous” sale of BNTCL to Sol must not be allowed to proceed.

He noted that over the past 18 years, Barbados had consciously pursued a distinct state-moderated anti-monopoly policy in the fuel distribution and retail sector, which Comissiong contended had worked well for the nation and people, but which was now threatened by the planned sale.

“Now, however, there are signs that the monster of private sector, profit-driven, monopoly is rearing its ugly head in this sector of our economy,” Comissiong wrote.

The head of the 30-year-old CPM said it was disturbing that “this level of monopoly or oligopoly” had emerged where the fuel retail market here was controlled by a mere two companies – Rubis Caribbean, with 30 per cent share and Sol, with the remaining 70 per cent.

He also argued that “none of the factors specified in Section 21 of the Fair Competition Act for permitting a merger, applied to this case”, insisting the sale would not result in greater efficiencies.

“It is difficult, if not impossible, to conceive of a more efficient arrangement than the one that exists now, with the state owned entity fairly and even-handedly servicing all of the private sector retail companies, and at the same time looking out for the consumer,” he wrote.

7 Responses to BIM against Sol takeover

  1. jrsmith January 26, 2017 at 6:43 am

    As I agree that transparency is the order of the day as regarding the sale of the Barbados asset…
    But the two groups supposed to be challenging the sale , is showing the same behaviour of only challenging soft targets out in the open…
    Why these two movements wouldn’t take up the challenge taking the case to government , over the last (AUDIT GENERAL’s ) report
    show and exposing the serious corruption which goes on in Barbados……
    Movements would always be movements nothing else ,as like the civil rights movements in the (US) just comes and goes…….

    Reply
    • Gearbox1964 January 26, 2017 at 3:03 pm

      I agree that the Auditor General’s report deserves a whole lot more focus and attention than it has receive thus far. But I still have praise for CPM and BIM for taking a stand in this regard.

      Reply
  2. Helicopter(8P) January 26, 2017 at 11:05 am

    Barbadians stop looking at other countries as examples for detrimental national issues. If we as Barbadians persistently interject and stall matters of Government we will be found wanting. Everyone is entitled to their freedom of speech but the letting off of hot air for the sake of popularity and publicity with no substantial alternatives can mean serious retardation of progress to our society!

    Reply
  3. Frank White January 26, 2017 at 7:23 pm

    These white boys will always get what they want due to the fact that we have politicians who have no knowledge of self as they constantly take the children’s bread and cast it to dogs.

    Reply
  4. Troy January 26, 2017 at 9:02 pm

    Uh wonder who hands getting grease…….time will tell.

    Reply
  5. Troy January 26, 2017 at 9:17 pm

    https://youtu.be/RVsB07CcSNw. Anyone interested in finding out more on what’s really happening to Barbados go On YouTube and watch the clip on Economic Hitmen. These guys come as Angels of Light. These give loans to governments and when these govts default on loan repayment then the fun starts. State own assets must be sold, increase in taxation, sometimes the nation’s leaders are sacrificed….does this sound like what’s going on in BIM? People please wake up…..these politicians are tying a serious noose around our necks. When this asset is sold…then what next?What else do we own? Then the awful “D” word…Not Death. Devaluation. This country is not ours any more…..we belong to our creditors. World Bank etc.

    Reply
  6. J. Payne January 28, 2017 at 11:55 am

    FYI. You realise you need to push Ranked Voting before you’ll likely take a seat?

    * The Problems with First Past the Post Voting Explained — https://www.youtube.com/watch?v=s7tWHJfhiyo

    Reply

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