Mea

[jehovah]

Could you do any better?

Electricity infrastructure and capacity isn't my field, (see the pun there) but if I am paying someone squillions to make sure we all get power when we need it, at the lowest cost, I expect a better show.

So the answer is no, but I know a man that can.

[doofus]

SACK HIM!!!!

 

My personal view is that he knew exactly what he was doing; either that, or he was hoodwinked by Proffitt. In any scenario, he should be sacked.

 

Mr Lewis is either dishonest or stupid. I personally think he is a bit of both.

 

oh good a witchhunt

 

goes to find pitchfork

[Tempus Fugit]

Could you do any better?

Elecrticity infrastructure and capacity isn't my field, (see the pun there) but if I am paying someone squillions to make sure we all get power when we need it, at the lowest cost, I expect a better show.

So the answer is no, but I know a man that can.

 

for heavens sake don't take any guidance from the UK, by the sounds of it they will be seeing power cuts due to lack of generating capacity before long, hopefully we have ample here when the cable trips out !

[Slim]

This seems to me (and probably lots of others) like yet another of those IOM things which makes the place seem very dodgy. My gut reaction is that if the loan was not right then it is tough on the bank - but ultimately their problem. They should have checked it better.

 

As a country, we don't want to default on a loan, so retrospectively approving it was the right thing to do.

[staaue]

Internet tough guys can ALWAYS do better, at anything. It's one of Moore's Laws.

 

Who...? Deemster Moore's laws. :lol:

 

Why would you give a crap about such a monumental screw up. You sir, are not even a native of this country; so I think I'll take your opinion as biased.

 

Retrospectively approved.

ChinaHand. So you think he should be left to run things after all that has happened.

[jehovah]

"You sir, are not even a native of this country; so I think I'll take your opinion as biased."

As not one of the people capable of running this company, or have been involved in the past, were educated to degree level in this country, I think picking on someone as not being a "native" is a bit silly.

Let's not lose track of what the thread is about by sinking into xenophobic insults.

[staaue]

This seems to me (and probably lots of others) like yet another of those IOM things which makes the place seem very dodgy. My gut reaction is that if the loan was not right then it is tough on the bank - but ultimately their problem. They should have checked it better.

 

As a country, we don't want to default on a loan, so retrospectively approving it was the right thing to do.

 

I agree, the right thing to do is smooth over and honour these agreements. It's a way of Tynwald showing responsibility, the buck stops with the treasury etc....

 

Now send the right message, sack all who were involved; otherwise, we risk the same thing happening again.

[staaue]

"You sir, are not even a native of this country; so I think I'll take your opinion as biased."

As not one of the people capable of running this company, or have been involved in the past, were educated to degree level in this country, I think picking on someone as not being a "native" is a bit silly.

Let's not lose track of what the thread is about by sinking into xenophobic insults.

 

I'm not suffering from xenophobia you clown.

[jehovah]

Probably enjoying it.

[Slim]

I agree, the right thing to do is smooth over and honour these agreements. It's a way of Tynwald showing responsibility, the buck stops with the treasury etc....

 

Now send the right message, sack all who were involved; otherwise, we risk the same thing happening again.

 

 

I don't think any of us are in a position to make that call. If my boss told me to do something, and I did it, I wouldn't expect to be sacked for that decision later on.

[jehovah]

Just following orders.

[Jack Meoff]

Children.........

 

The issue is in my opinion one of fraud I agree, what is to be done about that fraud ?

 

Could the Isle of Man Gov or MEA default on the loan because it was fraudulent?

[pongo]

IMO the loan still needs to be better explained to the public to clear up any lingering doubts.

[John Wright]

The loan litigation was explained by Government at the time, and on here.

 

It may or may not have been legal and enforceable. It would have taken many months of very expensive litigation with no guarantee of a win either side, and lay persons yelling that the only winners woud be the lawyers. If IOM GOvernment had won and the loan was illegal MEA might not have had to pay it back. If that happened the number of banks willing to lend to IOM and its businesses would have been zero. If it had gone the other way then there might hav had to be claims against the advocates who advised MEA and the MEA members.

 

Once Tynwald decided to retrospectibeley approe the loan there was nothing to lityigate, the loan was approved so it was legal so it had to be paid back. That was a political decision of standing by government departments and boards for all of our good

 

In the mean time fuel prices have climbed to their highest ever and then dropped back, but not as much as you might think. Oil is now around €45 per barrell, but as sterling is down 30% against the dollar that is now £30 wheraes it was £22.50 previously, so it will not come down as much.

 

MEA has done well and made profit and is ahaed of itself in paying back the £120 milion loan from Government. The cable may be of some use and may generate income

[manshimajin]

Internet tough guys can ALWAYS do better, at anything. It's one of Moore's Laws.

Stu you almost got it right. To quote Mr Moore after whom the law is named:

Moore's law has been the name given to everything that changes exponentially.

Seems you spotted something that is highly pertinent when discussing MEA project expenses.