Submitted by Barbados Integrity Movement (BIM)
Dear Ms. Sealy,
Having previously noted receipt of your correspondence of earlier today in reply to our (BIM) Open Letter to the FTC on several matters, one of grave concern being the redacted documents for the Public perusal at the offices of the FTC as well as lack of pertinent details in the thirteen (13) page “Summary Document”.
We note that this is the eve of the FTC’s stipulated date (March 8th, 2017) to receive public comments or submissions regarding the subject of the proposed sale of the BNTCL to the SOL Group a single potential purchaser of the sole National Petroleum product storage facility in the country.
In our letter we outlined and expressed our concerns that the FTC has not made the following information available to the Barbadian public:
The BNTCL sale to the SOL Group “Summary Document“ MUST be a document prepared by the FTC after careful evaluation and perusal of the facts and information provided by the two entities (BNTCL and SOL Group) involved in the proposed sale and NOT that of the vendor the SOL Group having a vested interest in the purchase of the BNTCL!
Proposed “Agreed Sale Price” between the BNTCL and the SOL Group, please provide to the public.
Existing “Throughput Rate” being earned by the BNTCL as a Government owned entity, please provide to the public.
“Agreed Increase Throughput Rate” between the SOL Group and the Government of Barbados after the BNTCL Sale, please provide to the public.
Is the “Agreed Throughput Rate” fixed or floating for the “15 year Protection Period” that the Government has agreed to grant the SOL Group against other competition in the storage of Petroleum products in Barbados?
What mechanism was utilized to arrive at the “Agreed Increase in Throughput Rates” to the SOL Group?
Since the “Protection Period” agreed on behalf of the SOL Group is 15 years, what will be the estimated earnings of the SOL Group in throughput Rates over and above those of the current BNTCL with an estimated annual profit of BD$80 MILLION (Est BD$ 1.2 BILLION over 15 years) in the scenario that the sale had not occurred?
In the absence of the above listed queries and against the backdrop that such information is pertinent to ALL Barbadians weighing in on this matter of National interest and concern in that the BNTCL remains until sold an “Asset” owned by the People of Barbados; and until such time as the FTC makes such information a Public Document, there can be NO closure to this matter!
What is the FTC evaluating and against what information?
What informed decision can the People of Barbados make in the absence of FACTS?
We the People of Barbados herein demand that the information requested above be presented to the public domain through the FTC for our edification and discussion with no less than four (4) Town Hall Meetings being held to discuss the effects of such a sale to a single party thereby creating a “MONOPOLY” and unfair competition in the Barbados Petroleum Market which will redound to increased pricing of the said petroleum products to Barbadians.
In this regard, we demand that the FTC acts with alacrity to address the stated concerns with clarity and equity in the remit of the FTC Act mandating the powers of the FTC to represent the interest of the People of Barbados.
We look forward to your providing the People of Barbados and Electorate with the stated information requested herein within the next seven (7) days of today’s date.
Any divergence from the above will be a miscarriage of justice and at best failure to inform and protect the very populace for which the FTC was mandated and legislated through an ACT of the Parliament of Barbados.
We attach a copy of our Open Letter along with our evaluation of the “Summary Document” for your careful consideration with our many queries and concerns thereto attached!
Neil a. Holder