Categorized | Local, News

MDC Investment Fund reported as registered a year ago

Ivan Browne speaking at Government House

Ivan Browne speaking at Government House

Just under a year ago, in mid-May last year the Montserrat Development Corporation (MDC) dressed up a report, in response or reaction to the UK Department for International Development (DfID) Minister of State Alan Duncan’s letter of  9 May 2013 to (Your Excellency) the Hon Premier Reuben Meade.

In that report headed “Investments for Growth MDC Contribution”, it said its (MDC) mandate was to promote private sector development in three broad areas:

  • Foreign Direct Investment (FDI)
  • Investment from local and diaspora investors
  • Local business development

That reports stated, “MDC’s primary focus currently is on implementation of the Master Plan for Little Bay and Carr’s Bay. It also however has a responsibility to promote investment throughout the island,” as it provided a summary of its progress to date under each of the three areas one being, Investment from local community.

Immediately it said: “MDC has completed feasibility work on a Montserrat Investment Fund. The Fund has been registered and will be operational by July. We reported earlier this year that as CEO of the MDC, Ivan Browne in December 2013 after pretending to be a gentleman by saving embarrassment for the Commissioner of Financial Services Commission (FSC) immediately reported that they were “currently in the process of registering the Investment Fund”. The truth then they had not yet even filed the application.

We recall that the present CEO, Ivan Browne was in charge of that Investment Fund in May 2013, so did he report that the fund was registered. Someone must take responsibility for misleading the UKG (DFID). What other lie was in that report?

The report stated:

  • The Fund is designed as a vehicle for local individuals and institutions to invest in Montserrat, initially through property development in Little Bay and Carr’s Bay.
  • The Fund already has pledges of ECD6m and has an initial target of ECD20m.
  • The first potential investment has been identified: the proposed new Parliament and Court House building in Little Bay, and more.

It is almost a year later, but as it is not normal to receive information especially that the CEO has instructed that no information or publications should be done through The Montserrat Reporter, much to the disadvantage to the island, we wait to discover whether the Fund has in fact been registered and pledges are being fulfilled.

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A Moment with the Registrar of Lands

Ivan Browne speaking at Government House

Ivan Browne speaking at Government House

Just under a year ago, in mid-May last year the Montserrat Development Corporation (MDC) dressed up a report, in response or reaction to the UK Department for International Development (DfID) Minister of State Alan Duncan’s letter of  9 May 2013 to (Your Excellency) the Hon Premier Reuben Meade.

In that report headed “Investments for Growth MDC Contribution”, it said its (MDC) mandate was to promote private sector development in three broad areas:

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That reports stated, “MDC’s primary focus currently is on implementation of the Master Plan for Little Bay and Carr’s Bay. It also however has a responsibility to promote investment throughout the island,” as it provided a summary of its progress to date under each of the three areas one being, Investment from local community.

Immediately it said: “MDC has completed feasibility work on a Montserrat Investment Fund. The Fund has been registered and will be operational by July. We reported earlier this year that as CEO of the MDC, Ivan Browne in December 2013 after pretending to be a gentleman by saving embarrassment for the Commissioner of Financial Services Commission (FSC) immediately reported that they were “currently in the process of registering the Investment Fund”. The truth then they had not yet even filed the application.

We recall that the present CEO, Ivan Browne was in charge of that Investment Fund in May 2013, so did he report that the fund was registered. Someone must take responsibility for misleading the UKG (DFID). What other lie was in that report?

The report stated:

It is almost a year later, but as it is not normal to receive information especially that the CEO has instructed that no information or publications should be done through The Montserrat Reporter, much to the disadvantage to the island, we wait to discover whether the Fund has in fact been registered and pledges are being fulfilled.