Vexed Bermoothes

Dr. Brown’s press conference today raises more questions than answers:

• If there are Newco prospects in the wings, why aren’t they negotiating directly with BCC? Why do they need Government to intervene?
• How does this takeover move relate to claims relating to BCC that Derrick Burgess made in Parliament in 2004 that the PLP had a mandate to ensure that Government contracts went to ‘our people’?
• Will the current (and historically low) price of retail and bulk cement be assured?
• Will the new buyer be free from competitive conflicts in the construction industry?
• Will the Newco repay all Government expenses incurred in the nationalisation of BCC?
• In its current “caretaker” mode between dissolution of Parliament and the election, is the Bermuda Government able - legally and under Commonwealth accepted practice - to nationalise the Bermuda Cement Company as it plans?
• Who will pay for the silo relocation (estimated at $10-15 million) which was at the crux of WEDCo’s argument with BCC?
• Similarly, will the 21-year “return to Government” clause be enforced?
• “Government will reserve 20 per cent of the company’s equity specifically to allow everyday Bermudians to buy a stake”. What exactly does that mean? You could walk an elephant through the loopholes in that grandiose statement.
• Today, BCC. Whose turn is it tomorrow?

Ms. Ombudsman, please call your office. Lawyers all round, start your engines. International businesses, run and hide. Bermudians, don’t forget to vote. This move by Ewart Brown is incredibly damaging to both Bermuda’s reputation and to fundamental fairness in our community.