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Tobago Owners In Tears

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10-01
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Tobago Owners In Tears

Postby 10-01 » August 22nd, 2017, 11:45 pm

There were tears and a sense of hopelessness in Tobago yesterday, as members of the business community confirmed that the banks and suppliers are now demanding payment and threatening to put their properties up for sale.

Owner of the Enchanted Waters Hotel and Casino on Shirvan Road, Buccoo, 94-year-old Ken Patino admitted to the T&T Guardian that the business he and his 79-year-old wife and their son own and operate was facing such a consequence.

He said they were in arrears because of the decline in business due to the drop in tourism business and the lack of promotion of the island over the past few years. These problems, he said, had been compounded by the air and sea bridge issues in the past year.

Patino, who also owns a property in Mt Irvine, said he explained to the bank (which he identified) that he had done a valuation of the property in April and its value was put at five-and-a-half million dollars. He said he told the bank he had put the Mt Irvine property for sale and once it was sold he would be able to pay off his debt to them. But he said the bank refused to budge and indicated that the hotel will be put on the market this weekend.

Patino said: “We are struggling along with other businesses in Tobago trying to make ends meet.”

He said he found it “ironic that immediately after the Prime Minister met with stakeholders, banks calling for their money and advertising properties for sale. This is adding stress to our problems.”

The elderly businessman said he will not “lie down and play dead. I told the bank I want to pay the debt, we work 24/7, we will never surrender.”

All he needed, he said, was “time” but the bank has been unrelenting.

He said: “They took a unilateral decision, no consultation. I want to pay the mortgage and clear the air with the properties. But they said they will send their valuator to value the property. They seem to have taken a decision and it is not open for discussion,” Patino said.

“I asked the representative from the bank and he told me their decision was made and they will be advertising the property.”

With the time running out and with the loss of his property imminent, Patino is now appealing to Prime Minister Dr Keith Rowley to intervene. He said when the issue was raised at the stakeholders’ meeting on Monday, the PM indicated he does not control the banks. However, he argued that the PM “has the power to ask Corporation Sole, the Minister of Finance, to intervene by speaking to the Governor of the Central Bank, who can call in the banks and ask them to assist.”

Patino said he was “ready to go on bended knee to the bank to beg for time until I see the light at the end of the tunnel.”

Given the current situation, where businesses in Tobago have been sinking into a further abyss because of the air and sea bridge issues, he said “the banks must understand they too have a role to play.”

Contacted yesterday, former Tobago Chamber of Commerce president Diane Hadad confirmed Patino’s case but said it is unfortunately not unique now, as she lamented that other Chamber members recently had to “pitch in to help another member pay his bills.”

Hadad lamented that when the “former government was in power they introduced a $250 million loan guarantee programme, but the money never got to the people it was meant for.”

She said people were “in literal tears yesterday as not only banks, but suppliers started calling and demanding payment of outstanding monies.”

Suppliers, she said, were not interested in hearing that businesses “were in a backward state” because of the many problems they face.

“All they saying is they want their money,” Hadad noted.

Hadad said she was the one who raised the issue with the Prime Minister at the meeting on Monday, when he indicated he was not in charge of the banks. But like Patino, she said the PM has control over the Minister of Finance, who in turn can call in the Central Bank Governor, who has control over the banks.

An angry Hadad said: “Somebody draw the war cards, the swords are drawn. I am not leaving my business to go down.”

She said she had been contacted by Hotel and Tourism Association president Chris James, who informed her that several of his members were also concerned.

People are crying. They say they will lose their businesses.

She said many people were also upset that the Prime Minister “offered no resolution or hope.”

The T&T Guardian tried to contact the bank involved in Patino’s case without success yesterday.

http://www.guardian.co.tt/news-lead/201 ... wner-tears


i doh even knw how to comment .........

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Re: Tobago Owners In Tears

Postby Numb3r4 » August 22nd, 2017, 11:49 pm

Don't worry we're getting a Sandals resort.

