Petition Demanding the IMMEDIATE HALT of Sale of Barbados National Terminal Company Limited by the Government of Barbados to the Sol Group
- Target:
- Citizens and Residents of Barbados and well wishers
- Region:
- Barbados
- Website:
- www.facebook.com
The Barbados National Terminal Company Limited, a Barbados Government entity which controls ALL the Gasoline, Diesel, LPG, Kerosene Oil products in Barbados, recently announced (in January) that it has signed an agreement to sell ALL its shares in the BNTCL which is ALONE OWNS, to the SOL Group.
By such unilateral action the SOL Group will automatically become the SOLE OWNER AND CONTROLLER OF BNTCL and usher in a MONOPOLY for ALL Gasoline, Diesel, LPG, Kerosene Oil products in Barbados.
Citizens and resident should know that the Barbados Government, irrespective of which party governs, will not be able to stop the SOL Group from increasing fuel prices thereafter since SOL will own ALL of BNTCL.
What is more concerning is that the SOL Group publicly stated that they will buy ALL of BNTCL for USD$120 MILLION yet barbados' Minister of Finance, the Hon. Chris Sinckler publicly stated that "the Government was selling ALL the shares for BDS$60 MILLION."
This act of "Giving Away the Family Pearls" as a quick fix for the foreign exchange deficit is doubly bothersome because (a) the MONOPOLY is burdensome to the country and (b) it occurred in such secrecy that even the agreed sale price is at the centre of a US $60 Million variance
WHEREAS:
(1) The BNTCL controls ALL the Gasoline, Diesel, LPG, Kerosene Oil products in Barbados.
(2) The BNTCL/Government announced it has signed the SALE agreement of ALL BNTCL shares to the SOL Group.
(3) The SOL Group will now be a MONOPOLY of ALL Gasoline, Diesel, LPG, Kerosene Oil products in Barbados.
(4) The SOL Group the price that The SOL Group paid for ALL of BNTCL is USD$120 MILLION
(5) Minister of Finance Hon. Chris Sinckler states that the Government was selling the shares for BDS$60 MILLION.
(5) The Government can’t stop the SOL Group from increasing pricing given its ownership of ALL of BNTCL.
(6) Our Barbadian experience with the BARTEL monopoly and our insistence on a DIGICEL/FLOW sharing of the telecommunications market.
WE THE PEOPLE OF BARBADOS PROPOSE TWO OPTIONS FOR THE SALE OF THE BNTCL:
(1) OPTION A.
The offer price (USD$120 MILLION) made by the SOL group be modified to represent 49% of the BNTCL value and said offer price be made as a share offering to ALL Barbadians, at home, and abroad, (in USD $).
(2) OPTION B
The offer price (USD$120 MILLION) made by the SOL group be equally divided between the SOL Group, RUBIS and the Credit Union Movement ( through whom more than 170,000 Barbadians will have ownership in BNTCL). SOL Group and RUBIS will subscribe, in US Dollar equivalents, and the Credit Union Movement, in Barbados Dollars.
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The Petition Demanding the IMMEDIATE HALT of Sale of Barbados National Terminal Company Limited by the Government of Barbados to the Sol Group petition to Citizens and Residents of Barbados and well wishers was written by Neil Holder and is in the category Consumer Affairs at GoPetition.