Building contractor Al Barrack will get an early gift for the New Year –– eight years overdue.
The more than $70 million owed to him by Government will final be paid mid-next month.
Well placed sources told Barbados TODAY this afternoon that the full settlement of Barrack’s debt should be paid in the second week of January –– or the third at the latest.
“Some of the documents have been signed. I know that the documentation is being moved on at this time. I suspect in the second week of next month we are going to have something that we can give out some good news,” the source added.
“I know that the overall settlement has been agreed and everybody is busy trying to get it submitted by the middle of next month.”
However, the source was not in a position to provide the final figure for the outstanding debt owed to Barrack by the Government.
Building contractor Al Barrack
Neither could Minister of Housing and Lands Denis Kellman who, when contacted, would only tell Barbados TODAY that he could not “disagree” that a settlement was on the horizon.
Early last month, Minister of Finance Chris Sinckler disclosed that Barrack had so far received $5 million from the Government and was in line to receive another $8 million.
He further revealed that the two sides were in the process of completing negotiations for the transfer of the Warrens Office Complex to Barrack in settlement of the outstanding debt to the contractor.
“It will then be leased back to Government for the offices that are there . . . Government will then pay him [Barrack] rent and that process will continue until the debt is liquidated,” Sinckler explained at the time.
Since 2006, Government was ordered by the High Court to pay Barrack what was then $34 million for his part in completing the Warrens Office Complex.
Barrack had been threatening to it take over and sell it to recoup his money but had not followed through. However, on August 18 this year, the building contractor turned up at the complex and placed two massive locks and chains on the doors of the building, prohibiting scores of civil servants from the various Government departments housed in the facility from entering.
He subsequently removed the chains and locks following the intervention of Minister Kellman.
emmanueljoseph@barbadostoday.bb