10-01
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Re: Tobago Owners In Tears

Postby 10-01 » August 22nd, 2017, 11:52 pm

Numb3r4 wrote:Don't worry we're getting a Sandals resort.


''He said they were in arrears because of the decline in business due to the drop in tourism business and the lack of promotion of the island over the past few years. These problems, he said, had been compounded by the air and sea bridge issues in the past year.''

building a sandals will kill the small guest houses ..... no body will want to stay in a guest house again ... plus with tourism drop due to crime and the sea bridge will sandals even make if they ever really make it to Tobago ?

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Re: Tobago Owners In Tears

Postby Numb3r4 » August 22nd, 2017, 11:57 pm

Well from what the PM said the resort will only be managed by Sandals and offer some 700 rooms (please fact check that). The government and some private sector partners have been invited to help in the building and setting up of the accompanying infrastructure.

Like I say don't worry when we get Sandals everybody will get jobs and there will be no need for local business. As it is acording to the THA Tobago doesn't have an unemployment problem, so this might actually create some more jobs, there might be a surplus of jobs.

He went on to say that the TDC was split to help better market Trinidad and Tobago more effectively as they both offer unique things to the world, he was also in talks with the leaders of other Caribbean islands to see how Sandals has worked out there and the results seem promising (according to him).

I really hope the small businesses pull through, I've noticed the streets and corners of Tobago to be noticeably quieter this year.

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Re: Tobago Owners In Tears

Postby *$kїđž!™ » August 23rd, 2017, 12:09 am

If an election is called the whole of Tobago will still vote for Rowley so I dunno what they complaining for....they like it so.....we red and ready......u reap what you sow...enjoy it tobago...this is what u voted for....

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Re: Tobago Owners In Tears

Postby Miktay » August 23rd, 2017, 12:16 am

Thiz iz a falsehood.
But like Patino, she said the PM has control over the Minister of Finance, who in turn can call in the Central Bank Governor, who has control over the banks.


Thiz iz the reality.
Patino is now appealing to Prime Minister Dr Keith Rowley to intervene. He said when the issue was raised at the stakeholders’ meeting on Monday, the PM indicated he does not control the banks.


Wanna bet a setta pardners of the Big Bankers end up owning these properties? At cents on the dollar.

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Re: Tobago Owners In Tears

Postby 10-01 » August 23rd, 2017, 12:27 am

Miktay wrote:Thiz iz a falsehood.
But like Patino, she said the PM has control over the Minister of Finance, who in turn can call in the Central Bank Governor, who has control over the banks.


Thiz iz the reality.
Patino is now appealing to Prime Minister Dr Keith Rowley to intervene. He said when the issue was raised at the stakeholders’ meeting on Monday, the PM indicated he does not control the banks.


Wanna bet a setta pardners of the Big Bankers end up owning these properties? At cents on the dollar.


people of Tobago getting rape by ther own votes ... sad we ...

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Re: Tobago Owners In Tears

Postby RedVEVO » August 23rd, 2017, 1:52 am

^^^

Tobago 99% Black People always at the END of line of success ..

And in FRONT of the line listening to PNM and Rowley ass-ness ..

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Re: Tobago Owners In Tears

Postby teems1 » August 23rd, 2017, 8:35 am

Doesn't the government receive massive dividends from the RBL shares since the Clico bailout?

Could be a conflict of interest where they want the banks to profit at the expense of small businesses.

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Re: Tobago Owners In Tears

Postby Dizzy28 » August 23rd, 2017, 9:19 am

10-01 wrote:
Numb3r4 wrote:Don't worry we're getting a Sandals resort.


''He said they were in arrears because of the decline in business due to the drop in tourism business and the lack of promotion of the island over the past few years. These problems, he said, had been compounded by the air and sea bridge issues in the past year.''

building a sandals will kill the small guest houses ..... no body will want to stay in a guest house again ... plus with tourism drop due to crime and the sea bridge will sandals even make if they ever really make it to Tobago ?


You're making the assumption that the Guest House market will easily switch to Sandals??

Sandals has its particulalry niche and I doubt it's the locals that go across and rent a guest house with 10 and more people staying in it.

