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"Our successes despite the odds are commendable" – BVI Investment Club president

BVI News Staff - Tuesday, May 8th, 2012 at 2:32 PM

The BVI Investment Club Gala Dinner was held last weekend.

The previous government, LIME and Digicel were all highlighted as antagonists in the story of triumph that was told to the gathering of the BVI Investment Club’s 20th Anniversary Gala Dinner by Club President Meade Malone at the Treasure Isle Hotel on May 5.

In his speech, Malone said the journey to club’s milestone was wrought with obstacles and challenges, which he stated was not fathomed by eager club members at the start of the organization.

“What we had not fully anticipated was the challenges and struggles that we would face in the next season,” he said. “It began with the deregulation of the telecommunications industry that resulted in CCT losing its exclusive licence as the mobile carrier in the British Virgin Islands to the telecommunications giant LIME and the cable operator, Cable TV. The deregulation was devastating to CCT, given among other things, the fact that CCT was the only carrier that lost its exclusivity with LIME remaining as the sole provider of landline service, and Cable TV remaining as the sole provider of Cable TV services. This was further exaggerated by a granting of a further license to a second communications giant Digicel that resulted in further fragmentation of our mobile exclusivity, this time to an aggressive competitor,” Malone recalled.

The Club President alluded to unfair practices in the telecommunications industry and said that the competitors did not always play fair.

“… determined to gain market share at any cost, both LIME and Digicel switch the paces in unabated anti-competitive behaviour directly aimed at CCT. The results were devastating to CCT financially and severely damaged the club’s reputation with its members and shareholders,” Malone said.

“Unfortunately this was just the beginning; next was a series of negative events that began with government’s decision not to renew our Ocean Conversion contract for the operation of the Baugher’s Bay Desalination Plant; that series of negotiation led to both parties securing the assistance of the BVI court to determine our individual right and entitlement surrounding the end of the contract.

“To add pain to pain we had already bear, the government of the day signed an agreement with BiWater to produce more water than the country’s infrastructure can accommodate, thereby casting a shadow over the future of the company; again our shareholders and members relationship was severely put to the test,” the president said.

In the end, Malone said that despite the many challenges that the organization has faced over the last five years, they remain thankful to the lessons learned and the battles fought and won.

“We learned that it was  not about us but for future generation that is counting on us…. Our successes, despite the odds, are commendable. In January 2011, we made a bold declaration that the time had come for us to take on the challenges of managing our own investments, using our own talent and resources,” he said.

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2 Comments

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  1. school children
    May 8, 2012
    Like or Dislike: Thumb up 0 Thumb down 0

    leh meade cart he greedy behind

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  2. bamsee
    May 8, 2012
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    shareholders, see wha them doing with ayo money?

    Reply to this comment

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