What happened when at BLDC

This timeline is based primarily on the Auditor General’s special report on the misuse of public funds.

2008 — Bermuda Land Development Company Code of Ethics revised so that it is no longer applicable to directors. Since 2002 the Code had prohibited both directors and employees from having “personal interests or obligations that conflict or compete with BLDC’s legitimate business interest”.

September 2009 — New BLDC Board appointed. Ed Saunders and Leroy Bean, Chairman and Deputy Chairman respectively

February 19, 2010 — Mr Saunders and Mr Bean begin their review

Late February, 2010 — Accounts Manager Stuart Minors resigns

March 3, 2010 — Mr Saunders seeks board “recommendation to agree” to consultancy rates for services being rendered by himself and Mr Bean.

March 11, 2010 — Board resolves that the two should submit invoices for its consideration and approval

March 23, 2010 — Board approves a rate of $110 an hour and agrees to the payment of “approximately $14,000 each” to Mr Saunders and Mr Bean. Invoices totalling $28,160 were submitted and paid for the period February 19 to March 12, 2010. Board agrees that the work would be completed by March 31, 2010 and that invoices for March 13 to March 31 should be submitted for its approval.

— Invoices totaling $53,680 for work done from March 13 to April 30, 2010 submitted and approved by a Board subcommittee.

August 12, 2010 — Board member expresses concern about the indefinite period of time of the work, suggests that the consultancy arrangement “could be deemed as a conflict of interest” the Board should review compensation for the Chairman and Deputy Chairman and maybe the rest of the Directors.

September 7, 2010 — Board member once again expresses concern about the consultancy arrangements, suggests that directors’ fees be amended.

December 21, 2010 — Auditor General writes to BLDC CEO and the chairman of the board raising her office’s concerns about the consultancy arrangement. Says that the arrangement should be terminated and the fees repaid.

Chairman responds saying the company had every right to make the arrangement and it was supported by the Minister of Works and Engineering.

December 30, 2010 — Minister of Finance (Premier) Paula Cox tells the Minister of Public Works that she supports the Auditor General’s recommendation that the fees be repaid to the company and that the chairman and deputy should vacate their positions immediately.

February 7, 2011 — Public Works Permanent Secretary confirms retroactively in writing to the CEO that the Public Works Minister had authorised BLDC to engage the services of the chairman and deputy to conduct a review and submit a report by April 2010 and to act as managers of the company from September to December 2010.

March 2, 2011 — CEO informs the Auditor General that the Board is of the view that the company’s by-laws allowed the arrangement.

April 1, 2011 — Premier transfers responsibility for BLDC from Public Works Minister to Environment Minister.

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Published May 17, 2012 at 8:22 am (Updated May 17, 2012 at 8:22 am)

What happened when at BLDC

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