August 30, 2003
Government backpedals on Water Project
Only a day after the Securities Commission forced former soft drink bottler Hubert Pinder to withdraw his illegal "private placement offer", the Water & Sewerage Corporation denied any association with, or endorsement of, Mr. Pinder's water purification project.
Mr. Pinder, a one-time partner in Pinder's Beverages with the late PLP MP Philip Pinder, burst on the scene this month, after a long absence from the Bahamas.
He was touting a company called Cavitation Concepts, which launched at a reception at Caves Village recently, organised by former ZNS executive and media personality Debbie Bartlett.
The event featured a keynote address by Minister of Health Parliamentary Secretary Ron Pinder, an opening prayer by Christian Council President Bishop Sam Greene, and was attended by senior Water & Sewrage officials.
Mr. Hubert Pinder later held a press conference at the British Colonial Hilton where he announced that Cavitation Concepts was seeking to raise $2 million from private investors to fund a large-scale trial of its "revolutionary" water purification technology.
But according to government hydrologist, Dr. Richard Cant, the Water & Sewerage Corporation "has no deal" with Cavitation Concepts. "They have yet to show that the technology is viable," he adds.
After the press conference, the Bahamas Securities Commission said the offering contravened the Securities Industry Act - 1999, and that Cavitation Concepts "will withdraw the offering and reissue it in accordance with the law". It advised the public to disregard the information Mr. Pinder provided at his press conference.
Posted by admin at August 30, 2003 03:16 PM