On 27 April 2013 Barbados Underground (BU) posted the blog Who Are the Local Partners in Cost-U-Less?. Although the Prime Minister of Dominica Roosevelt Skerrit has denied the word making the rounds that he is a local shareholder, BU defends our right to ask questions of Skerrit or anyone in the interest of providing clarification.
In the interest of providing further clarification it should be noted that the Companies Act Cap 308 places sole responsibility of managing the company in the hands of the Directors. What this means is that unless a shareholder choses to be a Director the public is left to speculate who are the shareholders. The Act is drafted to protect the Shareholder who – if not a Director – has no say in the conduct of the company.
BU reiterates our position taken in the original blog, in the interest of transparency the other names mentioned (Hartley Henry, the Estate of David Thompson and Leroy Parris) should state publicly whether they have an interest in Cost U Less (CUL). The government has approved significant concessions to CUL and given the names mentioned the public has a right to know. It should be noted that Pricesmart has since denied receiving similar concessions. Also at the time of launch it was widely reported that David Staples represented local shareholder interest. Perhaps in the interest of protecting its goodwill CUL should make a public statement stating who are the local shareholders.