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Re: Tobago Owners In Tears

Postby zoom rader » August 23rd, 2017, 9:23 am

Bago want PNM let them take PNM and eat grass.
Calcutter ship was too good for them

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Re: Tobago Owners In Tears

Postby shake d livin wake d dead » August 23rd, 2017, 9:27 am

who cares...daz rowly people

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Re: Tobago Owners In Tears

Postby Redman » August 23rd, 2017, 9:48 am

Sounds like some one wants his property....and the issue's with the bank are long in the tooth.

Banks don't want to have to sell the property.
That's not what they do and they never look good.

The banks are also very limited in their ability to sell the property in an rigged deal.

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Re: Tobago Owners In Tears

Postby MADMAN1 » August 23rd, 2017, 10:19 am

*$kїđž!™ wrote:If an election is called the whole of Tobago will still vote for Rowley so I dunno what they complaining for....they like it so.....we red and ready......u reap what you sow...enjoy it tobago...this is what u voted for....


Could not have said it better......

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Re: Tobago Owners In Tears

Postby hydroep » August 23rd, 2017, 10:43 am

10-01 wrote:
...Patino said he was “ready to go on bended knee to the bank to beg for time until I see the light at the end of the tunnel.”

Given the current situation, where businesses in Tobago have been sinking into a further abyss because of the air and sea bridge issues, he said “the banks must understand they too have a role to play.”...

http://www.guardian.co.tt/news-lead/2017-08-22/tobago-owner-tears




Poor fella, he's living in dreamland. When a certain "Arrgh" bank could raise their fees twice in as many years despite the majority of the population reeling under the recession and still managed to post obscene after tax profits, it's pretty clear what their role is.

That they are aided and abetted by the State which continually introduces legislation to stifle competition in the sector (all in the name of "improved regulation") doesn't help matters one bit.

Banks and Politicians...real life Pirates of the Caribbean...:|

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Re: Tobago Owners In Tears

Postby Redman » August 23rd, 2017, 10:53 am

You know there are reasons the bank has not extended the credit.....after all...lending money is the high margin business that banks thrive on.

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Re: Tobago Owners In Tears

Postby 16 cycles » August 23rd, 2017, 11:24 am

hydroep wrote:Banks and Politicians...real life Pirates of the Caribbean...:|


signature material there...

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Re: Tobago Owners In Tears

Postby Gem_in_i » August 23rd, 2017, 11:31 am

But when I was trying to get place to stay in Tobago everything was booked up or they had a minimum amount of nights stay.
So how can the Tobago owners always be crying and saying business slow etc.

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Re: Tobago Owners In Tears

Postby Sundar » August 23rd, 2017, 11:38 am

Gem_in_i wrote:But when I was trying to get place to stay in Tobago everything was booked up or they had a minimum amount of nights stay.
So how can the Tobago owners always be crying and saying business slow etc.

Exactly. You always have to book in advance to get rooms.

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Re: Tobago Owners In Tears

Postby Redman » August 23rd, 2017, 11:52 am

Just now we will realise that plenty of the stories are manufactured issues that are designed to have a political result.

2020 campaign began 2015

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Re: Tobago Owners In Tears

Postby timelapse » August 23rd, 2017, 12:11 pm

Everything is great in Tobago just like the PNM

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Re: Tobago Owners In Tears

Postby Phone Surgeon » August 23rd, 2017, 1:14 pm

Sundar wrote:
Gem_in_i wrote:But when I was trying to get place to stay in Tobago everything was booked up or they had a minimum amount of nights stay.
So how can the Tobago owners always be crying and saying business slow etc.

Exactly. You always have to book in advance to get rooms.



usually but since all this bacchanal with air and seabridge, real ppl cancelled their plans to go tobago for the summer

up to this past week, i call around a few guest houses/villa and they were available for great race weekend

it just eh worth the risk travelling to tobago for a family lime until all this sort out

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Re: Tobago Owners In Tears

Postby Sundar » August 23rd, 2017, 1:35 pm

Phone Surgeon wrote:
Sundar wrote:
Gem_in_i wrote:But when I was trying to get place to stay in Tobago everything was booked up or they had a minimum amount of nights stay.
So how can the Tobago owners always be crying and saying business slow etc.

Exactly. You always have to book in advance to get rooms.



usually but since all this bacchanal with air and seabridge, real ppl cancelled their plans to go tobago for the summer

up to this past week, i call around a few guest houses/villa and they were available for great race weekend

it just eh worth the risk travelling to tobago for a family lime until all this sort out

Hmmm you have a point there but that can't be the sole cause for some of their downfall. Mismanagement is an issue.

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Re: Tobago Owners In Tears

Postby Ben_spanna » August 23rd, 2017, 2:24 pm

ALL of the commercial Banks are raping their customers, private and commercial alike, imagine you banking with the same Institution for over 35 years and because you no longer have an overdraugh facility with them youre no longer considered a co-operate account and are not entitled to the benefits of such.
The banks can all go to hell......... they takin our money and making Millions from it, at our expense, They claiming they don't have available FOREX to give people , yet in the same tone with no breathing in between the same sentence they can give you a US LOAN for the amount? So its not enough for them to make money with the exchange rate, they want to make more from it and make sure you OWE them.

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Re: Tobago Owners In Tears

Postby Capleton » August 23rd, 2017, 2:49 pm

Sad situation, feel sorry for Mr. Patino. Stayed there some time ago and they are really nice people.

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Re: Tobago Owners In Tears

Postby nervewrecker » August 23rd, 2017, 2:51 pm

Numb3r4 wrote:Well from what the PM said the resort will only be managed by Sandals and offer some 700 rooms (please fact check that). The government and some private sector partners have been invited to help in the building and setting up of the accompanying infrastructure.

Like I say don't worry when we get Sandals everybody will get jobs and there will be no need for local business. As it is acording to the THA Tobago doesn't have an unemployment problem, so this might actually create some more jobs, there might be a surplus of jobs.

He went on to say that the TDC was split to help better market Trinidad and Tobago more effectively as they both offer unique things to the world, he was also in talks with the leaders of other Caribbean islands to see how Sandals has worked out there and the results seem promising (according to him).

I really hope the small businesses pull through, I've noticed the streets and corners of Tobago to be noticeably quieter this year.
They told the people of point fortin when LNG build it will have jobs for them too.
Hommuh point pplz wukkin dey?

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Re: Tobago Owners In Tears

Postby Phone Surgeon » August 23rd, 2017, 2:59 pm

i now see a video on fb from today...that say people waiting on standby in tobago airport since sunday........


saw another video where they telling ferry passengers they need to disembark as the ferry giving problems

yesterday apparently the prime minister entourage had to disembark for similar reasons


u know how much headache it is to have to go on the port for 2-3 AM to line up to get on the ferry for the 6:30 sailing......(from trinidad) and then between 7-9 AM they announce that the sailing cancelled?

that is a regular thing for the last 2 months


hadda be crazy to plan any vacation in tobago right now

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Re: Tobago Owners In Tears

Postby wagonrunner » August 23rd, 2017, 3:00 pm

zoom rader wrote:Calcutter ship was too good for them

ahahhaahhaahahhaaha

BRB, asking ramona when she going to change the sign to calcutter #2

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Re: Tobago Owners In Tears

Postby toyota2nr » August 23rd, 2017, 3:05 pm

Redman wrote:Just now we will realise that plenty of the stories are manufactured issues that are designed to have a political result.

2020 campaign began 2015


You serious dude? Please show either which stories are manufactured or show us what Rowley promise you.

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Re: Tobago Owners In Tears

Postby toyota2nr » August 23rd, 2017, 3:08 pm

Capleton wrote:Sad situation, feel sorry for Mr. Patino. Stayed there some time ago and they are really nice people.


Bwahahahahahaha

That damn good for all of them. The suffering now start. I'm sure he and all must be hustle and vote PNM. Take allyuh pressure!!!!!!!

Ha ha ha ha ha

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