Prime Minister Gaston Browne Affirms Independence of West Indies Oil Company

1. Right…the wife of the PM who also happens to be a minister with a substantial portfolio, sits on their board and yet they are independent from interference by said PM or his family…which also happens to be her family…right…I look like a clown

2. PART 1.
   I write this without any interpretations being fully aware the low IQs crews will come out in droves from both sides. None of whom will argue the merits.
   “THIS SHIT MAKES NO SENCE” (TSMNS)
   The Government of Antigua and Barbuda (GOAB) was the majority shareholder of WIOC until two years ago.
   1. The IF Corporation sharing an address with Monroe College in New Rochelle, was formed by the Prime Minister’s son was formed in 2014.

   2. GOAB divested from a majority shareholder status to just under 50%. in 2022

   3. Accepting the Prime Minister and Gerald Watt position that WIOC is a private company as of 2022; then the people of Antigua and Barbuda are entitled to know what transpired from 2014 prior to the partial divesture, up until the GOAB became a minority shareholder in 2022.
   4. Each and every adult citizen of Antigua and Barbuda are entitled to the minutes of the WIOC Board Meeting up until the time of the partial divestiture in 2022 when WIOC was not a private company.
   Those Board minutes of WIOC when it was majority owned by GOAB, will show whether or not IF Corporation or anyone representing IF Corporation had any contact with the C-Suite or the Board of WIOC.
   It would be interesting to hear from the Prime Minister, his Cabinet at al why would the GOAB divest from a profitable company throwing off generous dividends.

   I SUSPECT THAT WAS THE TIME FRAME WHEN THE WIOC TRANFER OF THE FRIARS HILL PROPERTY TO IF CORP. AND WAS THE IMPUTUS FOR THE SHARE OWNERSHIP REDUCTION.

3. Hmmm!
   If you say so!
   Wink, wink.
   People you get a government you deserve!!

   • I suspect you are not a member of the low IQ crew.
     It’s because to many say wink.. wink, why we end up where we are today.

4. The PM was going around in circles, just repeating as though experiencing an early case of dementia but he knew quite well what was being sought so he chose to be ignorant. We need to know the truth about his involvement and how he was able to manipulate the system. Was the Cabinet involved or is he a bona-fide Dictator!

5. PART 2.
   (a). The idea that WIOC is a private company is not only ludicrous. It’s a fallacy offered up by Prime Minister Gaston Browne, and the Speaker Gerald Watt to avoid answering questions about the WIOC and IF Corp transaction.

   This was a planned act to avoid answering questions in Parliament about this transaction between IF Corporation and WIOC. It further illustrates that the trio of Gaston Brown Gerald Watts and AG Benjamin think the Public and the Opposition Members of Parliament are a bunch of What?

   (b) WIOC IS NOT A PRIVATE COMPANY. IT IS A PUBLIC BENIFIT CORPORATION (PBC)

   Governments world over are part owners of operating companies or passive investments. WIOC is an operating company; and with its history and corporate structure, the GOAB investment into WIOC makes WIOC a “Public Benefit Corporation.” (PBC)

   There are different types of Public Benefit Corporations (PCB), but when it involves any type of Government ownership; PCBs are subjected to the oversight of some Government executive or external Government entity. The Three GOAB board members do not carry out that role. They cannot report to themselves.

   Some PBC companies owned by its members, such as a Credit Unions or Banks owned by Labor Union Members. They are a PUBLIC BENIFIT CORPORATIONS (PBC); that are not subjected to public reporting but reports to its Union Member/Owners. Reporting is done quarterly or annually. but they report through their executives or board members to the membership.

   Public Benefit Corporation in which the GOAB has ownership are obligated to report to the public. Be it a legislative Committee; a Governor or a Cabinet or a Prime Minister.

   It is not enough to dismiss the Opposition member of Parliaments questions with the false notion that WIOC is a private company.

   The cases in which the Government has no oversight role; and such reporting does not take place are Countries that are not a Democratic Government and run by a despot.

   The GOAB has three (3) of Board Members representing the publics interests on the Board of WIOC. None of these individuals has any known corporate experience, any C-Suite or experience managing a regional petroleum distributions business.
   The Prime minister would like to take the position that these individuals that some would classify as novices are sufficiently equip and require no oversight or has no reporting responsibilities; that enables for the public to know what’s going on at WIOC.

   WHAT ARE THEY TRYING TO HIDE? This is as clear as a sunny day without clouds.
   I take the position that will offend many that: “Caribbean Institutions are failing its people.”

6. three shareholders: Government of Antigua and Barbuda,, Venezuela and Fancy Bridge limited.

   • What’s your point.?
     When was the last time anyone in Antigua and Barbuda are ware that the owner of Fancy Bridge has attended WIOC Board meetings?

     Is he attending Board meeting from a Chinese jail. Who holds Fancy bridge proxy?

     Does the Public, UPP Members of Parliament, or Gerald Watt know what types of share structure WIOC has?

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