So my friend Elcott Coleby explains what a Letter of Intent is, however has yet to explain why only one damn company got the letter of Intent and the rest were not afforded the same luxury. Personally I think Coleby is spinning this and I aint damn buying. WHAT IS A LETTER OF INTENT BY ELCOTT COLEBY This letter comes in the wake of the controversy about Renward Wells MP and Parliamentary Secretary signing a letter of intent: A letter of Intent (LOI) is an interim agreement that summarizes the main parts of a proposed deal, or confirms that a certain course of action will take place in the future. It does not constitute a definitive contract but signifies a genuine interest in reaching a final agreement subject to DUE DILIGENCE, ADDITIONAL INFORMATION, or the fulfillment of certain conditions. So a LOI is kinda like a first date. The parties met, talked and found that they had some things in common so the parties documented the meeting and agreed to remain in contact with each other and meet for more talks. Depending on what transpires in later meetings, things might get more serious and lead to a consummation with legal and financial implications (you know, like a marriage), or the parties go their separate ways with no commitments or liabilities to each other and no strings attached. Personally, I fail to see how a Parliamentary Secretary could not sign such a harmless, bindless document of good faith. If the substantive Minister preferred somebody else to sign instead of the PS, then that is the Minister’s prerogative but I fail to see how that act becomes one of corruption. The accusers have not explained it and nobody is asking them to explain it either. You know, this incident is reminiscent of the so called Korean Boat Scandal eight years ago. Everybody drew the conclusion from the media that Koreans were given permission by the Bahamas government to fish in Bahamian waters when the deeds for the boats were in the name of a Bahamian. How did that happen? It happened because the media and some other people screamed the word “CORRUPTION” often and loud enough until a lie became the truth and the salacious story got in the way of the facts – I mean ALL of the facts. This is a replay.
Posted on: Sun, 27 Jul 2014 20:57:04 +0000
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