Corbin Refuses to Clarify

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Business News

Friday, 12 March 2010 06:55

By Andy Liburd

“In the end, the final decision on divestment will be made by the Cabinet of Antigua and Barbuda and my Board and I will be informed at the appropriate time of their decision.”

This was part of a media statement from Chairman of the State Insurance Corporation (SIC) Pedro Corbin, after Caribarena.com reported that he had acknowledged the conflict of interest between his position as general manager of Goddard Catering and SIC chairman.

Implementation Officer in the Prime Minister’s Office Ambassador Joan Underwood had explained that Corbin made it clear that he would not take part in discussions having to do with the possible sale of the statutory entity.

“It was agreed that when we get to the stage where we were looking at potential buyers, he would not be a part of the process. It was his suggestion,” Underwood had said. 

But when Caribarena.com sought to find out exactly what Corbin meant by “I will be informed at the appropriate time of their decision,” and whether this confirms Ambassador Underwood’s report that he would remove himself from certain discussion, our inquiries were dismissed. 

“I have sent you a statement. That is a statement. I have nothing more to say to you… My statement speaks for itself,” he told Caribarena.com.

In the statement, Corbin sought to distance the company over which he has managerial oversight from its parent company, which owns 45 percent shares in Sagicor General. 

Corbin said he has been general manager of the Goddard Catering Group (Antigua) Ltd since 1983, and was appointed to chair the SIC board in 2004.

“Goddard Catering Group (Antigua) Ltd is a Subsidiary Company of Goddard Enterprises Limited. In my capacity as General Manager, I report directly to the Divisional Manager for the catering division of Goddard Enterprises Limited who is based in Miami," the statement said. "My responsibility is for the daily operations of Goddard Catering Group (Antigua) Ltd.  In this job I have no connection whatsoever to any of the other subsidiary or associated companies of the Goddard Group other than those in the Catering Division."

It continued, “Sagicor General is an Associated Company of Goddard Enterprises Limited which owns 45% shares with Sagicor Life Insurance owning the remainder. Goddard Enterprises Limited is not involved in any way in the Executive Management of Sagicor General consequently and by extension I have no association with or influence on anything that is done at Sagicor General."

He said the information is publicly available in the Annual Report of Goddard Enterprises limited, since it is a publicly traded company.

He further sought to clarify his role in the divestment process by stating that the process is being managed and handled by the government and the International Finance Corporation of the World Bank. 

“This group is spearheading the due diligence process currently underway to identify potential investors locally, regionally and internationally," Corbin said. "It is this group in collaboration with the divestment unit that will be making any decision as to which companies will be approached or considered for any divestment."

Below is the press release issued by Mr. Corbin:

PRESS STATEMENT

State Insurance Corporation Chairman Clears the Air

Over the past two weeks, there have been a number of comments and statements emanating from various quarters including some media houses which contain a number of false statements and inaccuracies concerning my involvement with the State Insurance Corporation.    

I would therefore like to take this opportunity to clear the air on these falsehoods by explaining my roles with the Goddard Catering Group (Antigua) Ltd and that as Chairman of State Insurance Corporation as it relates to the planned divestment process at State Insurance Corporation..

I, Pedro Corbin, am the General Manager of the Goddard Catering Group (Antigua) Ltd; a position I have held since 1983.  

I was asked to serve as Chairman of the Board of State Insurance Corporation and was appointed by the Government of Antigua and Barbuda to do so in 2004.  

Goddard Catering Group (Antigua) Ltd is a Subsidiary Company of Goddard Enterprises Limited.  In my capacity as General Manager, I report directly to the Divisional Manager for the catering division of Goddard Enterprises Limited who is based in Miami.  My responsibility is for the daily operations of Goddard Catering Group (Antigua) Ltd. In this job I have no connection whatsoever to any of the other subsidiary or associated companies of the Goddard Group other than those in the Catering Division.  

Sagicor General is an Associated Company of Goddard Enterprises Limited which owns 45% shares with Sagicor Life Insurance owning the remainder.  Goddard Enterprises Limited is not involved in any way in the Executive Management of Sagicor General consequently and by extension I have no association with or influence on anything that is done at Sagicor General.  

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This information is clearly outlined in the Annual Report of Goddard Enterprises limited – a document that is open and available to the public. Goddard Enterprises Limited is a publicly traded company headquartered in Barbados and is so obligated, by law, to disclose all its business holdings in its Annual Report.

The Government divestment unit headed by Ambassador Joan Underwood has been spearheading the divestment process of State Insurance Corporation.  It is to be noted that I am not a member of the divestment unit. The Government through the Permanent Secretary within the Ministry of Finance has signed an agreement with the International Finance Corporation, a member of the World Bank Group.  This group is spearheading the due diligence process currently underway to identify potential investors locally, regionally and internationally.  It is this group in collaboration with the divestment unit that will be making any decision as to which companies will be approached or considered for any divestment.

In the end the final decision on divestment will be made by the Cabinet of Antigua and Barbuda and my Board and I will be informed at the appropriate time of their decision.

I trust that this statement will clarify the situation and persons will desist from including my name in matters of which I have no part.

Pedro Corbin
Chairman of The Board State Insurance Corporation

See related stories:

Sic Chairman Admits Conflict of Interest

Antigua SIC Divestment Project Fact Sheet

 

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