From before the ink dried on ICC's BTL buyout, the UDP made it clear that if elected it will revisit the purchase agreement, and apply back-taxes for what it has maintained is an unfair agreement. Now with a stern decision against ICC's business practices in a U.S. court, the UDP today seized on new ammunition it has against Prosser.
The opposition today circulated excerpts of the decision from Delaware's Court of Chancery, which sheds an unfortunate light on Sir Shridath Ramphal. According to court papers, Ramphal was put on a select committee to represent the minority shareholders of emerging communication, to protect their interests as Prosser was planning a buyout.
But in what courts papers suggest is a classic case of "play-gens," Ramphal never mentioned that as he was representing the small shareholders, he had also been a paid consultant to the man trying to buy them out, Jeffrey Prosser who had rewarded him to the tune of $140,000 a year in 1993 and 1994. With that, the court concluded that Ramphal was beholden to Prosser and that the final share purchase price was the unfair product, of an unfair transaction.
With that revelation, the UDP pounces on other innuendo around the Prosser deal, speculating that he has not paid the purchase price in cash for shares sold to him by government and has only in fact paid with loan notes. This allegation, we will add is not supported by the Central Bank's aggregate figures, which reflect the deposit of the money on April 7th. Of course, if the UDP is correct, and the Central Bank is now swapping loan notes, for real cash, that would be a clear violation of all known fiduciary standards. Regardless, the UDP says that an independent valuation should be done in Belize, to make sure Prosser has paid a fair price for social security's shares.