Amid doubt over the state of affairs at the Grand Bahama Fort Authority (GBPA) concerning a legal battle, Honorary Chairman Sir Jack Hayward yesterday reluctantly disclosed private business arrangements between himself and his late friend and partner, Edward St. George.
Setting the record straight in a press statement Monday, Sir Jack revealed that he is the beneficial owner of 75 percent of the private shares of The Grand Bahama Port Authority Limited and Port Group Limited.
Three weeks ago, the GBPA confirmed that it was served with two writs filed by Caroline St. George, the daughter of Mr St. George, regarding affiliated companies which were wholly or partially controlled by her late father.
The first writ alleged that Caroline St. George owns 50 percent of the Bahamas incorporated company Carrick Limited.
The second writ filed against the Grand Bahama Development Company Ltd. (GBDC), a subsidiary of the GBPA, made similar allegations and claimed 100 percent of the fully paid up issued share capital of Leedej Limited, a company incorporated in the Commonwealth of the Bahamas.
It was then that the GBPA, via a press release, noted that these claims do not affect me day-to-day operations of the company and that the matters had been referred to the company’s attorneys.
But the dispute does not end with St. George’s daughter as several weeks prior, Mary St. George, the second wife of the deceased GBPA chairman, filed a suit in a United States court for entitlement to his estate. She was reportedly seeking legal confirmation that she is entitled to 50 percent of her ex-husband’s estate including a claim for 25 percent of the 50 percent interest he had in the GBPA. But according to Sir Jack, the Port Authority is owned by a Cayman Island company called Intercontinental Diversified Corp (ICD). ICD is itself owned by two other companies.
“The first is Seashell Investments Limited (Seashell) which owns half of the shares of ICD and the second is Fiduciary Management Services Limited (Fiduciary) which owns the other half of the shares of ICD,” he said.
“I am the beneficial owner of all of the shares of Seashell and I am also the beneficial owner of half of the shares of ï¾ Fiduciary. Edward was the beneficial owner of the other half of Fiduciary. As a result, Sir Jack says he is the beneficial owner of 75 percent of the shares of ICD and 75 percent of the private shares of the Port Authority and Port Group Limited.
“I find it unfortunate that I have to make public the business relationship between myself and my late friend Edward, but I now regard it as essential to do so in light of the disputes which have arisen over the St. George’s Estate and the irresponsible statements which have been made in relation to the Port Authority by various persons who have claimed an interest in that estate and others,” said Sir Jack.
He also reiterated his full confidence in the newly appointed Austrian businessman, Hannes Babak as chairman of the Port Authority, and, in fact, in the entire management team of the Port Authority.
“I wish to assure the licensees and staff of The Grand Bahama Port Authority, and Grand Bahamians in general, of my continued commitment to the Port Authority and to the future success of Freeport and Grand Bahama,” Sir Jack ensured.
By LEDEDRA MARCHE Senior Freeport News Reporter
