BVI Investment Club celebrates 20 years with Gala Dinner
This is according to President Meade W. Malone, in remarks he gave at the club’s 20th Anniversary dinner at the Treasure Isle Hotel held last evening May 6, 2012.
The President shared with the attendees that on April 15, 2002, the members of the club invested in shares with the Caribbean Cellular Telephones (CCT) company and that the joy and pride he felt as well as the other club members, was indescribable.
“The dream was coming true, the seed that was planted 10 years ago has matured and is bearing fruits in its season. The myth that partnership was a leaking ship was being shattered, for the first time British Virgin Islanders and Belongers were embracing the truth that we can accomplish more together than we could individually and bring it to reality.”
He said that the club had not fully anticipated the challenges they would face in the next season of their new venture.
He claimed that their problems began with the new regulation on the telecommunications industry, that resulted in CCT losing its exclusive license as a mobile carrier in the British Virgin Islands to telecommunication giants, LIME , Digicel and the cable operator, Cable TV.
“With Digicel determine to gain market share at any cost, they displayed anti-competitive behavior directed to CCT which resulted in major financial problems and damaged the clause reputation with members and shareholders.”
In adding to the challenges of the club in its early years, he mentioned the struggle the club had with joint partners that came out of strategic differences centered around the loss of a global identity in favour of their corporate identity.
“Those differences resulted in our mutual decision, to purchase their interest in Village Cay Marina and Virgin Gorda Yacht Harbor.”
The president stated that despite the many challenges that the club faced over the last 5 years, they remained thankful for the lessons they learnt and the battles they fought and won.
“We learn that through the mantle we carry as British Virgin Islanders and Belongers, participating in the ownership of the means of production in our economy and the dream and hope that will be preserved for future generations, is far greater than the sacrifices to be made in survival, we learn that it is not for us but our future generations is counting on us.”
In January 2011, the club made a decision that the time has come for them to take on the challenges of managing their own investments, their talents and resources.
“The lessons the club learnt from past partners over the last 19 years, prepared us to take the next step in an evolution as a club.”
Mr. Malone announced that the club now possesses full ownership of the Virgin Gorda Yacht Harbor, which is a full service Marina and full ownership of the Village Cay Marina and Hotel.
Along with full ownership of both businesses, the club has a 50% interest in Caribbean Cellular Telephones (CCT), 56 and a half percent interest in Ocean Conversion BVI Limited, 50% interest in Colonial Insurance and 17 acres of land located at Great Mountain Estate, which was then subdivided into twenty four half acre lot and two one acre lots, in order to give Virgin Islanders and Belongers an opportunity to buy prime land at reasonable prices.
Mr. Malone said the club has come a long way and has fully grown up.
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