Recent developments in St. Vincent with Harlequin Property SVG filing insolvency proceedings will lead to heavy loses for investors to be sure. This matter should be a concern for Barbadians because of the stalled properties owned by Harlequin in Barbados. As is the norm Barbadians will NOT be updated on this matter until the local authorities are forced to do so but what can they say? Yet another bogus project that will not realise foreign exchange promised by the local authority.
What has become obvious is that the race by Caribbean islands – including Barbados – to attract foreign investment appears to have local authorities compromising on performing robust due diligence. A simple Google search about Harlequin and or David Ames, Chairman of Harlequin would have alerted regional authorities to tango with caution.
We expect this matter will engage lawyers, accountants and the court system for the next many months, in the meantime the unfinished properties scattered across the region will continue to be an eyesore in our resorts.
Read the following the links for the latest: