Barnett weighing job offer from BCW Holdings
Published:Friday | March 9, 2012 | 12:00 AM
Rohan Barnett was initially listed as a shareholder of BCW Holdings in December and a co-equal partner with Gerald Wight and Gerald Chambers with a subscription of 400 ordinary shares each, company documents show.
But the record was later amended, erasing Barnett and Chambers as owners in filings dated December 8.
Barnett told the Financial Gleaner on Thursday that he was approached to be a director and a shareholder but later declined the offer, after initially accepting, because his resignation from the Financial Services Commission (FSC) was delayed on the request of Finance Minister Dr Peter Phillips.
Barnett said he had signaled plans to resign back in November after the December 29 election were held.
"It was at the time of giving that notice of my resignation that I received and accepted an offer to serve as a director of BCW Holdings Limited, effective December, 2011," he wrote in a letter to The Gleaner on Wednesday. (See full text of the letter on Page 15.
Same circumstances
On Thursday, Barnett told the Financial Gleaner that the same circumstances would have applied to his inclusion as a shareholder. That record was ammended January 17.
He also clarified that he has been made an offer, for a senior position at BCW, but said he continues to weigh that offer as well as other local and international opportunities. He declined to specify the BCW job.
"I have no comment on that," Barnett said. "That is not for public consumption."
BCW was asked why the offer of a directorship and shareholdings was made to Barnett, given the implied conflict of interest, but representative Juliet Wight, having requested questions in writing did not respond up to press time.
Barnett and Chambers' signatures did not appear on the Articles of Incorporation documentation witnessed by Juliet Wight, nor on the Form 23 detailing directorships. Barnett pointed out that the system as it currently operates, allows for submission of such information without signatures, notwithstanding its legal requirement.
BCW Holdings is classified as a corporate management services firm, but has since disclosed that it plans to enter the FSC-regulated securities market by mid-year.
Jamaica Broilers and Wisynco have joined Gerald Wight as shareholders but have not disclosed their holdings. BCW has authorised capital of two million shares.
Barnett joined the FSC as executive director in December 2008. He officially tendered his resignation this month to take effect March 30. He will be replaced in the interim by deputy Leon Anderson.
Asked why he had confined his service to FSC to three years, Barnett said there was no "magic" to the period.
"At some point, you decide to move on ... move to the next challenge," he told the Financial Gleaner.
"I am currently weighing several options available to me locally and internationally, including a senior role at BCW, about which I am yet to make a decision," his letter said.
BCW, which plans to trade as BCW Capital, is setting up offices on Knutsford Boulevard in New Kingston and is in the process of designing its products and services. It will be applying to the FSC for a securities licence.