The BTL nationalization saga is supposed to be over following that last 78 million US dollars that government paid out to the Ashcroft Alliance in the latter part of last year. However, it’s not quite over. When GOBacquired BTL, it also acquired another Ashcroft company called Sunshine Holdings. Now Sunshine holdings had borrowed some 10 million dollars from Social Security back in 2005. That 10 million dollars was used to buy shares in BTL. GOB contends that when it paid Ashcroft compensation for BTL, part of that compensation which was given to the BTL Employees Trust, needs to go back to Sunshine Holdings to at least cover that SSB loan. The matter is now before the Supreme Court as explained by PM Barrow.
Prime Minister Dean Barrow
“Sunshine Holdings in fact is saying that the monies collected by the Trust with respect to the compensation settlement are monies that should have gone to Sunshine – even if thereafter Sunshine would have been obliged to pay out the bulk of it to the Trust. That’s a large part of the issue; perhaps even more important, Sunshine is saying that in the alternative, even if the compensation was not altogether payable to Sunshine, certainly the investment loans that Sunshine made to purchase those shares, for which the Employees’ Trust has received the compensation; those investment loans must be satisfied out of the compensation that the Employees Trust has received. The investment loans are of course owed to Government and to S.S.B. So I think that it is entirely appropriate and in fact mandatory that Sunshine should further pursue this issue.”
PM Barrow says the Trust tried to get the CCJ to rule that Sunshine should not be allowed to proceed with its Supreme Court Action but the CCJ has allowed it. PM Barrow says he is hopeful that Sunshine Holdings will have some success.