CGA says there was deception in the distribution of shares

According to the Citrus Growers Association, there was deception in the distribution of shares when C.P.B.L. was purchased. According to Director for the Committee of Managers at C.G.A., Denzil Jenkins, he uncovered what he termed as secret deals when he became a member of the CGA board.

Denzil Jenkins, Director for Committee of Managers
“When the Citrus Growers bought the company from Del Oro, owned by C.D.C., it was realized at the very onset that shares would have to be sold of the pool acquired by the growers through the investment company in order to finance the operation. And so there was a kind of juggling permutation and combination, how much shares would growers need to sell to be able to effectively bring into the company the financing that was necessary and allowing the growers to retain maximum control of the company. In the very last paragraph of the proposal, it was stated to C.D.C. that shares would be made available to the growers and in particular, ten percent of the shares would be specially set aside for the small growers and ten percent for the employees of the company. Now that, if it had been followed through, would have generated a significant amount of money into the funds for the company. Instead there was disagreement with an entity called B.W.P.L., an offshore company registered in St. Lucia, the directors and shareholders of that entity because of the nature of it as an offshore, not for disclosure and all that transaction was done in secrecy. So the whole background of what we know as the Banks’ intervention shrouded in secrecy and suspicion and certainly an environment that created lots of mistrust on the part of the growers.”