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NIS shift

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NIS shift

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FIRST IT WAS a definite “no”; but by the time the board of the National Insurance Scheme (NIS) meets tomorrow, its final position on the Four Seasons funding proposal may very well be a “yes”.
The SUNDAY SUN has been reliably informed that the board’s investment advisors, who just two weeks ago had issued a stern recommendation that the NIS should go no further with the $50 million proposal, have since had a change of heart.
The development comes after top officials of the board were summoned to a special Cabinet meeting on November 15. A day later, the investment committee of the NIS board met and issued fresh instructions to analysts to review the proposal and to ensure that provision had been made for villa sales.
Yesterday, board chairman Tony Marshall was unavailable for comment, but other officials, who spoke to the SUNDAY SUN on condition of anonymity, said following their latest review, the analysts had submitted a range of options to the nine-member board – which includes representatives of the two major trade unions, as well as the Barbados Hotel & Tourism Association and the Barbados Private Sector Association – for taking forward the proposal for the stalled project in need of $270 million. (KJ)
Full story in today’s SUNDAY SUN.