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Cairn Homes founder warns investors about Barbados

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The capital of Barbados, Bridgetown Expand

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The capital of Barbados, Bridgetown

The capital of Barbados, Bridgetown

The capital of Barbados, Bridgetown

Alan McIntosh, a founder of Cairn Homes and Emerald Investments, has sent a letter to the Prime Minister of Barbados in which he advised people not to invest in Barbados.

The investor wrote the letter after Prime Minister of Barbados Mia Mottley appeared in a Business Post article looking to increase economic links between Ireland and her country. She also appeared on Irish radio to talk about a "work from Barbados" scheme.

Copies of the letter were sent to others, including Tánaiste Leo Varadkar.

McIntosh made a $2.5m investment in Barbados three years ago. He ended up in a dispute with one of the shareholders in the project, Peter Ogle, starting legal action in 2018.

In the letter, seen by Ergo, McIntosh wrote that he has been waiting "almost three years" for the matter to be heard.

Of investing in Barbados, McIntosh wrote: "I am an Irish investor who invested in Barbados, and I wish I'd never done so. Unless changes are made to the legal system in Barbados, I would urge no one to invest in Barbados, either commercially or to buy a condo, holiday home or even take a holiday there. Why? The legal system is not fit for foreign investment or even to settle minor disputes in a timely manner."

Later in the letter, he wrote: "I have waited for the court system to allow me due process, and after almost three years have seen no progress in the courts whatsoever.

"My advice to anyone contemplating investing in Barbados is: 'Do not Do It'."

Barbados didn't respond to a request for comment.

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