Hadsphaltic’s parent company in receivership

Bank takes action against Johnston International

The British Caribbean Bank Limited,
formerly The Belize Bank (Turks and Caicos) Ltd, appointed a receiver of
Johnston International Limited on Wednesday.

Headquartered in Turks and Caicos,
Johnston International is the parent company of Hadsphaltic International Ltd,
a major construction company in the Cayman Islands since 1966. The bank
appointed receiver Keith Arnold under the powers contained in a primary
debenture dated 27 July. 2000. 

Rumours of action by the bank
against Johnston International by British Caribbean Bank have circulated in
Turks and Caicos since employees of the construction company were locked out of
their offices two weeks ago.

Johnston’s going into receivership
is an ominous sign for Hadsphaltic, which halted work on its only ongoing major
project in the Cayman Islands, the Mosquito Research and Control Unit airplane
hangar facility, two weeks ago. Although some employees of Hadsphaltic
apparently continued working, the front doors to the company’s offices were
locked from last week and no one has been answering the listed company
telephone number. 

Johnston International Group CEO
Allan Forrest last week said the company was going through “minor
restructuring” and said he expected the company to be “back on track” by the
end of last week.  However, the company
did not return to the MRCU project job site last week as expected and has still
not returned. 

Public Works project manager Niasha
Ross said Tuesday that Hadsphaltic was not restricted from returning to the
job, but that a security guard had been placed at the locked-down site “to
protect government’s interests”.