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Oct 29, 2012

Citrus Growers aim for Banks Holdings and C.P.B.L.

Eccleston Irving

The CGA has also been bucking heads with C.P.B.L.’s minority shareholder, Banks Holdings of Barbados, which it says is responsible for the chaos in the industry. According to the CGA, BHL has created a situation where C.P.B.L., a hundred and sixty-five million dollar company is operating without a chairman and without proper fiduciary oversight by the Board of Directors. The association alleges that there is collusion in an attempt to take away its majority shares. At today’s press conference a copy of an email dated February twelfth, 2012 drafting a new Citrus Act, was circulated to the media. The email, which was allegedly sent by government advisor, Alan Slusher, discussed the dissolution of CGA and distribution of its assets.

 

Eccleston Irving, Chairman, Citrus Growers Association

“The current Chief Executive Officer in the Ministry of Agriculture was referenced in the email as, having a concern that the draft legislation had too much regulation. And I would like to just take a moment to read that email. It says here, “This needs considerable refinement from a qualified legal draughts person. Please treat more like drafting instructions. I am mindful of Jose Alpuche’s concern over what appears to be over-regulation. The problem here is that the existing CGA has no owner, exists into perpetuity, and has no oversight arrangements except those that exist in the current legislation. It, however, owns considerable assets. Until legal arrangements exist for its orderly and equitable dissolution, control arrangements must be maintained to ensure that an unexpected dissolution and distribution of assets does not occur. It should be noted that if all citrus associations were established under the companies act, with citrus association members being company shareholders, all of the internal management control arrangements unnecessary and fall away. BCM was established under the companies act.”

 

The CGA is also hoping to meet with the Deputy Prime Minister, Gaspar Vega, on Wednesday when they will express their dissatisfaction with the C.E.O. in the Ministry of Agriculture, Jose Alpuche, while requesting his removal.

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4 Responses for “Citrus Growers aim for Banks Holdings and C.P.B.L.”

  1. Storm says:

    Except for safety of workers and consumers, I think government has no role in regulating private business. We end up with bureaucracy acting like an anchor on entrepreneurs who otherwise might make profit and invest capital to create more jobs. We end up with all the worst characteristics of socialism, and none of the promised benefits.

    Someone in GOB should read “Wealth of Nations” by Adam Smith, or anything by Milton Friedman, to understand important economic concepts. If GOB followed those principles, we would maximize prosperity in the Jewel.

  2. Bear says:

    An organization operating without chairman or functioning board, in control of a minority? Sounds like it’s time for a receivership or dissolution.

  3. Rod says:

    Why consult a thief vega is a thief he needs to be put in jail for being an out right thief he needs to be in jail along with this pm and cohorts they all belong in jail for thief and treason.march march shut down the industry make this gov. Collapse on itself.

  4. From the West says:

    It’s the same story everywhere, sugar or citrus, the farmers expect preferential treatment, and sooner or later the company has to be sold to foreign investors, and they will not invest until they have some assurance that they can not be bullied by the farmers, hence the drama.

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